Procurement and Finance for Front Desk Officers
Procurement and finance principles necessary for success
Goals & Objectives
Procurement and Finance for Front Desk Officers program is designed to help professionals to learn the dynamics of effective procurement and improve their working capabilities to maximum. This program focuses on areas related to development of organization’s strategic procurement plan, procurement policies, tackling front desk environment in procurement, understanding market dynamics and negotiation skills.
This program is equally effective for procurement and to-be procurement professionals and will help them in radically improving their procurement skills.
Program is delivered with a high energy presentation, customized reading material, real life exercises, case studies and simulation exercises which help the participants to develop their understanding of the topic in depth.
Practice Areas
During the sessions, the participants will practice
- Mastering Procurement Fundamentals
- Strategic procurement – the partnership approach
- Understanding and management of changing market variables
- Procurement policies and procedures
- Procurement planning and finance
- Vendors pre-qualification process
- Negotiation skills
- Expediting & trouble shooting
- Fundamentals of Finance in Procurement
- Learn the procurement finance principles necessary for success
- How procurement impacts your organization’s financial performance?
Activities
The learning sessions comprises of a number of activities to help the participants to learn the application of knowledge attained during the conference. They include
- Each participant will take the role of procurement manager as well as vendor. Under a given situation, participant will evaluate procurement terms and conditions in line with corporate procurement strategy as well as market conditions and will take efficient procurement decision based on his/her knowledge and judgment.
- Participants will undergo various simulations in which they will learn to make decision under conditions of uncertainties and fast changing market conditions.
- This will also help participants in developing effective negotiation skills as an essential tool of procurement professional.
- Exercises will be done practice process of expediting and troubleshooting in case of uncertainties and variations in procurement contracts.
Course Outline
Procurement Professionals Toolkit
- Difference between procurement & purchasing
- Essentials of procurement
- Procurement planning skills
- Negotiation skills
- Troubleshooting & variation management skills
Strategic Procurement
- What is Strategic Procurement
- Relationship management skills
- Bargaining under strategic procurement
- Do’s & Don’t in procurement
- Road blocks and speed breakers in strategic procurement
Procurement Process
- Steps in procurement process
- Identification of need
- Category profile
- Market analysis
- Procurement planning
- Purchasing cycle
- Prequalification of vendors
- Supplier selection
- Contract drafting & management
- Variations handling
Finance for Strategic Procurement
Learn the procurement finance principles necessary for success
- Definitions that are vital to understanding finance
- Accounting concepts related to inventory, including the goals sought by senior management and how a procurement department can contribute
- How negotiated discounts and freight charges are accounted for
- The difference between direct and indirect expenses
- How buying or selling on credit terms impact financial statements
- Concept of Double Entry Bookkeeping and how this relates to overall principal of Accuracy in Financial Statements
- Understanding the components of Financial Statements
- Impact of inventory built-up on profit and financial ratios
- How to measure a procurement department’s contribution to the organization’s financial performance, including calculating cost savings and reconciling it with changes in expenses as reported on financial statements