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Fundamentals of Purchasing for the New Buyer

Increase your company's savings through better purchasing techniques

This fundamentals seminar is taught by leaders in the field who will walk through every step of the purchasing management process, including negotiating and vendor and materials management. Find innovative ways to manage your suppliers so they deliver quality products and services on time and within your budget…learn how eProcurement can help you save money and exploit sales opportunities…and recognize the impact you have on the financial side of your business.

Seminar Number: 04265

5
(190 reviews)
  • In a Classroom
  • Online
  • Your Company Location

Course Scheduling & Pricing

Who Should Attend

Newcomers who want to learn every facet of their job responsibilities - as well as veteran buyers who want to update their skills.

  •   Classroom3 Day(s)
    1.8 CEU
  •   Online3 Lesson(s)
    1.8 CEU
 

This fundamentals seminar is taught by leaders in the field who will walk through every step of the purchasing management process, including negotiating and vendor and materials management. Find innovative ways to manage your suppliers so they deliver quality products and services on time and within your budget…learn how eProcurement can help you save money and exploit sales opportunities…and recognize the impact you have on the financial side of your business.

  • Understand today's procurement strategies and techniques
  • Identify the core expertise, process knowledge, and interpersonal skills necessary for success as a 21st-century buyer
  • Discover the criteria for successful supplier selection
  • Manage your supplier relationships to reduce costs, improve quality, and enhance performance
  • Understand legal and ethical requirements and issues
  • Learn negotiation techniques for a global purchasing environment
  • The changing role of the buyer in today's organization
  • How purchasing adds value to the firm, and profit to the bottom line
  • Developing the supply base and supplier relationships
  • Designing effective supplier performance measurements
  • Making effective procurement decisions through the use of price and cost analysis
  • Utilizing value and total cost of ownership concepts to reduce costs
  • Tools for enhancing material flow and reducing inventory investment
  • Specialized purchasing instruments, master agreements, contracting methods, and e-procurement
  • Successful selection and management of service suppliers
  • Professional practices and standards of purchasing ethics
  • Legal aspects of purchasing: contracts, agency, warranties, and anti-trust laws
  • Negotiating skills and tactics for the buyer

Learning Objectives

  • Develop More Effective Relationships to Source, Qualify, Solicit, and Assess Your Supplier Base
  • Increase the Buyer’s Contribution to the Organization’s Bottom Line and Enhance Customer Satisfaction
  • Use Methods and Techniques to Enhance Material and Product Flow
  • Recognize the Ethical and Legal Practices Involved in Purchasing
  • Develop a Purchasing Negotiation Strategy
  • Assess Risk and Competitive Advantage

The Buyer’s Role in Today’s Purchasing Organization

  • Explain How Purchasing Adds Value
  • Define the Supply Chain and the Buyer’s Role in Purchasing and Supply Management
  • Describe the Purchasing Cycle
  • Discuss the Importance of Cross-Functional Teams and Purchasing

Managing the Supplier Base and Relationships

  • Obtain Sufficient Purchase Description or Specification Information from Internal Customers
  • Rate Aspects of a Supplier’s Capabilities
  • Analyze a Financial Statement from a Hypothetical Supplier
  • Define How Acceptable Sources of Supply are Found in the Marketplace
  • Identify Key Principles of Soliciting, Qualifying, and Pre-Selecting Suppliers
  • Examine Key Aspects Associated with Supplier Performance

Managing Effective Procurement Decisions: Applying Price, Cost Value

  • Assess Competitive Market Pricing and the Application of Discounts
  • Analyze Costs to Calculate a Target Cost to Negotiate More Effectively with Suppliers
  • Define an Internal Cost Estimate and a Supplier’s Cost Breakdown Structure
  • Explain Learning Curves, Life Cycle Costing, and Value Analysis
  • Define Leasing, Renting, and Outsourcing
  • Describe How Identifying Total Cost of Ownership Fosters Better Buying Decisions

Tools for Enhancing Material and Product Flow

  • Explain How ABC Analysis Is Used to Make Informed Purchasing Decisions
  • Summarize the Techniques Used to Make Informed Decisions on Inventory
  • Describe How Inbound Freight Control Is Used to Improve the Total Value Provided to a Firm by a Supplier
  • Describe the Most Common INCOTERMS and Their Meaning for International Sourcing
  • Discuss How Global Sourcing Requires Additional Knowledge to Understand Supplier Selection, Payment, and Risk Implications

Understanding Specialized Purchasing Instruments and Contracting Methods

  • Identify the Basic Parts of a Contract and a Contract Planning Checklist
  • Differentiate between the Types of Purchasing Contracts and Agreements
  • Discuss Usage of Purchasing/Procurement Credit Cards and Appropriate Policies for Their Implementation
  • Describe the Service Contracting Process and Guidelines for Service Contract Supplier Selection, Agreement Provisions, and Administration
  • Apply E-Procurement Principles to the Purchasing Cycle

Professional Practices

  • Explain the Difference between Ethical and Legal Purchasing Practices
  • Describe 12 Questionable Purchasing Practices
  • Discuss the Legal Framework That Affects Purchasing
  • Explain Elements of a Breach of Contract That Remedies the Breach
  • Describe Three Kinds of Warranties—Stautory, Implied and Express
  • Discuss Key Points of the Convention for International Sales of Goods
  • Recognize Key Issues about Contract Law and How Contracts are Formed
  • Determine the Importance of the Uniform Commercial Code

Negotiating Skills for the Buyer

  • Define the Nature and Scope of Negotiations in Purchasing
  • Differentiate between Strategy and Tactics in Negotiations
  • Define Win-Win, Objective Setting, Deadline, and Authority Level
  • List the Crucial Elements of Negotiation
  • Prepare and Plan for Negotiations
  • Apply Some Negotiation Strategies, Tactics, and Counter Offers

Download Extended Seminar Outline PDF

View a Sample of Our Reviews

5

190 reviews

 
I enjoyed this seminar very much. It was overall a great amount of various information about the industry as a whole. It was interesting to learn about other aspects of purchasing, even the ones that don't directly relate to my current job.
5
   
Training style was very informative and active. Open discussion style was excellent
5
   
I enjoyed the communication between myself, the course leader and the other buyers concerning our experiences and what we will implement in our work environments. The course leader is very knowledgeable on what is needed to be successful as an overall buyer for companies. The importance of expanding the buyer's toolbox as well as taking a hard look at all the facts was thoroughly explained.
5
   
The class moved at a good pace and enabled quality discussion. It went into enough depth and examples to offer realistic situations for reference.
5
   
I received a lot of good information to sharpen my skills. Also the instructor hit on many good points and kept the class interesting with many examples of experience. Also enjoyed the mix of different fields that the class attracted. Overall was very pleased with the tools I came away from it with.
5
   

American Management Association is accredited by the International Association for Continuing Education and Training (IACET) and is accredited to issue the IACET CEU.

Classroom Schedule

2 Sessions Available

Online Schedule

2 Sessions Available

  • $2,495.00 Non Members
  • $2,245.00 AMA Members
  • $2,079.00 GSA
Date Duration State City Zip
  2023-04-19 2023-04-21 Apr 19, 2023 - Apr 21, 2023 3 Days NY New York 10019 New York Register Now

  2023-05-10 2023-05-12 May 10, 2023 - May 12, 2023 3 Days IL Chicago 60601 Chicago Register Now

2495.00 $
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