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The Complete Course on Purchasing & Inventory Management

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

Course Options

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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

The Complete Course on Purchasing & Inventory Management training course develops the skills needed to lead procurement and inventory teams towards world-class performance. It addresses how organisations can operate more leanly, effectively and efficiently. Particular attention is given to reducing costs while maintaining required customer service levels across procurement and inventory management. The course also examines performance gaps that must be closed to achieve continuous improvement and meet strategic objectives.

Procurement and inventory remain among the least understood business functions in many organisations, despite their importance to strong business results. Applying sound procurement principles enables organisations to manage suppliers and secure best-in-class results. Effective inventory management supports lower inventory investment, improved customer satisfaction and the prioritisation of Stock Keeping Units. Together, these principles contribute to better returns on investment, improved quality, reduced costs and lower working capital.

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

Selecting and applying appropriate management strategies
Managing suppliers to achieve best-in-class results
Reducing investment in inventory
Improving levels of customer satisfaction
Managing Stock Keeping Units according to their priorities

Why Choose The Complete Course on Purchasing & Inventory Management

Course Goals

What are the Goals?

Upon completing The Complete Course on Purchasing & Inventory Management training course, participants will be able to:

Create strategic purchasing plans & discuss approaches to enhancing internal customer service
Examine numerous methods for reporting key performance indicators (KPIs)
Recognise the most essential competencies required by purchasing personnel
Comprehend the significance of inventory & its role in company profitability
Use best-practice methods to optimise investment in inventory

Who is this Training Course for?

This The Complete Course on Purchasing & Inventory Management training course is designed for:

Purchasing Managers
Procurement Managers
Inventory Managers
Materials Managers
Supply Chain Managers
Warehouse Managers
Purchasing Officers
Procurement Officers
Inventory Controllers
Materials Planners
Buyers
Stock Controllers

Learning Approach

How will this Training Course be Presented?

The Complete Course on Purchasing & Inventory Management training course employs a range of established adult-learning techniques to maximise understanding, comprehension and retention of the material delivered. Based on class work, the course will encourage delegates to consider current practices and reflect on their own current practices. The instructor will direct and facilitate the learning process through various methods, including direct input, discussions, case studies, and group and paired exercises.

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

Frequently Asked Questions

The course covers purchasing and inventory management, with an emphasis on best practices across both areas. Its A-to-Z scope indicates a broad treatment of the subjects rather than a single specialised topic. The available course information does not provide a detailed module list.

Yes, the course explicitly covers both purchasing and inventory management. It brings the two subjects together under an A-to-Z best-practice focus. This makes the course relevant to learning how these related functions are approached within the same training programme.

The main focus is best practice in purchasing and inventory management. The course centres on the principles and practices associated with these two functions. No additional specialisation is identified in the available course information.

The course aims to build knowledge of best practices related to purchasing and inventory management. It provides a combined focus on the two areas rather than presenting them as unrelated subjects. The available material does not list specific technical tools, methods, or competencies.

You will learn about best practices in purchasing and inventory management. The course is designed to address these two connected business functions as part of one comprehensive subject area. Specific learning objectives are not included in the available course description.

Yes, the title presents it as a complete course with an A-to-Z view of best practices. This suggests broad coverage of purchasing and inventory management rather than a narrowly defined issue. The supplied information does not specify the individual topics or level of detail.

The course is relevant to people seeking training in purchasing, inventory management, or both areas. Its broad A-to-Z positioning may also suit learners who want an overall view of recognised best practices. The available description does not specify job roles, experience requirements, or a defined target audience.

The course explicitly focuses on best practices in purchasing and inventory management. Its subtitle describes the coverage as A to Z, indicating a broad approach to the subject. However, the provided information does not distinguish between introductory, intermediate, and advanced content.