Procurement and Supply Chain Management
Strategic Sourcing and Managing Supplier Relationships
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About this program
In the modern global supply landscape, organizations depend significantly on suppliers not only for cost reduction but also for driving innovation, sustainability, and operational resilience. Mastering Supplier Relationship Management (SRM) alongside Strategic Sourcing is critical to ensure supplier capabilities align closely with organizational objectives.
This Strategic Sourcing and Supplier Relationship Management Training Course equips participants with advanced techniques to formulate sourcing strategies and cultivate collaborative supplier partnerships. Attendees will gain skills in supplier assessment, effective negotiation, SRM framework implementation, and the application of strategic sourcing approaches that optimize value while mitigating risks.
Utilizing case studies, simulations, and interactive activities, participants will engage in developing sourcing strategies, managing supplier performance, and nurturing mutually beneficial supplier relationships.
Course benefits
- Enhance collaboration and trust with suppliers.
- Adopt sourcing strategies that effectively balance cost, risk, and value.
- Improve monitoring and governance of supplier performance.
- Elevate procurement's contribution to competitive advantage.
- Promote innovation and sustainability through supplier alliances.
Key outcomes
- Comprehend foundational concepts of SRM and strategic sourcing.
- Establish frameworks for supplier selection and evaluation.
- Utilize sourcing models to refine procurement strategies.
- Execute negotiations that foster enduring supplier partnerships.
- Align supplier relationships with organizational goals and associated risks.
- Develop SRM frameworks focused on continuous enhancement.
- Encourage supplier-led innovation and environmental, social, and governance (ESG) compliance.
Who should attend
- Professionals in procurement and sourcing.
- Individuals managing supplier relationships and vendor oversight.
- Supply chain and operations leaders.
- Executives accountable for strategic procurement decisions.
Course outline
Unit 1: Overview of SRM and Strategic Procurement
- The function of SRM and sourcing within procurement strategies.
- Advantages of working closely with suppliers.
- Distinctions between tactical sourcing and strategic sourcing.
- Examples showcasing successful SRM implementation.
Unit 2: Evaluating and Selecting Suppliers
- Creating criteria for supplier assessment.
- Balancing factors such as cost, quality, risk, and innovation.
- Processes for qualifying and onboarding suppliers.
- Interactive session: development of a supplier scorecard.
Unit 3: Frameworks for Strategic Sourcing
- Methods of category management.
- Analysis of total cost of ownership and value.
- Strategies for sourcing on a global scale.
- Case analysis: project on sourcing transformation.
Unit 4: Supplier Negotiations and Contract Management
- Fundamentals of collaborative negotiation techniques.
- Approaches to achieving mutually beneficial long-term partnerships.
- Essential contract structures used in strategic sourcing.
- Role-play activity: practicing supplier negotiation.
Unit 5: Establishing SRM Frameworks
- Developing governance models for SRM.
- Approaches to supplier segmentation and management.
- Techniques for monitoring and enhancing supplier performance.
- Hands-on exercise: designing an SRM framework.
Unit 6: Promoting Innovation and Sustainability with Suppliers
- Initiatives driven by suppliers to foster innovation.
- Incorporating ESG and sustainability into supplier collaborations.
- Collaborative approaches for managing risk and enhancing resilience.
- Case study: successful supplier-led innovation.
Unit 7: Evolving Supplier Relationships and Sourcing Strategies
- Utilization of digital technologies in SRM and sourcing.
- Application of AI and analytical tools in supplier cooperation.
- Current global trends influencing supplier relationships.
- Strategic roadmap for sourcing prepared for the future.