Purchasing Foundations

Purchasing Foundations: For their firms, purchasing departments maximise savings and generate value. This course describes the purchasing process and offers suggestions for assessing, choosing, and managing suppliers. It is taught by supply chain specialist and professor Steven Brown. He also discusses the functions of cost control and strategic sourcing, as well as the related moral and legal issues. Learn more about specialised subjects including supply chain performance management, resourcing, and indirect cost on services (including transportation and utilities).

The primary learning objective of the “Purchasing Foundations” online course is to provide participants with a comprehensive understanding of the fundamental concepts, principles, and practices of purchasing. By the end of the course, participants will be able to:

1. Understand the Procurement Process: Participants will gain a thorough understanding of the procurement process, including its purpose, different stages, and key players involved. They will also learn about the importance of procurement ethics and the role of purchasing within an organization.
2. Develop Sourcing Strategies: Participants will be able to identify and evaluate potential suppliers, and understand the different types of sourcing methods such as direct procurement, reverse auctions, and e-procurement, and when to use each method. They will also learn how to conduct supplier assessments and select the best suppliers for their needs.
3. Manage Supplier Relationships: Participants will learn how to build and maintain strong supplier relationships, including developing supplier performance metrics, managing supplier risk, and collaborating with suppliers to drive innovation.
4. Negotiate and Manage Contracts: Participants will be able to apply negotiation strategies and tactics, and understand contract law and the key elements of a contract. They will also learn how to prepare for and conduct successful negotiations and manage contracts effectively.
5. Apply Best Practices in Purchasing: Participants will be able to apply best practices in purchasing to their own organizations, improving their procurement processes, supplier management, and negotiation skills. They will understand how to develop and implement effective procurement policies and procedures and will be able to identify and assess the risks associated with procurement.
6. Evaluate Performance: Participants will be able to evaluate the performance of their purchasing function, identify areas for improvement, and make recommendations for enhancing the effectiveness and efficiency of the procurement process.

In summary, the “Purchasing Foundations” online course aims to equip participants with the knowledge, skills, and tools needed to develop and implement effective purchasing strategies, manage supplier relationships, negotiate and manage contracts, and apply best practices in purchasing. Through a combination of theoretical concepts, practical examples, and case studies, participants will gain a comprehensive understanding of the purchasing function and how it can contribute to the success of an organization.