Fashion Retail Supply Chain Best Practices
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Fashion Retail Supply Chain Best Practices Course
Introduction:
Procurement encompasses the entire process of identifying, acquiring, and managing the necessary supplies for an organization to operate efficiently. It involves various activities such as sourcing, contract negotiation, supplier management, and timely invoice settlement.
While procurement may appear synonymous with purchasing, its scope extends far beyond simply buying supplies for day-to-day operations. In reality, procurement encompasses the end-to-end journey, starting from the moment an organization identifies the need for a particular supply, to ensuring the availability of the infrastructure required to consistently deliver that supply.
The procurement process begins with sourcing, which involves identifying potential suppliers, evaluating their capabilities, and selecting the most suitable ones. This phase requires thorough market research, supplier assessment, and negotiation to secure favorable terms and conditions. Once contracts are in place, effective supplier management becomes crucial to maintain strong relationships, monitor performance, and address any issues that may arise.
Additionally, procurement entails managing the financial aspect of the supplier relationship, ensuring timely settlement of invoices in accordance with agreed-upon terms. This financial responsibility is an integral part of procurement, as it contributes to maintaining positive supplier relationships and ensuring the uninterrupted flow of supplies.
By recognizing the comprehensive nature of procurement, organizations can strategically optimize their supply chain processes. Successful procurement involves aligning supply needs with organizational goals, considering factors such as quality, reliability, cost-effectiveness, and sustainability. It requires collaboration between various stakeholders within the organization, including purchasing departments, finance teams, and operational units.
Investing in efficient procurement practices leads to improved operational performance, reduced costs, and enhanced supplier relationships. Organizations that prioritize procurement as a strategic function gain a competitive edge by ensuring a steady supply of high-quality materials or services, thereby supporting their overall business objectives.
Join us in exploring the intricacies of procurement and discover how a well-executed procurement strategy can drive organizational success. Gain insights into effective sourcing, contract management, supplier relationships, and financial management. By mastering the end-to-end procurement process, you will be equipped to deliver value, optimize operations, and contribute to the growth and sustainability of your organization.
Course Objectives:
At the end of this Procurement and Supply Chain program, you will be able to:
- Review the meaning of strategic procurement
- Be given examples of best practices in procurement and the supply chain
- Review how to obtain the best pricing
- Be taught how to develop spend analysis
- Develop a functional and cross-functional view of the supply chain
- See that better working with all of the supply chain players pays
- Consider Key Performance Indicators (KPI’s)
Who Should Attend?
Procurement and Supply Chain training program, is ideal for:
- Contracts, Purchasing, and Procurement Personnel
- Project, Engineering, Operational, and Maintenance, Personnel who are involved in the planning, and execution of purchases and contracts
- Supply, Buying, Purchase, Logistics, Materials and Supply Chain Professionals
Course Outlines:
Seeing Procurement as a Dynamic, Interactive System:
- The System Approach vs. the traditional Functional Approach
- What is the goal of Procurement?
- Developing the Strategic Procurement Plan
- An overview of the procurement process
- Procurement as part of the Supply Chain
Developing Strategic Procurement Decisions:
- Make/buy decision
- Vertical integration
- Alliances and partnerships
- Inter-company trade
- Reciprocity and countertrade
- Supplier strategy
- The coordination strategy
- The Purchasing organization
Implementing the Tactical Procurement Decisions:
- Supplier involvement
- Value analysis
- Quality Assurance
- Supplier selection
- Supplier rating and ranking
- Contract management
- IT systems and e-Procurement
- Policies and procedures
- Staffing the Procurement Department
Dealing with Operational Procurement Decisions:
- Selecting the most appropriate ordering process
- Addressing quality issues
- Follow up
- Overdue orders
- Expediting
- The payment process
- Reducing the cost of the procurement: small value purchase orders
Contingency Procurement Decisions:
- The different contingency situations
- Contingency management
- Procurement Performance Measurement
- Spend analysis
- The total cost of ownership
- Supplier performance measurement