Course Objectives
CILT Endorsed Strategic Sourcing: 7 Steps for Better Procurement Value - Virtual Learning
Course Objectives
By the end of the course, participants will be able to:
Analyze internal spend and supply market dynamics to provide a foundation for sourcing plans
Execute different sourcing strategies to optimize savings and ensure supply security
Identify appropriate suppliers for effective execution of sourcing plans
Describe operational and strategic procurement processes for better value
Implement different purchasing methods to streamline procurement operations
Apply supplier integration techniques for sustainable supplier relations
Manage performance of procurement processes for continuous improvement
Target Audience
Purchasing and supply chain professionals at all levels of the organization as well as other company personnel who are involved in the purchasing process.
Target Competencies
Vendor integration
Vendor performance management
Sourcing strategies
Market analysis
Strategic thinking
Continuous performance improvement
Course Outline
Step 1: Analyze spend categoriesRecognizing strategic role of procurementStrategic sourcing in supply chain context7 steps to strategic sourcingAnalyzing spend categoriesProfiling spend categoriesAnalyzing financial impactAssessing market risksConsolidating category reportsOperating the strategic sourcing toolkitApplying Total Cost of Ownership (TCO) Segmentation and analysis of suppliers
Step 2: Develop sourcing strategiesMapping spend categories using purchasing strategy matrixRoutine itemsBottleneck itemsLeverage itemsStrategic itemsManaging balance of power in buyer-supplier relations6 key sourcing strategiesApplying sourcing strategies effectively
Step 3: Identify suppliersLocating suppliersRegistering suppliersAssessing suppliersSourcing locallyDescribing vendor diversity programs
Step 4: Develop procurement processesScoping procurement processesDescribing strategic and operational processesDeveloping procurement processesIntegrating ethical principles
Step 5: Implement procurement processesManaging RFI, RFQ and RFP processesDefining bid evaluation criteriaImplementing innovative purchasing methodsUsing purchasing decision matrixEmploying purchasing tools and templates
Step 6: Integrate suppliersPrequalifying suppliersManaging supplier certification programsPartnering with suppliersManaging Supplier Level Agreements (SLAs)
Step 7: Manage procurement performance for continuous improvementManaging a strategic sourcing planMeasuring, analyzing and reporting on performanceDeveloping improvement initiativesInstitutionalizing supplier report cardsMonitoring industry conditionsBringing it all together