A strong procurement strategy can give your company a distinct advantage in the competitive market. Acquiring this competitive advantage requires you to analyze how procurement and inventory management support organizational goals.
You will explore where you can cut costs by standardizing approaches and applying best practices used by large and small organizations in multiple industries that include but are not limited to retail, manufacturing, and service.
To make purchasing considerations, you must consider and determine certain factors of importance in line with your organization’s objectives, explore purchase specifications, and align those specifications with requests for quotations (RFQs) and purchase orders. You must then choose higher-quality versus lower-price goods that complement your organization’s strategies and tactics.
You must also explore the factors that influence whether you should make the goods (or provide a service) in-house or purchase goods or services from an outside vendor. Purchasing decisions must be continuously improved and refined so that your organization can manage costs effectively.
After you devise purchasing specifications that align with your organizational goals, you will next apply standard inventory analysis methods that include economic order quantity calculations. This will generate the best quantity and reorder points for your organization.
Category management, buying strategies for goods and services for the organization, and strategic cost management for goods and services must be implemented appropriately. Effective negotiations with suppliers and the implementation of win-win strategies will enable long-term productive relationships.
Enroll in the Procurement Strategy certificate program offered by Genashtim, in collaboration with eCornell, to make better purchasing considerations for your company and acquire a distinct advantage in a competitive market.
eCornell courses are approved by SkillsFuture Singapore for SkillsFuture Credit as well as by HRD Corp Malaysia under its HRD Corp Claimable Course Scheme.