Course description

Strategic Sourcing: The Acquisition Process and How to Conduct an Effective RFP The journey to Supply Chain resiliency often starts with the Procurement function within an organization. The role of procurement is one that directly affects the EBITDA and decisions made during the buying process can positively or negatively affect cash flow and cost management. The role has taken particular importance because of COVID-19 where organizations are investing to understand and retool in an effort to better prepare for future challenges. The objective of this course is to provide a guide on the acquisition process or simply put “the act of buying”. The course will review the acquisition procedure and the defined steps within planning, executing, and closing to allow for an efficient process that delivers value and sets the organization up for success (i.e. better suppliers, lower risk, and contract management). Provide a foundation for better business and management practices.

What is the Acquisition Procedure?

The acquisition procedure is a process of understanding demand, creating a strategy, executing the RFP, and negotiating and awarding a contract. Depending on the criticality of the spend – this procedure can be customized, however, the principal concepts remain the same.

What else is covered in addition to the acquisition procedure? As stated above, the procurement function communicates with almost every area within an organization and as such the course also includes key aspects of Social Leadership, Change Management, and Communication. This is a starting point for building quality focus competencies. The intent is to provide basic awareness to analysts, leaders, and managers so they can ask the right questions and implement change through effective communication.