Strategic Management of Procurement and Stores Department

Objectives:
• Understand the pivotal role of the purchasing and stores department in organizational success.
• Develop strategic approaches to effectively manage procurement processes and store operations.
• Acquire knowledge of best practices in procurement, vendor management, and inventory control.
• Enhance skills in negotiation, contract management, and supplier relationship management.
• Learn about the latest trends, technologies, and tools in procurement and inventory management.
• Implement strategies to optimize procurement costs, reduce lead times, and improve inventory turnover.
• Gain insights into risk management, compliance, and ethical considerations in procurement and stores management.
Course Content:
Introduction to Procurement and Stores Management
• Role and importance of the purchasing and stores department
• Key functions and responsibilities of procurement and stores managers
• Overview of procurement lifecycle and store operations
Strategic Procurement Planning
• Strategic sourcing strategies and methodologies
• Spend analysis and category management
• Developing procurement policies and procedures
• Supplier selection and evaluation criteria
Vendor Management and Negotiation
• Vendor identification, qualification, and segmentation
• Effective negotiation techniques and strategies
• Contract management principles and best practices
• Managing supplier performance and relationships
Inventory Control and Management
• Inventory classification and ABC analysis
• Inventory replenishment methods (EOQ, JIT, etc.)
• Inventory optimization techniques
• Warehouse layout and inventory organization
Purchasing and Stores Technology
• Procurement and inventory management software systems
• RFID and barcode technology for inventory tracking
• E-procurement platforms and online marketplaces
• Implementing and integrating procurement technologies
Cost Reduction and Value Enhancement
• Cost reduction strategies in procurement and inventory management
• Total cost of ownership (TCO) analysis
• Value engineering and value analysis
• Identifying cost-saving opportunities and process improvements
Risk Management and Compliance
• Identifying and mitigating procurement and inventory risks
• Compliance with regulations and ethical standards
• Crisis management and business continuity planning
• Internal controls and audit procedures
Performance Measurement and Continuous Improvement
• Key performance indicators (KPIs) for procurement and stores department
• Performance measurement and benchmarking
• Implementing a culture of continuous improvement
• Learning from successes and failures in procurement and stores management
Sustainability and Corporate Social Responsibility (CSR)
• Sustainable procurement practices
• Environmental and social considerations in procurement decisions
• Supplier diversity and inclusion initiatives
• Aligning procurement practices with CSR goals
Future Trends and Challenges
• Emerging trends in procurement and stores management
• Technological advancements and digital transformation
• Addressing challenges such as supply chain disruptions and geopolitical risks
• Preparing for the future of procurement and stores management

FOR WHOM:
Stores, Purchasing and Logistics Personnel in the Public and Private Sectors.
Methodology
The training methodology integrates lectures, interactive discussions, collaborative group exercises, and illustrative examples. Participants will acquire a blend of theoretical insights and hands-on practical experience, emphasizing the application of learned techniques. This approach ensures that attendees return to their professional environments equipped with both the competence and self-assurance to effectively implement the acquired skills in their responsibilities.

DATE:

1ST BATCH:        11th – 14th Mar, 2025     

2ND BATCH:       26th – 29th Aug, 2025