Purchasing involves sourcing, purchase and delivery of goods and services that an organisation requires to manufacture finished products with a profit. What does purchasing management entail? Purchasing management involves people, processes and technology.
The purchasing department of an organisation is one of the most important departments as efficient practices within this department has a direct impact on the profits of the organisation.
Purchasing is based on the fundamentals that goods are purchased at the best price and terms in order to deliver the best profit for the company.
Purchasing management, thus, is the management of all these processes and systems and other relevant aspects for better profits. Cost-saving, on the other hand, refers to all efforts made to reduce costs incurred by an organisation in terms of materials, labour and overheads.
This Zoe training course will empower you with detailed information and knowledge of purchasing management and cost-saving techniques for better cost performance of the organisation, resulting in profits and growth of the business.
By undertaking this course, you will play an important role in reducing costs for your organisation, thereby increasing profits and contributing immensely to the growth of the organisation and to your career advancements in terms of higher roles and responsibilities.
The main objective of this training course is to empower professionals with
- complete knowledge and understanding of purchasing management and cost-saving techniques
- the required skills and techniques to review previous costs incurred and suggest changes for saving costs and increasing profits
- the necessary knowledge and confidence to apply advanced cost-saving techniques for better purchasing management
- the ability to devise objective metrics to measure and manage performance, which has an impact on costs incurred by the organisation
- the skillset and capabilities to make the best use of technology to automate maximum operations and introduce lean processes within the organisation, thereby increasing efficiency
- the confidence, knowledge and experience to undertake higher roles and responsibilities in purchasing and cost-saving, thereby facilitating your career growth and progression across industries
- the required confidence and knowledge to train other professionals on cost-saving techniques that can be applied directly or indirectly to processes within their department
Training courses at Zoe Talent Solutions are completely customisable as per the professional backgrounds of the training audience. The training is delivered by an experienced trainer in the relevant domain, using detailed audiovisual presentations.
Two-way participation is ensured through group activities and assignments, role-plays, case study discussions, etc. Trainees are also encouraged to share issues and concerns they face at their workplace, and these are discussed in detail by the trainer while drawing relevance to the training topic.
This course format is the typical format followed for all courses at Zoe Talent Solutions, called the Do–Review–Learn–Apply Model.
By professionals undertaking this course, organisations will derive the following benefits:
- Trained professionals overseeing key functions in the organisation and providing expert advice regarding purchasing management
- Better purchasing management, more cost-saving and increased profits
- Organisational growth and development because of reduced costs and increased profits
- Application of advanced tools and techniques to save costs incurred by the organisation
- Regular training of employees to adopt leaner processes for cost-saving in their departments
- Automation and leaner processes resulting in increased efficiency
- Continuous improvement in processes and systems because of regular reviews and checks by trained professionals
- Increased organisation credibility because of better cost management and increased profits
Professionals enrolling for this course will derive the following benefits:
- Detailed understanding and knowledge of purchasing management and cost-saving techniques
- Increased confidence, understanding and knowledge of advanced cost-saving techniques to reduce expenses and increase profits
- Enhanced skill set and capabilities to manage purchases and introduce maximum automation for lean operations, thereby saving costs
- Better confidence and experience to train other professionals on efficient purchasing management and best cost-saving techniques
- Enhanced skill set and capabilities to undertake higher roles and responsibilities in purchasing management, thus increasing scope and opportunities for career progression
- Increased knowledge and understanding to devise objective metrics to measure and track performance, which has a direct impact on the costs of the organisation
Who Should Attend
- Financial advisors of organisations responsible for providing expert advice on the purchases of the organisation
- Senior managers of the organisation responsible for making critical decisions related to costs
- Accounts managers and supervisors handling the accounts and finances of the organisation
- Managers and supervisors of other departments who can make changes in their departmental processes for saving costs
- Internal and external auditors responsible for ensuring that enhanced processes also adhere to industry standards and benchmarks
- Any other professional who would like to know more about purchasing management and cost-saving techniques
The course covers the following topics important to understand purchasing management and cost-saving techniques:
Module 1 – Objectives of Purchasing Management
- Keep expenses low
- Develop goods and vendors
- Develop good supplier relations
- Train and develop employees
- Keep records up-to-date
- Contribute to product improvement
- Avoid stock-out situations
- Develop policies and procedures
Module 2 – Functions of Purchasing Management
- Purchase request receipt
- Requisition review and evaluation
- Supplier selection
- Offer scrutiny
- Order placement
- Market research and information
- Payment automation
Module 3 – Stages of Purchasing Management
- Recognition of need
- Description of need
- Selection of suitable source
- Determination of price and availability
- Preparation and dispatch of purchase order
- Acceptance of purchase order
- Follow-up by purchasing department
- Invoice check and approval for payment
Module 4 – Different Types of Costs
- Material costs
- Labour costs
- Factor layout and equipment costs
- Administration costs
- Marketing costs
Module 5 – Characteristics of Cost Reduction
- The cost is permanent
- Cost reduction is real
- Reduction should not be at the cost of essential features
Module 6 – Cost Reduction Techniques
- Budgetary control
- Standard costing
- Simplification and variety reduction
- Planning and control of finance
- Cost-benefit analysis
- Value analysis
- Contribution analysis
- Job evaluation and merit rating
- Material control
- Labour control
- Overhead control
- Market research
Module 7 – Best Practices for Cost Reduction
- Quality control
Module 8 – Advantages of Cost Reduction
- Goods available to the customer at a cheaper price
- Increase in profit
- Increase in total export
- Development of the nation
- Increased revenue to the government
- More money for labour welfare
- All our courses can be facilitated as Customized In-House Training course.
- Course duration is flexible and the contents can be modified to fit any number of days.
- As for Open Enrolment Courses, we offer our clients the flexibility to chose the location, date, and time and our team of experts who are spread around the globe will assist in facilitating the course.
- The course fee includes facilitation, training materials, 2 coffee breaks, buffet lunch and a Certificate of successful completion of Training.
- FREE Consultation and Coaching provided during and after the course.