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The Complete Course on Purchasing & Inventory Management

Purchasing & Inventory Management: The A to Z of Best Practices

Course Options

How would you like to proceed?

Need a tailored solution or group booking discount? Contact our course advisors.

This training course is split into the following modular components:

MODULE I The Complete Course on Purchasing Management
MODULE II The Complete Course on Inventory Management

This comprehensive course consists of two modules that can be attended as a full 10-Day event or as separate 5-day courses.

Why Choose Us

This Complete Course on Purchasing & Inventory Management training course covers the skills required to lead procurement and inventory teams to world class performance by running organizations leaner, effectively and efficiently. The pressure to reduce costs, while maintaining customer service levels is essential in both procurement and inventory management. It focuses on the ‘gaps’ in performance to be filled in order to provide the continuous improvements needed to meet strategic objectives.

Procurement and inventory are two of the least understood areas of business in many organisations, but are essential for good business results. Adopting sound procurement and inventory management principles will lead to better return on investment, improved quality, lower costs, and reduced working capital.

This Complete Course on Purchasing & Inventory Management training course will feature:

  • Selection and application of management strategies
  • Managing suppliers to obtain best in class results
  • Reduction in inventory investment
  • Improved customer satisfaction
  • Management of Stock Keeping Units in terms of their priorities
Why Choose The Complete Course on Purchasing & Inventory Management
Course Goals

What are the Goals?

By the end of This The Complete Course on Purchasing & Inventory Management training course, participants will be able to:

  • Develop strategic purchasing plans & discuss how to improve internal customer service
  • Explore many ways of reporting key performance indicators (KPIs)
  • Understand the most important competencies for purchasing personnel
  • Understand the importance of inventory & the role it plays in the profitability of the company
  • Apply best methods to optimise the investment in inventory

Who is this Training Course for?

This The Complete Course on Purchasing & Inventory Management training course is for Professionals and Staff in organization that are responsible for improving quality, reducing costs, increasing productivity, raising inventory turns and enhancing customer service through better purchasing and inventory management.

This The Complete Course on Purchasing & Inventory Management training course is suitable to a wide range of professionals, but will greatly benefit:

  • Purchasing, Procurement, Contracts, Contract Administration, Projects personnel
  • Engineering, Facilities, Finance and Maintenance Personnel
  • Personnel involved in the planning and management of tender process
  • Those involved in inventory management as a supplier, buyer, materials planner, warehousing, finance or even end-customer
  • Those in general management wanting an understanding of the procurement and inventory processes
Learning Approach

How will this Training Course be Presented?

This The Complete Course on Purchasing & Inventory Management training course will utilise a variety of proven adult learning techniques to ensure maximum understanding, comprehension and retention of the information presented. The course is class-work based and will prompt delegates to reflect on current practices and on their current practices. The instructor will guide and facilitate learning using a wide range of methods including direct input, discussions, case studies and exercises in groups and pairs.

The Course Content

MODULE I

The Complete Course on Purchasing Management

The 1st Steps to Becoming World Class
  • Stages to World Class Purchasing
  • How Purchasing is viewed today
  • Strategic Sourcing
  • Developing Spend Profiles and the ABC Analysis
  • New Job Descriptions for Purchasing of the future
  • Purchasing Personnel Required Skill Sets
Evaluating Your Own Operation
  • What are Best Practices
  • Purchasing Gap Analysis
  • Vision and Mission for Purchasing
  • Developing the Purchasing Department Strategic Plan
  • Developing Key Performance Indicators (KPIs) for Procurement
  • Developing a Company Purchase Price Index
Continuous Improvement and How to Get It
  • Cost Reduction Initiatives
  • Methods of Cost Containment
  • Waste in the Supply Chain
  • Breaking Down the Elements of Supplier Cost
  • Commodity/Service Strategic Planning
  • Resisting Price Increases
Supplier Management Approaches
  • Supplier Classification System
  • Supplier Qualification Methods
  • Supplier Performance Metrics
  • Apply Performance criteria to Purchasing Decisions
  • Process Mapping To Eliminate Low Value Activities
  • Applying eProcurement business process
Improving the Image of Procurement
  • Global Sourcing
  • International Labor Rates Comparison
  • Developing and Maintaining a Customer Focus
  • Basic Issues in Corruption And Fraud Prevention
  • Increasing the Level of Procurement Professionalism
  • Keeping Current in the profession
MODULE II

The Complete Course on Inventory Management

Inventory in the Value Chain
  • The purpose of inventory in the value chain
  • Classification of inventory
  • Procedure for eliminating obsolete inventory
  • Pareto Law in identifying product Classification
  • Location of inventory
  • Using Economic Order Quantity on managing inventory order levels
Demand Planning
  • Basic forecasting methods
  • Customer segmentation
  • Hierarchy of planning
  • Aggregate planning
  • Maintenance & Inventory planning meeting
  • Master Scheduling
Forecasting
  • Principles of forecasting
  • Effect of lead time on the forecasting process
  • Quantitative forecasting
  • Qualitative forecasting
  • Tracking forecast accuracy
  • ·Determining safety stock
Inventory Recording
  • Period stock take
  • Cycle counting
  • Perpetual recording
  • Utilizing Bar-cades to manage inventory and movements
  • The use of Radio Frequency Identification (RFID) for recording inventory movement
  • Inventory accounting
Performance Measurement
  • Stock turnover rate
  • Customer service
  • Cost of operations
  • Measuring the effectiveness of your system
  • How to use the measurements
  • Class exercise on selective inventory management
Recognition

Certificate

  • • Wallstreet Development Academy Certificate of Completion for delegates who attend and complete the training course.
Collaborations

In Partnership With

Anderson Copex Coventry