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Course ID: 252440

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Purchasing and Vendor Management Essentials

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Purchasing and vendor management are important organizational functions. An organization's purchases account for a large share of its total costs. The changing nature of today's business environment and the move toward decentralization have extended the purchasing function to departmental levels so that it also includes non-purchasing professionals. Regardless of their specific roles, many managers and team leaders have purchasing and vendor management responsibilities. These individuals must understand the purchasing process and have a general knowledge of common purchasing considerations and strategies and their impact on purchasing activities at the departmental level. Equipping purchasing personnel in this way can help organizations save on purchases and build more rewarding vendor relationships. This course provides an overview of the purchasing and vendor management functions within an organization, introduces the stages of the general purchasing process, and discusses how to develop a purchasing strategy within the context of a corporate strategy.
  • identify ways in which purchasing personnel add value to the organization
  • sequence the stages of the purchasing process
  • recognize how a corporate purchasing strategy impacts the purchasing decisions of functional managers
  • recognize appropriate content for a purchasing strategy
  • identify the required elements of a purchasing strategy
Your organization's purchases probably account for the largest share of its total costs. Having a clear understanding of your product and service requirements and conveying those requirements to the right suppliers may result in huge savings for your organization. But finding the right suppliers takes effort. First you need to identify the best available suppliers based on reliable information and research. Then you need to prepare a solicitation document, such as a Request for Proposal or Request for Quotation, and send it to the qualified suppliers. This course discusses how to find sources of supply using this solicitation process and prepares you to choose the best sourcing strategy for a given purchase. It discusses how purchase requisitions are created and how information about suppliers is proactively researched. Finally, it covers how, based on this information, solicitation documents are prepared and sent to potential suppliers for their responses.
  • choose the best sourcing strategy for a given purchase
  • complete a purchase requisition
  • identify the types of information you need to obtain about potential suppliers
  • identify sources that contain information about potential suppliers
  • match types of solicitation documents with their corresponding characteristics
  • determine which type of solicitation document to use given a scenario
One of the most important steps in the purchasing process is to select the supplier that best meets your organization's purchase needs. To help with this part of the process, organizations develop supplier evaluation criteria and use tools designed to conduct a comprehensive and objective evaluation of suppliers. Once the supplier is chosen, the next step is to formalize the deal through a contract that outlines the terms of the supplier-buyer relationship. Reaching agreement with suppliers over contract terms requires purchasers to be effective negotiators. This course discusses how to choose suppliers using the supplier evaluation and selection process. It explains how to create a supplier evaluation matrix, comprised of various predetermined criteria, and use the matrix to evaluate and select the best proposal. The course also outlines some key principles of effective negotiation and introduces common types of contracts that are used to meet different purchase requirements.
  • recognize the elements of a vendor evaluation matrix
  • select a supplier for a given purchase requirement based on a completed supplier evaluation
  • recognize the method for completing a supplier evaluation matrix
  • recognize principles of effective negotiation
  • match types of contracts with their corresponding descriptions
Evaluating the performance of your suppliers and maintaining mutually fulfilling relationships with them are essential activities in supplier relationship management. There are many types of supplier-related problems that you may have to deal with, and effective purchasing personnel use key performance criteria to analyze and track their suppliers' performance. Analysis of supplier performance can help you ensure that your company is getting the best value and service from suppliers, and detect areas in which corrective action needs to be taken. Effective performance feedback is a key component of long-term supplier partnerships. This course presents strategies for monitoring performance and maintaining productive long-term supplier relationships. It also outlines several types of supplier performance issues and offers ways to handle them.
  • recommend how a buyer could establish a strong relationship with a new supplier
  • recognize characteristics of a strategic alliance between a buyer and supplier
  • use a supplier evaluation scorecard to determine whether a given supplier's performance is acceptable
  • match types of non-compliance issues with corresponding strategies for handling them
  • determine the best method for delivering performance feedback to a supplier in a given example
  • recognize guidelines for delivering performance feedback to a supplier

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