Certified Procurement Management Professional Course

Why Select this Training Course?

Procurement management is synonymous with the source-to-settle process. It involves assessing, choosing, and establishing official contractual agreements and overseeing the company’s ongoing connections with suppliers. Procurement is a diverse field that includes a variety of interconnected tasks. The procurement management process involves practically obtaining products and services. It is closely linked with accounts payable to ensure the seamless completion of the source-to-settle cycle. This is achieved by supplying relevant documentation to facilitate processing supplier invoices for payment.

The primary objective of procurement management is to strategically obtain and secure the most optimal goods and services to effectively meet the business’s goals and objectives. When executed proficiently, a procurement team has the capability to economise a company’s time and finances by engaging in advantageous negotiations about terms and rates with possible suppliers.

• Project managers who organise, spend, maximise the value of vendor partnerships, and reduce any third-party risks.
• Finance staff responsible for setting budgets and providing spending and income reports, while procurement is responsible for sticking to those budgets.
• Operational personnel tasked with acquiring and purchasing items and services that are especially essential to keep a business running.
• Professionals looking to improve their procurement management abilities.
• Fresh graduates who want to obtain job training in procurement management.
• Procurement specialists expected to design supply networks and orchestrate the flow of resources to achieve organisational objectives.
• Senior buyers entrusted with regulating the procurement of resources, goods, and services for the organisation, ensuring that the cost, cash, quality, and service are optimised.
• Government procurement officials.

What are the Course Objectives?

The primary aims of this Rcademy Certified Procurement Management Professional Course are to empower professionals with the ability to:

• Understand the fundamentals of activity-based costing.
• Bolster procurement professionals’ potential, skill, and confidence through procurement learning & development.
• Analyse the present factors influencing shifts in the procurement environment.
• Recognise the importance of communication in successful, productive workgroups.
• Develop rapport, trust, and credibility in workgroups.
• Learn the skills required for building strong supplier relationships.
• Learn a strong category segmentation process.
• Investigate various bargaining tactics.
• Maintain a high level of procurement ethics.
• Earn recognition within the organisation for increased performance.
• Improve your skills in the advanced stages of strategic procurement.

How will this Course be Presented?

With an emphasis on learner-driven instruction, this Rcademy Certified Procurement Management Professional Course is tailored to help students realise their goals while enhancing their knowledge. The training delivery process will employ a variety of approaches and strategies to facilitate engaged learning among participants. The instruction will be provided by industry experts with extensive experience. The development of the modules was guided by extensive and thorough subject investigation.

The Rcademy Certified Procurement Management Professional Course combines theoretical and practical instruction via lecture transparencies, notes, and evaluation of real-world scenarios. Participants will also be required to participate in seminars, workshops, and examinations and provide continuous feedback to ascertain their understanding and satisfaction with the modules.

What are the Topics Covered in this Course?

Module 1: Introduction to Procurement Management

• What is procurement management?
• What is the purpose of procurement?
• Steps in procurement lifecycle?
• Defining the need
• Sourcing options
• Negotiating terms
• Purchase order
• Invoice processing
• Delivery and order audit
• Invoice approval and payment
• Maintain up-to-date records

Module 2: Key Activities of a Procurement Management System

• Supplier management
• Contract management
• Sourcing
• Requisitioning
• Payment
• Purchasing

Module 3: Tool for Effective Procurement System

• Purchase requisitions
• Flexible integrations
• Vendor management
• Purchase orders
• Invoice approval
• Metrics and analytics

Module 4: Features of Procurement Management System

• Budget tracking
• Invoice automation
• Easy integration
• Supplier lifecycle management
• Customised visual reports
• Customisable dashboard and workflows

Module 5: Five Pillars of the Procurement Process

• Ethics and fair dealing
• Reporting and accountability
• Equity
• Open competition
• Value for money

Module 6: Advanced Strategic Sourcing Skills

• Supplier relationship analysis
• Risk management
• Communication
• Contract management
• Supplier selection
• Specifications
• Negotiation
• Strategic sourcing
• Market & portfolio analysis
• eSourcing & eRFI
• Stakeholder engagement

Module 7: Advanced Negotiations Skills

• Game theory
• Applying NLP & emotional intelligence
• Using cognitive bias in your favour
• Cognitive bias in negotiations
• Resolving conflicts

Module 8: Category Management Skills

• Vendor management
• Advanced training
• Research skills
• Cost analysis
• Budgeting
• Collaboration
• Market research
• Domain knowledge
• Strategic sourcing
• Budgeting
• Adaptability

Module 9: Common Procurement Risks

• Wrong needs analysis
• Underdeveloped contract management processes
• Lack of supply chain risk management
• Inadequate vendor management & sourcing
• Lack of automation
• Poor procurement planning

Module 10: Organised Purchasing Structure

• Procurement capabilities of a company
• Conditions governing the acquisition
• Knowledge of the procurement cycle and procedure
• Supply chain administration
• Environmental impact on procurement and “How to solve the problem”

Module 11: Supplier Management

• Understanding supplier importance
• Total budget methodology (TBM)
• Knowing the supplier rating standard
• Sourcing tactics in a deteriorating market
• Efficient supplier performance and methods
• “Who is a good customer?” (customer ethics)

Module 12: Negotiation Techniques

• Negotiation skill development’s importance
• Value of a “good negotiator”
• Training in actual bargaining
• Opposing party’s perspective during bargaining
• Making mutually beneficial counter-offers
• Variations
• Collaborative negotiation
• Compromise reaching
• Competitive negotiation
• Distributive negotiation
• Opening and closing
• Preparation and adaptation
• Contract and contract length

Module 13: Emerging Procurement Trends

• AI and IoT integration in the procurement process
• Alternative supplier solutions
• More adoption and application of predictive analysis
• Adequate and effective monitoring through real-time supply and stock systems
• Virtual procurement
• Increased collaboration and team building
• Procurement teams using the T-shaped method