A firm which utilizes materials and supplies must effectively manage the purchasing function. Purchasing management considers a lot of factors, such as inventory, inventory costs, availability of supply and quality of suppliers. In order to have outstanding purchasing operations, excellent vendor relations, systematic demand, forecasting, and ordering system must be present.
- To enable the participants to better understand the different methods and strategies in purchasing and adopt strict purchasing policies.
- To develop the standard benchmarks for inventory planning and understanding key performance indicators of an effective inventory planning strategy implementation
- To enable the participants to appreciate the importance of good vendor relations in purchasing and adopt a quality supplier program for a more efficient purchasing system.
- To enable the participants to learn and adopt in their respective organizations the different methods of demand forecasting and ordering.
- To provide participants the workshop on inventory planning and procurement as key driving force in the supply chain management.
Who Should Participate
- Purchasing managers and personnel
- Business owners
- Logistics managers and personnel
Module 1 – Nature of Inventory Planning and Purchasing Management
- Understanding an effective Inventory Planning Strategy
- Validating an Organization’s Purchasing Policies that supports the strategy
- Quality Supplier Program
- How to get the best from vendor contracts.
- Proper Selection of Supplier
- Evaluating Supplier Performance
- What to look out for in vendor contracts, terms and conditions
- Optimizing vendor relations and technologies to support supply chain
- Key Performance Indicators and measuring Effective Planning and Purchasing activities
Module 2 – Purchasing Methods and Strategies
- Understanding Purchase to stock and Pushed purchase from brands
- How to get the best value
- Purchasing Methods / Techniques
- Purchasing Strategies
Module 3 – Demand Forecasting and Reorder Point
- Demand Forecast and Lead Time Information
- Forecasting Approaches
a. Qualitative Approaches
b. Quantitative Approaches
- Reorder Point (ROP)
- How Much to Order – Minimum and Maximum
Module 4 – Managing Inventory in an E-Commerce Ecosystem
- Overview of the dynamics in planning and procurement in e-Commerce
- Impact of e-Commerce procurement to overall planning for brick and mortar stores (stocks in store)