Purchasing and Inventory Management Skills

Overview

In the world of business, every decision and process can make or break your success. One aspect that is often overlooked but holds significant importance is inventory control and purchasing. Efficient management of these two areas can lead to reduced costs, increased profitability, and improved customer satisfaction. On the other hand, poor practices in these areas could result in lost revenue, unhappy customers, and even failure in the long run.

Adopting sound purchasing and inventory management principles will lead to a better return on investment, improved quality, lower costs, and reduced working capital. Companies can achieve worthwhile benefits by improving their purchasing and inventory management strategies. They can also expect to see a dramatic increase in profits, gain significant competitive advantage, and boost brand value through a modernized and strategic approach to purchasing and inventory management.

This training program will highlight to procurement/ purchasing personnel the various methods and techniques to achieve savings. The trainees will be exposed to the basic principles of purchasing, sourcing, and evaluation of vendors, quality control and negotiating better to achieve cost savings. Understanding the impact of inventories on purchasing decisions.

Objective

This course aims to enhance the understanding and implementation of the essential tools for materials purchasing and managing inventory in the organization. It guides the trainees on how to evaluate procedures and make needed changes to methods to improve material consumption and supply whilst achieving reductions in inventory, eliminating wasteful and safety costs, avoiding internal purchasing and inventory problems that limit performance, and using the impact of inventories on current and future purchasing decisions. Therefore, upon completion of this training program, the trainees are expected to have the ability to:

  • Recognize the roles and purposes of purchasing and inventory management in maintaining the organization’s day-to-day operation
  • Develop strategic purchasing plans and identify how to improve purchasing efficiency and effectiveness
  • Supplier selection and performance management to achieve an optimum balance between material cost price and quality
  • Develop skills required for effective supplier relationships to achieve enhanced value and optimal performance
  • Calculate the inventory level that minimizes overall inventory costs
  • Determine the appropriate reorder point to ensure required service levels while minimizing inventory investment
  • Explore a variety of inventory management tools and techniques to minimize costs and meet service levels

Content

The course content will cover a range of topics, including the basic principles of purchasing, sourcing, and evaluation of vendors, quality control, and negotiating better to achieve cost savings. Especially, our training will cover the most important below 6 modules:

  • Module 1: Understanding Purchasing
  • Module 2: Purchasing Procedures
  • Module 3: Supplier’s Performance and Payment
  • Module 4: Understanding Inventory Management
  • Module 5: Managing Inventory Accurately
  • Module 6: Planning and Replenishment Concepts

Who should Attend?

This program is suitable for purchasing, stock & inventory administrators, procurement, contract administration, projects, engineering, facilities, and maintenance personnel who are responsible for purchasing and inventory management. Specifically, this course is perfect for:

  • Purchasing and Inventory Professionals
  • Administrative and Operation Professionals
  • Accountants and Finance Professionals
  • Warehouse Operators
  • Any professionals who require an understanding of inventory control and materials purchasing within the organization.

Trainer's Profile

He is a Supply Chain Director for one of the leading real estate and resort investments with over 15 years in leading and directing the Procurement, Logistics, and Warehouse Manager to ensure that critical processes run effectively and achieve the company’s goals with billions of dollars in investment.

Fee Charged

The course fee is USD 270.00. It is inclusive of course materials, handouts, meals, refreshments, and certificates of completion but does exclude 10% of VAT amount.

We are offering an early bird registration fee to anyone who registers earlier. Interested participants or companies are encouraged to view the course details and early bird registration deadline. For further details on the early bird fee, please find the following:

  • USD 230 (Register before 13 February 2024)
  • USD 250 (Register before 19 February 2024)