Strategic Sourcing: OPTIMIZING PROCUREMENT FOR COMPETITIVE ADVANTAGE
Course Description:
Strategic sourcing is a proactive approach to procurement that goes beyond cost savings to drive competitive advantage and sustainable growth. This course explores the principles and practices of strategic sourcing, focusing on how to optimize procurement processes to gain a competitive advantage. Students will learn how to develop and implement sourcing strategies that align with organizational goals, enhance supplier relationships, reduce costs, and drive value. Through case studies, practical exercises, and industry insights, students will gain the skills and knowledge necessary to transform procurement into a strategic function within their organizations.
Target Audience:
Procurement Staff and Managers, Sales and Marketing Managers, and Business Development Staff.
Course Duration:
Two Days
Importance of the Course:
- Understand the concept and importance of strategic sourcing in modern procurement.
- Analyze the key components and steps involved in developing a strategic sourcing plan.
- Evaluate different sourcing strategies and their impact on organizational performance.
- Develop skills to assess supplier markets, negotiate contracts, and manage supplier relationships.
- Learn how to leverage technology and data analytics to enhance sourcing decisions.
- Explore best practices and case studies of successful strategic sourcing initiatives.
- Formulate strategies to address challenges and opportunities in global sourcing.
Course Content:
Module 1: Introduction to Strategic Sourcing
- Definition and importance of strategic sourcing
- Evolution of procurement from tactical to strategic
- Aligning sourcing strategies with organizational goals
Module 2: Strategic Sourcing Process
- Overview of the strategic sourcing process
- Identifying and analyzing procurement needs
- Market analysis and supplier identification
Module 3: Sourcing Strategies
- Single vs. multiple sourcing
- Global vs. local sourcing
- Outsourcing vs. insourcing
- Cost-based vs. value-based sourcing
Module 4: Supplier Relationship Management
- Building and maintaining strong supplier relationships
- Supplier evaluation and selection criteria
- Negotiation techniques and contract management
- Supplier performance measurement and improvement
Module 5: Cost Management and Value Creation
- Cost analysis and cost reduction techniques
- Total cost of ownership (TCO) analysis
- Value engineering and value analysis
- Leveraging economies of scale and scope
Module 6: Technology and Data Analytics in Strategic Sourcing
- Role of e-procurement and digital platforms in sourcing
- Using data analytics to drive sourcing decisions
- Implementing procurement software and tools
- Real-time data and predictive analytics for sourcing optimization
Module 7: Global Sourcing and Risk Management
- Challenges and opportunities in global sourcing
- Managing risks in global supply chains
- Regulatory and compliance considerations
- Sustainable and ethical sourcing practices
Module 8: Case Studies and Best Practices
- Analysis of successful strategic sourcing initiatives
- Lessons learned from industry leaders
- Guest lectures and insights from procurement professionals
- Group projects and presentations on strategic sourcing scenarios
Training methodology
The course will be offered online.
This two day highly intensive course will utilise a variety of proven learning techniques to ensure maximum understanding, comprehension and retention of the information presented. This includes high levels of participant discussion, group interaction, delegate group exercises and case studies.
Course Costing
$199
Course Dates
03-05 April 2024
10-12 June 2024
09-11 October 2024