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Procurement and Supplier Management Overview
Learn the fundamentals of procurement and supplier managementPreview the first lesson free — get full access to all 6 lessons.
Intermediate Provider : Kersten Kelly-Bruner 6 Lessons · 18m in Arabic, English, Spanish
Course Description
Procurement is responsible for building and managing supplier relationships, negotiating raw material and other supply contracts, strategically leading buying activities, maintaining supplier quality standards, understanding market trends and economic impacts, and purchasing transportation. They ensure supplies are available when they are needed at the lowest total cost possible. Supplier management is a critical component to a successful procurement strategy. It requires companies to source, select, and manage partnerships that are vital to running the buyer’s business. Finding the right suppliers and fostering the business relationships allows the two companies to work together to innovate new ideas, drive cost savings through joint productivity efforts, and automate processes to utilize resources effectively.
In KnowledgeCity’s course, Procurement and Supplier Management Overview, you’ll learn the definition and benefits of procurement and supplier management. You’ll explore supplier lifecycle management, including selecting a supplier, monitoring performance, defining supplier classification systems, and developing partnerships and alliances. You’ll also learn how to conduct a supply chain cost analysis, as well as how to develop and communicate a supplier strategy to the organization.
What You'll Learn
- Define the basics of procurement and supplier management
- Explain the process of supplier lifecycle management, including selecting a supplier, monitoring performance, and defining supplier classification systems
- Conduct a supply chain cost analysis
- Develop partnerships and alliances with suppliers
- Create a supplier strategy and communicate and implement it across the organization
Key Takeaways
- Procurement is responsible for building and managing supplier relationships, negotiating supply contracts, leading buying activities, maintaining supplier quality standards, understanding market trends, and purchasing transportation.
- Procurement aims to ensure supplies are available when needed at the lowest total cost possible.
- Supplier management requires companies to source, select, and manage partnerships that are vital to running the buyer's business.
- Finding the right suppliers and fostering business relationships lets companies innovate new ideas, drive cost savings through joint productivity efforts, and automate processes to use resources effectively.
- Supplier lifecycle management covers selecting a supplier, monitoring performance, defining supplier classification systems, and developing partnerships and alliances.
Frequently Asked Questions
What will I learn in this course?
You'll learn the definition and benefits of procurement and supplier management, explore supplier lifecycle management (selecting a supplier, monitoring performance, defining supplier classification systems, and developing partnerships and alliances), learn how to conduct a supply chain cost analysis, and learn how to develop and communicate a supplier strategy to the organization.
What topics are covered in the lessons?
The course includes an Introduction, Introducing Procurement and Supplier Management, Managing the Supplier Lifecycle, Supply Chain Cost Analysis, Communicating Your Supplier Strategy, and a Test Your Knowledge section.
What skills does this course help develop?
This course relates to Customer Relationship Management, Data Analysis, and Project Management.
Does the course cover how to share a supplier strategy with the organization?
Yes. You'll learn how to create a strategy and how to communicate and implement it, covered in the Communicating Your Supplier Strategy lesson.
Professional Certifications and Continuing Education Units (CEUs)
Project Management Institute (PMI®)
Professional Development Units (PDUs): 0.5
KnowledgeCity has been reviewed and approved by the PMI® Authorized Training Partner Program. Users can maintain your PMI credentials by earning PDUs from KnowledgeCity qualified courses in Project Management, Business Management, Leadership and many others.
Society for Human Resource Management (SHRM®)
Professional Development Credits (PDCs): 0.5
KnowledgeCity is approved by SHRM as a Recertification General Provider to offer SHRM-CP or SHRM-SCP professional development credits (PDCs). By taking the courses approved by SHRM, KnowledgeCity can award SHRM Professional Development Credits (PDCs) for HR knowledge and competency programs related to the SHRM Body of Applied Skills and Knowledge™ (the SHRM BASK™).
