Online Class: Purchasing and Vendor Management 101
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7Lessons
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15Exams &
Assignments -
1,213Students
have taken this course -
4Hours
average time -
0.4CEUs
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Video Audit
Available
Course Description
Unlock the Power of Effective Supply Chain Management: A Comprehensive Guide to Purchasing and Vendor Relations
In the dynamic realm of today's business world, the function of Supply Chain Management (SCM) plays a pivotal role in steering the economic ship of many organizations. At the heart of this intricate network lies the institutional purchasing cycle—a sophisticated dance of acquiring consumable materials, raw materials, spare parts, and capital assets. This expansive course delves deep into the nuances of this cycle, offering participants a holistic view of the intricate cogs that power the supply chain machinery.
One of the central themes we'll unravel is the intricate tapestry of supplier/buyer relationships. These relationships, when harnessed correctly, can become a bedrock of organizational success. However, like any crucial partnership, it demands a keen understanding of the balance between rights and responsibilities, opportunities and pitfalls. We'll illuminate the unparalleled advantages of proficient vendor management systems while simultaneously spotlighting the hazards of systems that miss the mark.
As we venture deeper into the course, participants will gain insights into the symbiotic relationship between SCM and other pivotal organizational functions. This exploration will underscore the hidden value proposition that a meticulously crafted purchasing and vendor management system can infuse into an enterprise's financial health. Using real-world case studies, we'll dissect how variations in vendor product quality have historically influenced both monumental performance gains and debilitating losses—instances that can make or break an organization's financial trajectory for multiple fiscal periods.
Furthermore, the course will offer a panoramic view of diverse purchasing and vendor management philosophies. This panoramic lens will allow participants to appreciate the myriad management systems available, helping them harness tools that promote data-driven decisions. These decisions, in turn, can catalyze the optimal functioning of the SCM realm.
But what's the endgame? Upon culmination, participants won't just be passive recipients of knowledge; they'll emerge as empowered decision-makers. Equipped with a robust toolkit, they'll be poised to make data-driven purchasing decisions with conviction. They'll possess an enriched understanding of how their choices in purchasing and vendor affiliations ripple through the organization's very fabric. Most importantly, they'll be champions of change, driving bottom-line enhancements through their sharpened expertise in Purchasing and Vendor Management.
Join us on this enlightening journey and redefine your organization's purchasing prowess, ensuring that every link in your supply chain not only holds but thrives.
Course Lessons
Lesson 1: Purchasing and Vendor Management
When we consider the importance of a well-defined, well-engineered supply chain management function, the implications, organizationally, are widespread and certainly worth noting.Lesson 2: The Purchasing Process
In this lesson, the purchasing process is discussed.Lesson 3: Vendor Relationship Management
This lesson will discuss how to monitor, maintain, and develop vendor relationships.Lesson 4: Capital Purchases -- There's a Big Difference
Through this lesson, we will step through the purchasing process in a capital purchase scenario.Lesson 5: Alternate Purchasing Methods
Blanket purchase orders typically offer easy access to preferred vendors, products, or services.Lesson 6: Continuous Improvement in Purchasing and Vendor Management
The supply chain management system within every organization, large and small, is full of opportunities to improve -- and then realize the benefits of those improvements.Lesson 7: Income Statement and Balance Sheet Consideration
The most important consideration in almost any purchase is the total cost of ownership (TCO), also referred to as the total life cycle cost.
Learning Outcomes
- Define what purchasing and vendor management is.
- Describe the purchasing process.
- Describe vendor relationship management.
- Summarize alternate purchasing methods.
- Describe the processes for continuous improvement in purchasing and vendor management.
- Describe income statement and balance sheet considerations in purchasing and vendor management.
- Demonstrate mastery of lesson content at levels of 70% or higher.
Additional Course Information
- Document Your Lifelong Learning Achievements
- Earn an Official Certificate Documenting Course Hours and CEUs
- Verify Your Certificate with a Unique Serial Number Online
- View and Share Your Certificate Online or Download/Print as PDF
- Display Your Certificate on Your Resume and Promote Your Achievements Using Social Media
Student Testimonials
- "This was a very helpful course and I'm glad I was able to take this. I thank you very much!" -- Neven Y.
- "I did enjoy the course and I learned a lot of things. Thanks." -- Delicia teresa C.
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