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Demand & Supply Chain Management Evolution

Course Detail

Fundamentals of Strategic Sourcing


Education Center: ISM - Institute for Supply Management
Date: 28 July 2020
City: Denver, CO

Duration: 2 days

You have the fundamentals down, now it’s time to take the next step. This seminar is an excellent follow- up to the Fundamentals of Purchasing because it offers the knowledge you need to succeed as you grow in your supply management career. This strategic-focused seminar offers hands-on exercises using quadrant analysis and supplier evaluations. It also examines how to develop content for a service-related RFP

This meeting will run from 8:30 AM until 4:30 PM daily.

Who should attend

Supply management professionals who have taken the Fundamentals of Purchasing seminar and are seeking the next step in their continuing education.

You will learn

  • Supply management strategy and techniques for developing a strategy
  • Key elements of negotiation
  • How to develop a strategic sourcing process
  • Supplier management methods
  • Cost management tools and techniques.

You will earn 14 CE Hours

Course Outline

  1. The importance of teamwork in supply management
  2. Supply management’s contribution to organizational success: Supply management’s role in organizational success; The typical evolution of purchasing to supply management; Supply Management’s strategic roles
  3. C. Supply management strategy: Reasons for strategy development; Techniques for developing supply strategy – Strategy development using the “Should Be” strategy development model.
  4. The Strategic sourcing process:
    1. Identify and define the project
    2. Justifying the project internally and selling it to stakeholders
    3. Forming the project team
      1. A typical team model
      2. Roles of team members
      3. Creating performance incentives
  5. Supplier management methods: spend analysis, supplier identification, evaluation, and selection, Metrics for supplier selection and management, supplier quality assurance, supplier solicitation methods (EOI, RFI, RFQ, RFP, 2-Step Bidding), performance management, compliance management, continuous improvement, outsourcing overview, domestic vs. offshore requirements
  6. Cost management tools and techniques: total cost of ownership, cost-drivers, price analysis, cost analysis, price management techniques
  7. Contract management: What is "contract management"?, objectives of contract management, important legal aspects of supply management, Article 2 of the Uniform Commercial Code, key legal considerations, The convention for the International Sale of Goods
  8. Ethical considerations in supply management: What is ethics? What is ethical behavior? Gifts and gratuities, ISM Principles and Standards
  9. Key elements of negotiation: negotiation defined, negotiation styles, The negotiation process, preparation, people factors, reaching a mutually satisfactory agreement, closure, post negotiation

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