Procurement and Contract Management Certification Course

Why Select this Training Course?

Procurement contract management involves the management of contracts related to procurement and purchases. These contracts serve as legal documentation for establishing work relationships with customers, vendors, or partners. It involves negotiating and finalising the terms and clauses of contracts. Procurement contracts also involve ensuring that all parties understand and agree to the terms and conditions, as well as documenting and discussing any changes that may arise. Procurement organisations play a crucial role in managing expenses and facilitating operations by acquiring high-quality goods and services in a timely manner. Enhancing the effectiveness of this strategic function results in saving costs, reducing risks, and improving purchasing strategies. However, procurement and contracting teams frequently depend on outdated methods such as manual processes, spreadsheets, and isolated systems, which leads to lengthy delays.

This Rcademy Procurement and Contract Management Certification Course is a component of a comprehensive supply chain management framework. This programme provides a clear and straightforward academic approach to help participants develop a strong understanding of procurement and contract management processes in various settings, including commercial, government, and international contexts throughout a project’s life cycle. Participants will develop a comprehensive understanding of procurement phases, such as planning, conducting, and controlling procurements. By the end of the course, participants will gain the skills to apply strategic contract management used by successful corporations to build strong relationships, manage expectations, and foster trust in business settings.

What does a procurement manager do?

Procurement managers strategically manage an organisation’s spending by purchasing goods and services. They also strategically oversee an organisation’s spending, which includes acquiring goods and services. Their role extends to assessing, choosing, and making formal contracts and overseeing the company’s ongoing relationships with suppliers. Procurement involves a variety of interconnected activities, making it a complex discipline.

What is a procurement requisition?

A procurement requisition is a formal request made by an employee to obtain certain items or services. It is a more refined manner of requesting what you require. The form generally comprises a product description, the pertinent department and budget item, the exact item(s) being sought, and any essential papers, such as files, quotations, or agreements, that approvers should examine.

The purchase requisition process commences when an employee formulates a request to procure commodities or services. The form is designed to contain all the essential information required to commence the appropriate approval procedure.

Who Should Attend?

This Rcademy Procurement and Contract Management Certification Course  is designed for operations and purchasing professionals such as:

• Purchasing coordinators responsible for handling the logistics of procurement, such as order placement and delivery tracking.
• Procurement manager specialised in handling intricate procurement projects and strategic initiatives.
• Procurement directors tasked with ensuring that procurement activities are in line with the organisation’s goals and overseeing the performance of the procurement department.
• Procurement assistants who provide valuable support to the procurement team by handling daily administrative tasks.
• Director of vendor management responsible for implementing strategies to improve vendor performance, conducting negotiations, and evaluating vendor risk to maintain a dependable and high-quality supply base.
• Strategic sourcing managers in charge of implementing a long-term approach to procurement and finding ways to enhance and simplify the sourcing process.
• Cost analyst.
• Sourcing managers.

What are the Course Objectives?

This Rcademy Procurement and Contract Management Certification Course aims to equip specialists with the necessary skills to:

• Understand everything procurement management entails.
• Appreciate the significance of procurement in achieving organisational objectives.
• Design a tactical sourcing plan and evaluate internal spending as well as supply market trends.
• Ensure the efficiency of procurement processes for continuous improvement.
• Discuss the factors that drive change and predict future trends in procurement management.
• Create contracts that are clear and easy to understand while also being legally compliant.
• Secure advantageous contract terms.
• Keep track of project schedules and expenses.
• Create high-quality reports that are easily comprehensible to your intended audience.

How will this Course be Presented?

This Rcademy Procurement and Contract Management Certification Course is specially curated for participants. It also makes learning new things easier for them and helps them develop their skills. Active learning will be encouraged through various methods and techniques used in the training session. Experts in the field with years of experience will teach the course. The modules are founded on exhaustive and in-depth research on the subject matter.

This Rcademy course combines classroom learning with hands-on practice through lecture notes, topic-specific presentations, and real-life situations. To expand their learning experience, participants will participate in seminars, workshops, tests, and case study analyses. They will also be required to offer continuing feedback on their enrolled courses.

What are the Topics Covered in this Course?

Module 1: Procurement and Contract Management – An Introduction

• Importance of procurement and contract management
• Key objectives and benefits
• The procurement cycle
• Types of contracts and agreements
• Key stakeholders in procurement
• Overview of industry standards and best practices
• Ethical considerations in procurement

Module 2: Procurement Planning and Strategy

• Strategic procurement planning
• Market analysis and research
• Guide to procurement planning writing
• Procurement software
• Purchasing software
• Spend analysis
• RFP – Request for proposal
• P2P – Procure to pay
• Developing procurement strategies
• Demand forecasting
• Budgeting and financial planning for procurement

Module 3: Supplier Relationship Management

• Importance of supplier relationships
• Supplier selection and evaluation
• Building and maintaining supplier relationships
• Negotiation strategies and techniques
• Performance monitoring and evaluation
• Managing supplier risks
• Supplier development programs
• Technological tools for supplier management

Module 4: Contract Formation and Legal Considerations

• Essential elements of a contract
• Contract types and their uses
• Legal framework for contracts
• Drafting effective contracts
• Terms and conditions: key clauses
• Intellectual property and confidentiality
• Dispute resolution mechanisms

Module 5: Procurement Processes and Procedures

• RfP – Request for proposal
• ITT – Invitation to tender
• Bid evaluation and supplier Selection
• Purchase orders and requisitions
• Electronic procurement systems (e-procurement)
• Documentation and record-keeping
• Compliance and audit procedures
• Proposal techniques

Module 6: Contract Administration and Management

• Roles and responsibilities in contract management
• Contract lifecycle management
• Monitoring contract performance
• Managing changes and modifications
• Handling contract breaches and remedies
• Contract renewal and termination processes
• Record keeping and documentation

Module 7: Cost and Price Analysis

• Cost estimation techniques
• Price analysis and cost analysis
• Understanding cost components
• Value analysis and value engineering
• Total cost of ownership (TCO)
• Cost reduction strategies
• Pricing models and strategies
• Price v. cost analysis

Module 8: Risk Management in Procurement and Contracts

• Identifying risks in procurement and contracts
• Risk assessment techniques
• Risk mitigation strategies
• Developing risk management plans
• Insurance and liability issues
• Crisis management and contingency planning
• Monitoring and reviewing risks

Module 9: Sustainable Procurement Practices

• Principles of sustainable procurement
• Environmental considerations in procurement
• Social responsibility and ethical sourcing
• Sustainable supplier selection
• Lifecycle costing in sustainable procurement
• Measuring and reporting sustainability

Module 10: International Procurement and Global Sourcing

• Global sourcing strategies
• Understanding international trade regulations
• Cross-cultural negotiation techniques
• Import/export documentation and compliance
• Managing international suppliers
• Currency risk management
• Logistics and supply chain management

Module 11: Case Studies and Practical Applications

• Case study analysis: successful procurement strategies
• Lessons learned from procurement failures
• Practical exercises in contract drafting
• Simulation of supplier negotiations
• Role-playing contract management scenarios

Module 12: Emerging Technology in Procurement and Contract Management

• Role of technology in modern procurement
• e-Procurement tools and systems
• Contract management software
• Automation and artificial intelligence in procurement
• Data analytics for procurement
• Cybersecurity in procurement
• User-centric/personalised designs
• Software for strategic sourcing
• Electronic auctions platform
• e-Contracting and e-sourcing tools integration
• Future trends in procurement technology