The term procurement strategy refers to a long-term plan to cost-effectively acquire the necessary supplies from a list of efficient vendors who will deliver quality goods on time, abiding by the purchasing terms. Typically, a procurement strategy depends on a number of factors like purchase timeline, the available budget, the total cost of ownership (TCO), possible risks, and more. Procurement strategies often focus on options like reducing costs, mitigating risks, and expanding organically.

According to a recent survey, 78% of CPOs around the world identify cost reduction as their top priority procurement strategy. Organizations can choose to focus on a single priority or more than one, depending on their business requirements. A comprehensive procurement strategy defines how an organization strategically manages its procurement activities.

In other words, it’s a directional roadmap. It’s a medium-to-long-term plan that includes policy and processes that drive cost optimization, value creation, and management of resources. The procurement strategy determines how goods and services are acquired at optimal cost and best available quality so that this process supports your organization’s strategic objectives and enables competitive advantage.

This course is designed to provide participants with a comprehensive understanding, skills and experience sharing of developing, implementing and controlling effective procurement strategies. This course covers essential concepts of procurement strategies, and best practices in managing procurements, equipping participants with the knowledge and skills necessary to optimize procurement stategies and enhance efficiency when managing procurements.