Strategic Sourcing and Advanced Procurement Techniques

This module introduces the fundamental concepts of strategic sourcing and procurement, explaining how these practices support business objectives. Students will learn about the purpose and importance of strategic sourcing in the organizational context and get an overview of key topics in the course. The module establishes the foundation for understanding how strategic procurement contributes to business success and competitive advantage.

This module covers techniques for conducting effective market analysis to inform purchasing decisions. Students will learn how to determine requirements and specifications for goods and services, understand the challenges associated with demand management, and explore tendering tools and standards. Topics include the differences between RFI and RFP, as well as restricted and open tender methodologies.

This module focuses on selecting and appointing suppliers through strategic evaluation criteria. Students will learn how to determine supplier selection criteria, prioritize procurement decisions, and conduct due diligence. The module also covers the 7-stage process and compliance requirements for effective supplier management, helping procurement professionals build reliable and high-performing supply chains.

This module examines risk assessment, management, and materiality in procurement. Students will explore macro and micro-economic factors affecting purchases and learn about advanced electronic tools for resource planning, purchase-to-pay systems, and e-sourcing platforms. The module provides a comprehensive understanding of how to identify, evaluate, and mitigate risks in the procurement process.

This final module focuses on developing effective negotiation skills to achieve desired results with suppliers and stakeholders. Students will learn about negotiating positions, understanding personality traits and preferences, and analyzing financial statements including balance sheets and profit/loss statements. The module includes calculating key financial ratios, solving procurement challenges, and features a practical group negotiation exercise to apply the concepts learned.