The British Academy for Training and Development offers the CILT Endorsed Strategic Sourcing: 7 Steps for Better Procurement Value Course, designed to improve the capabilities of procurement professionals to source strategies that maximize value.

This course covers the 7-step strategic sourcing process, empowering attendees to create cost-efficient and value-driving solutions for procurement. Starting from spend visibility, this process guides organisations through analyzing current expenditures and identifying areas where costs can be saved. Attendees will learn to undertake market research to help understand supplier capabilities and market trends.

Identification and evaluation are key focus areas that determine the right partners for a company. The course teaches the creation of sourcing strategies that guide professionals in determining the best procurement approaches.

The Acquisition will empower attendees with contract negotiation and supplier selection skills, which will enable them to negotiate the best contracts. Implementation and management of supplier relationships form the other part of procurement success over time. Finally, the continuous improvement and performance measurement part helps professionals refine their sourcing strategies in line with key performance indicators (KPIs).

Attending this course will provide procurement professionals with the exact skills on procurement value piping, furnish cost savings, and enhance supplier collaboration for sustainable gains.

Objective:

The objectives of this course are:

Learn the 7-step strategic sourcing process in order to develop procurement for the better. Carry out spending analysis with respect to any cost-cutting opportunity. Market research can provide information on supplier capability and prevailing industry trends. Implement different purchasing methods to streamline procurement operationsLearn how to identify and evaluate different suppliers. This knowledge will help you make the right decision. Analyze internal spend and supply market dynamics to provide a foundation for sourcing plans.Create effective sourcing strategies aligned with the organisation's goals. Develop skills in contract negotiation and supplier selection. Implement supplier relationship management systems that focus on long-term and mutual collaboration. Apply continuous improvement and performance measurement efforts to ensure the procurement function is at an optimum pace. Who Should Attend?

The course is suitable for:

Procurement professionals interested in improving their sourcing strategies.Supply chain managers involved in vendor selection and management.Purchasing officers participating in contract negotiation.Operations managers focusing on procurement value.Business owners and executives who want cost-efficient sourcing improvements. 

How will attendees benefit?

Attendees in the CILT Endorsed Strategic Sourcing: 7 Steps for Better Procurement Value Course will acquire essential benefits:

Optimisation of Procurement Processes: Provides a structured 7-step strategic sourcing process for maximising procurement value.Cost Savings and Efficient Spending: Equip with spend analysis, thus helping them to identify areas where cost reduction can be applied.Better Supplier Relationships: Helps in mastering identification, evaluation, and relationship management of suppliers for sustained high performance.Better Market Insight: Gives them effective market research and knowledge about current industry trends and suppliers' capabilities. Negotiation Skills & Sourcing: Gaining confidence in the negotiation of contracts and selection of suppliers to obtain the best terms from all parties.Effective Strategic Decision-Making: Design effective sourcing strategies aligned with business objectives.Performance Tracking: Learn other performance measuring and continuous improvement techniques to apply those KPI measures. Advanced career opportunities: Within procurement through training and supply chain management competencies.

By the end of the course, attendees will have the requisite proof that empowers them to be informed concerning procurement decisions, better cost efficiency, and ensure long-term value to their respective organisations.

Module 1: Introduction to Strategic Sourcing

• Understanding the importance of strategic sourcing in procurement.

• Overview of the 7-step sourcing process.

Module 2: Spend Analysis

• Identifying spending patterns and cost-saving opportunities.

• Analysing procurement data for informed decision-making.

Module 3: Market Research

• Understanding supplier markets and industry trends.

• Evaluating supplier capabilities and risk factors.

Module 4: Supplier Identification and Evaluation

• Selecting the right suppliers based on performance and value.

• Using evaluation criteria for supplier assessment.

Module 5: Developing a Sourcing Strategy

• Choosing the best sourcing approach for procurement needs.

• Aligning sourcing strategies with business objectives.

Module 6: Contract Negotiation and Supplier Selection

• Mastering negotiation techniques for better procurement deals.

• Understanding contract management essentials.

Module 7: Implementation and Supplier Relationship Management

• Building strong supplier relationships for long-term success.

• Ensuring effective contract execution and monitoring.

Module 8: Continuous Improvement and Performance Measurement

• Using KPIs and performance metrics to assess sourcing effectiveness.

• Implementing continuous improvement strategies.