Strategic Sourcing Certification

Why Select this Training Course?

Strategic sourcing is a process in supply chain management that establishes a structured process for collecting and utilising information. It enables an organisation to centralise its purchasing power in order to identify the most advantageous deals in the market and synchronise its purchasing strategy with its business objectives. The adoption of digital supply chains has led to an increased prevalence of strategic sourcing as a business strategy. Analysing an organisation’s procurement involves examining its purchases, including the suppliers, prices, and quantities involved. Strategic sourcing is distinct from traditional purchasing since it prioritises more than just the initial purchase price. Instead, it concentrates on the overall cost of ownership and enhances the sourcing process through continuous Market research and the cultivation of supplier relationships. Businesses employ strategic sourcing to enhance their procurement operations by reducing short-term thinking and minimising price-centric decision-making. By implementing a sourcing plan, they can establish a flexible structure that enhances the overall long-term value of the organisation.

This Rcademy Strategic Sourcing Certificate will educate participants on the methodology of supply chain management that involves the collection and utilisation of information to enable an organisation to increase its purchasing power and make advantageous deals. This advanced certification course will specifically concentrate on the supply network, the process of creating value, the management of risk and uncertainty in the supply chain, and the overall ability of the supply chain to promptly adapt and recover.

How is sourcing done?

Sourcing refers to the systematic acquisition of vendor information, solicitation of quotes for new products, assessment of lead time, pricing, minimum order quantities, and other relevant details. While it is necessary to perform this task only once for each supplier or product, it is crucial to consistently maintain alternative sources.

Prior to commencing a sourcing process, it is imperative to evaluate your procurement requirements, devise a strategic plan, carry out comprehensive market research, and ascertain possible suppliers. Next, you must assess each provider and select the ones that most effectively meet your business requirements. Strategic sourcing enhances efficiency by formalising the process of collecting, analysing, and incorporating spending information into the procurement process. Guided by experience, data, and facts, strategic sourcing aims to eliminate the potentially expensive consequences of making procurement decisions based on opinions or emotions.

What is the difference between procurement and sourcing?

The term “purchasing” is sometimes used interchangeably with “sourcing” and “procurement”. Hence, it is advantageous to comprehend the distinction between the different functions, beginning with the fundamental disparities between sourcing and purchasing. Sourcing involves the identification and acquisition of items or services, either through internal means or through collaborations and partnerships with other organisations. Conversely, purchasing involves obtaining products or services from other sources rather than from within your organisation. It may involve purchasing goods or services from vendors, pre-made providers, or even through auctions or online bidding.

Who Should Attend?

This Rcademy Strategic Sourcing Certificate is specifically tailored for professionals in operations and purchasing roles, such as:

• Procurement professionals responsible for assisting purchasers in receiving goods, services, or works at the best feasible price while taking into account quality, quantity, time, and location.
• All professionals, including managers and supervisors, who work at various stages of an organisation’s supply chain.
• Senior personnel of an organisation accountable for critical and analytical decision-making.
• Professionals accountable for scrutinising tenders received from potential providers.
• Any other professional interested in learning more about strategic sourcing.

What are the Course Objectives?

This Rcademy Strategic Sourcing Certificate aims to provide specialists with the abilities required to:

• Understand how to distinguish between what is considered genuine when sourcing.
• Learn about techniques for developing a sourcing process that takes into account the complexity of the supply market.
• Evaluate how the existing strategies for sourcing provide quantitative and qualitative value to the organisation.
• Evaluate commodities to decide your sourcing strategy and desired supplier connection.
• Improve sourcing decisions through enhanced financial processes and negotiate better terms with suppliers.
• Increase the effectiveness of your purchasing operation and find further cost savings for your firm.

How will this Course be Presented?

This Rcademy Strategic Sourcing Certificate is made to fit the needs of its participants. It also makes learning new things easier for them and helps them develop their skills. Various techniques are used during the training to get people involved and motivated to learn.

This Rcademy Strategic Sourcing Certificate is designed to help students comprehend procurement and contract management topics. It includes lesson notes, presentations on specific topics, and real-life examples. Participants’ satisfaction is adjudged by their participation in workshops, seminars, tests, and speeches. In addition, takers must continue to comment on their classes and be involved in every part of the learning process.

What are the Topics Covered in this Course?

Module 1: Introduction to Strategic Sourcing

• Strategic sourcing
• Strategic sourcing in supply chain management
• Understand the key objectives
• Benefits of strategic sourcing
• Case study of sourcing strategies
• Challenges faced in implementing strategic sourcing
• Exploring the impact of strategic sourcing on organisational goals

Module 2: Core Principles of Strategic Sourcing

• Collaboration
• Cost savings
• Global sourcing
• Minimising and preventing risk
• Risk management
• Build supplier capacity
• Data collection and analysis
• Identify procurement needs
• Improved supplier relationships

Module 3: The Strategic Sourcing Process

• The seven-step sourcing process
• Key stages of a structured strategic sourcing process
• Understand the importance of spend analysis
• Market research
• Request for Proposals (RFPs) for potential suppliers
• Proposals and conduct supplier negotiations for optimal outcomes

Module 4: Risk Management in Strategic Sourcing

• Potential risks associated with sourcing decisions
• Mitigation strategies for managing supplier risks
• Supplier performance measurement
• Strategies for building strong
• Importance of sustainable supplier relationships

Module 5: Negotiation Strategies for Strategic Sourcing

• Building strong relationships with suppliers
• Negotiating the process
• Negotiation strategies
• Compromising
• Conducting market research
• Deciding on a negotiation approach/preparation
• Contracting
• Communication language

Module 6: Data Analytics and Finance for Sourcing

• Impact of finance on sourcing
• Understand financial ratios and interpret financial paperwork
• Best practices in financial data sourcing
• Cost-effectiveness
• Data quality
• Coverage comprehensiveness
• Utilising data analytics to estimate demand planning
• Analysing data influence on warehouse management
• Financial sourcing trend
• Alternative data
• AI and cloud computing advancement
• Switch to specialised services from terminals

Module 7: Supplier Relationship Management

• Internal and external relationships
• The relationship spectrum
• The relationship life cycle
• Matrix to find and identify supplier and purchaser positioning
• Developing action plans

Module 8: Implementing Strategic Sourcing in Your Organisation

• Develop a strategic sourcing implementation plan
• Identify stakeholders and build buy-in
• Common challenges faced during implementation
• Metrics to track and measure success

Module 9: Advanced Trends and Technologies in Sourcing

• Sourcing software in the cloud
• Platforms and microservices with low-code
• Automation of processes
• AI-Powered technologies
• Tools for collaboration and communication
• Portals of self-service
• 3D printing in supply chain
• Evolving compliance and regulations
• Sustainable sourcing
• Transiting to consumer-centric sourcing
• Applying just-in-time inventory