The Successful Buyer

Created by LEC Team
Last updated Mon, 27-Mar-2023
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By attending this bespoke,  Successful Buyer training course, participants will develop a thorough understanding of the need to initiate processes, systems and best practice procedures to make sure that effective purchasing does not only concentrate on cost reductions; rather it focuses on supplier collaboration and the absolute requirement to enter into a contract that is deemed innovative, sustainable and will deliver efficiencies and cost saving initiatives throughout the life cycle of the contract.


Course Objectives of The Successful Buyer

  • Achieve Operational Efficiency in Purchasing

  • Select and Managing Suppliers

  • Develop a Balanced Performance Measurement Framework that is value driven

  • Evaluate Suppliers - developing key measures for a total cost and value approach

  • Understand the Stages of Effective Contract and Supplier Management

Day 1
The Procurement Process and the Financial Impact on its Outcomes

  • The Importance of Effective Purchasing

  • Understanding the Procurement Strategy

  • The Five Steps of the Procurement Process

  • Implementing Strategies for Cost-effective Purchasing and Procurement

  • Strategic Cost Management as opposed to Ad-hoc Cost Reduction

  • Measuring the Impact of Cost Management initiatives on Profitability

Day 2
The Critical Elements of the Statement of Work, Scope and Specifications

  • Capturing the Real Requirement of the End Users

  • What a Good Specification for goods and services looks like?

  • Defining Needs and Wants - Essential vs. ‘nice to have’

  • Who Needs to Develop and Contribute to the Specification?

  • Important Questions to ask When Developing a Specification

  • Understand the Total Cost of Ownership in Relationship to the Actual Requirements

Day 3
Supplier Selection and Developing Robust Criteria for Supplier Evaluation

  • Creating a Supplier Development Plan

  • Developing the Criteria for Pre-Qualification

  • Selecting Suppliers - A Balanced Judgment

  • Using Carter’s 10 C’s as a Tool for Selection

  • Price and Long Term Cost Considerations

  • Analyzing Cost vs. Value

Day 4
Developing the Relevant Tender Process and Awarding the Contract to the Most Suitable Supplier

  • Determining the Key Principles Underpinning all Tendering and Procurement

  • The Competitive Bidding Process

  • Understanding the Full Tender Process from Notice to Award

  • Evidencing Capability, Reliability and Quality

  • Qualitative and Quantitative Assessment, Review and Continual Improvement

  • Negotiating the Deal

Day 5
Fundamentals of Contract Management
  • The Importance of Contract Management

  • Principles and Concepts around Contract Management

  • The Contract Management Process

  • Contractual Risk - How it is created?

  • Critical Success Factors for Effective Contract Delivery

  • Managing Contract Performance

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