NEW! Operational Auditing Evaluating the Supply Chain

Focus & Features:

Procurement organizations of today are acclaiming a rightful presence on boardroom agendas worldwide. Why? Because companies spend around 60 percent of revenue on outside goods, supplies, and services, which undoubtedly means procurement performance can have a significant impact on a company's bottom line and strategic positioning in the marketplace.

But, a higher profile brings with it a significant elevation in performance expectations. In this regard, procurement organizations still have a long way to go to reach maximum performance. Now more than ever procurement executives and managers need an array of tools, better practices, and the help of a trusted advisor in their endeavor to increase the effectiveness of the procurement operating model and realize greater efficiencies.

Indeed, it is time for the auditor to diversify and become that needed, trusted advisor to procurement management. Accordingly, this course will provide you with knowledge, skills, tips, and a practical approach to performing an effective operational audit of the procurement organization's operating model.

Through group discussions and focused activities participants will:

• Explore the imperatives of strategic sourcing and procurement, types of procurement, different sourcing and procurement strategies and methods, and all facets of the procurement operating model.
• Discover the integral role of sourcing management and procurement in the supply chain, and review the potential effect of emerging sourcing and procurement risks, trends, and best practices.
• Learn and apply an audit strategy to analyze and evaluate the efficiency and effectiveness of an organization's sourcing and procurement strategies, operations, supplier management practices, and supplier performance.

What You Will Learn

The Frontier of Strategic Sourcing and Procurement

• Utilize knowledge of procurement and supply base management strategies, operations, and practices in the business environment.
• Discuss the strategic imperatives of sourcing and procurement.
• Summarize the differences between direct and indirect procurement and the attributes of each.
• Debate the benefits and potential challenges associated with different sourcing strategies.
• Outline the advantages and potential problems of different procurement strategies and methods.
• Explain the importance of key stages within the sourcing process and supplier relationship management.
• Employ knowledge of procurement operations and processes to help others expand their knowledge base.
• Illustrate how technology can improve the efficiency, effectiveness, and quality of procurement operations.

Beyond Procurement Operations

• Determine the impact of current and emerging risks, trends, and practices on the organization's procurement and supply base management capabilities, operations and practices.
• Point out the potential benefits and challenges in responding to emerging sourcing, procurement, and supplier management trends on existing operations and management practices.
• Judge the effect of risks on sourcing and procurement strategies, plans, operations, management, and performance

The Operational Audit: Sourcing, Procurement, and SupplierManagement

• Devise alternative solutions to improve the efficiency and performance effectiveness of procurement and supply base strategies, operations and management practices.
• Define the key objectives and potential outcomes of a sourcing and procurement audit from a strategic and operational perspective.
• Evaluate the efficiency and effectiveness of the organization's sourcing and procurement strategies, procurement organization structure, and people.
• Appraise the efficiency, effectiveness, and adaptability of the organization's sourcing, procurement, and supplier management operations and processes.
• Assess the quality and effectiveness of supplier performance.

Who Should Attend

This course is most appropriate for chief audit executives, auditmanagers, and auditors-in-charge with over two years' practical auditing experience who are looking to actively assist the organization in its effort to enhance supply chain performance and better manage increasingly complex and pervasive supply chain risk.