International Strategic Procurement Finance
Training Goals & Objectives
This International Strategic Procurement Finance Training in Dubai United Arab Emirates is designed to help professionals to learn the dynamics of effective global procurement finance and improve their working capabilities to maximum.
The conference 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.
Training objectives
The objectives of this course are to:
- Provide an overview of the business economics that drive all organizations, examining the fundamental principles of score keeping and accounting, profitability and cash flow management
- Examine how financial performance is analyzed (especially external stakeholders) and appreciate the benefits of a structured approach towards financial analysis
- Visit certain key relevant financial anomalies
- Explain the role of financial management and future-looking decision-making within a finance context, especially the importance and practice of capital spending and investment criteria
- Help participants put it to work – a structured approach to monitoring and evaluating supplier actual contract performance
- Explain the financial management techniques within supplier businesses – for costing, budgeting and performance analysis – and show how these can be used to the purchaser’s advantage
- Facilitate better and more profitable financial decisions with suppliers
- Examine in detail current tools, trends and best practice in the financial dimension of purchasing
Activities
Training comprises of a number of activities to help the participants to learn the application of knowledge attained during the training. 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.
- Training will also help participants in developing effective negotiation skills as an essential tool of procurement professional.
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