Procurement Management

Effective procurement is at the heart of modern business operations as procurement spend increasingly represents a significant proportion of the organisation’s overall cost. To remain competitive, organisations must pay serious attention to the procurement function while building capacity and competencies to drive increased value. Fundamentals of procurement management provides participants with a strong foundation in procurement concepts, principles, and processes while preparing them for deeper exploration in subsequent modules. Participants will learn the basic concepts, the procurement cycle, the 5 rights and the use of electronic systems in procurement within the wider discipline of supply chain management.

At the end of this course, participants will:

1. Explain the basic procurement principles and processes as well as the relationship between purchasing, procurement, and the broader supply chain, while recognizing the roles and importance of effective procurement in achieving organizational goals

2. Describe the 5 rights of procurement and how value can be added to through effective procurement management.

3. Define the procurement process from start to finish covering the different stages involved, such as identifying needs, market engagement, supplier selection, negotiation, contracting, and supplier performance evaluation

4. Explore the use of technology and digital systems in the procurement process including tools and systems like e-sourcing, e-auctions, electronic catalogues, and electronic payment systems to improve efficiency and transparency.