Procurement (Sourcing & Purchasing)

Procurement is the process of acquiring goods, services, or works from external suppliers to meet the needs of an organization. It is a critical function within supply chain management and involves various activities, including identifying requirements, sourcing suppliers, negotiating contracts, and managing supplier relationships. Effective procurement practices can contribute to cost savings, improved efficiency, and overall business success.

Procurement plays a vital role in ensuring that organizations obtain the necessary goods, services, or works to meet their operational requirements.

It involves identifying the right suppliers, negotiating favorable terms, and managing the procurement process from start to finish.

Procurement aligns organizational needs with external market capabilities to achieve value for money and meet quality standards.

The Procurement (Sourcing & Purchasing) course is designed to provide participants with a comprehensive understanding of the principles, strategies, and best practices in procurement. The course will cover the entire procurement process, from sourcing suppliers to negotiating contracts and managing supplier relationships. Participants will learn how to optimize procurement activities to achieve cost savings, improve efficiency, and enhance supply chain performance.

And you will be able to:

Identifying Requirements: The procurement process begins by understanding and documenting the organization’s needs and requirements for goods or services.

Supplier Sourcing: Procurement involves identifying and evaluating potential suppliers who can meet the organization’s requirements.

Supplier Selection: The organization assesses suppliers based on criteria such as price, quality, delivery capabilities, financial stability, and ethical practices.

Negotiation and Contracting: Negotiations take place to establish mutually beneficial agreements with selected suppliers, and contracts are created to formalize the terms and conditions.

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Frequently Asked Questions

How long do I have access to the course materials?

You can view and review the lecture materials indefinitely, like an on-demand channel.

Can I take my courses with me wherever I go?

Definitely! If you have an internet connection, courses on Udemy are available on any device at any time. If you don’t have an internet connection, some instructors also let their students download course lectures. That’s up to the instructor though, so make sure you get on their good side!