Purchasing & Inventory Management: Optimize Supply Chains

Course Description

This intensive 5-day course provides a comprehensive overview of purchasing and inventory management best practices. Participants will learn strategic sourcing techniques, inventory optimization methods, supplier management strategies, and performance measurement tools. The course combines theoretical knowledge with practical applications to enhance organizational efficiency and profitability.

Learning Objectives

• Develop strategic purchasing plans and improve internal customer service
• Implement effective inventory management techniques to optimize stock levels
• Apply best practices in supplier evaluation and management
• Utilize key performance indicators (KPIs) to measure and improve procurement and inventory processes
• Understand the impact of technology on modern purchasing and inventory management

Course Modules

Day 1: Foundations of Purchasing Management

• Evolution of purchasing to strategic procurement
• Spend analysis and ABC classification
• Developing a purchasing department strategic plan
• Key performance indicators for procurement

Day 2: Strategic Sourcing and Cost Management

• Strategic sourcing principles and processes
• Cost reduction initiatives and methods
• Commodity/service strategic planning
• Negotiation techniques and strategies

Day 3: Supplier Management and eProcurement

• Supplier classification and qualification methods
• Supplier performance metrics and evaluation
• eProcurement systems and processes
• Global sourcing considerations

Day 4: Inventory Management Fundamentals

• Inventory classification and ABC analysis
• Economic Order Quantity (EOQ) and safety stock
• Demand planning and forecasting techniques
• Inventory valuation methods

Day 5: Advanced Inventory Techniques and Performance Measurement

• Just-in-Time (JIT) and lean inventory management
• Inventory tracking systems (barcodes, RFID)
• Key performance indicators for inventory management
• Continuous improvement in purchasing and inventory processes

Practical Wins for Participants

• Develop a strategic sourcing plan for a key commodity
• Create a supplier scorecard and evaluation system
• Implement an ABC inventory classification system
• Design a set of KPIs for purchasing and inventory performance