At first glance, procurement might look like an easy process. But it is often highly competitive and requires that great care and attention be paid to each step. Procurement includes:
- Identification of Requirement
- Determination of the Specifics of the Requirement
- Negotiation and Finalization of Price and Terms
- Purchase Requisition and Order
- Delivery of the Purchase Order
- Product/Service Supply And Inspection
- Payment Process
- Record Keeping And Review
Procurement processes are extremely important because it has a direct impact on how much a business can save on costs, which affects their profit. Businesses can spend more than two-thirds of revenue on procurement, so even small savings can have a big impact. Businesses need to regularly assess their procurement process to ensure their goals are being met. The main aim of procurement is to boost efficiency, so businesses must ensure they are deriving maximum value from their process.
The focus on procurement is more important than ever, with a need for compliance, accountability, and integrity. The procurement landscape is continuously changing due to new case-law, national guidelines, and internal organisational emphasis and transparency.
Here are some benefits of an effective procurement strategy:
- Benefiting financially from an effective procurement strategy is the most obvious on the list. Effectively handling procurement would allow a company to make immediate upfront cost savings by acquiring products, services, and contracts at the best possible price.
- Greater Efficiency and Readiness – Procurement, when generally implemented within an organisation, also contributes to greater efficiency and ensures good integration with the products or services needed. Optimized procurement will lead to more effective procurement – quality goods and services delivered on time.
- An up-to-date procurement process will also ensure that the supply chain of the company can maneuver through any unexpected obstacles. When streamlined, an effective procurement process can also help to differentiate between good vendors and underachieving vendors.
- Innovation – Businesses are continually being measured by their competitors – either on cost, quality of products or services, or on convenience. Any competitive advantage may be the difference between a new customer and a missed sale. A progressive procurement process would allow the company to look for innovative goods or services.
What will set you apart?
As anyone who is involved in procurement knows, the process is constantly changing – making it exceptionally difficult to fully understand all the various rules and regulations. During these courses, procurement processes will be fully explained, helping those at the conference to know how they can negotiate their ways through the procurement process.
The aim of taking a procurement course is to develop an excellent general business understanding and the right balance of technical and general procurement skills and personal skills for your current role and the future.
By taking part in a procurement course you will be able to improve your performance, better your career prospects, improve your personal development, and gain a wider skill set. You will also gain an appreciation of the importance of planning to deliver better outcomes as well as the tools and other resources available to support strategic sourcing
Are procurement courses for you?
These courses provide professionals seeking to improve their skill sets in this essential area with detailed information on all facets of the procurement process. It aims to provide participants with the basic knowledge, skills, and resources required to ensure an effective and productive procurement service that provides value for money, manages procurement risks, and maintains compliance with all national procurement laws.
Regardless of your organisation’s current level of procurement maturity, these courses are designed to maximise organisational impact and personal effectiveness of buyers, procurement specialists, and category managers.