Many procurement professionals lack two significant qualities that prevent them from achieving higher levels of success. One is the ability to properly use key performance indicators (KPIs) for maximum procurement success. The other is business acumen—broad business skills and a way of thinking that brings unprecedented value to an organization. Upon completing this course, you will be able to:
- Understand what business acumen is and why it is essential for procurement success
- Apply the mindset required to successfully adapt business and procurement practices from other industries
- The definitions, differences, and value of Key Result Indicators and Key Performance Indicators
- Understand how KPIs are used in the business world, including outside of the procurement profession
- Understand what the Procurement Funnel is and how it is used
- Understand the four synergistic and critical procurement KPIs, their fine details, and how to use them to maximize your cost savings
- Calculate and establish baselines for the four critical procurement KPIs
- Identify the factors that prevent the achievement of a procurement department’s cost savings potential
- Apply synergistic KPIs to create a compound effect on business results
- Apply techniques that can be applied to improve performance in KPI areas and increase cost savings
- Improve procurement productivity
- Apply techniques for achieving a higher percentage of cost savings on sourced categories
- Influence internal customers and improve their compliance with procurement contracts, thereby reducing maverick spend
This is a self-paced course with no instructor-led forum and you have 30 days from registration to complete all course elements. It should take you approximately four hours to review the material and take any quizzes. All readings are provided in the course.
This course has been pre-approved for 1 CEH credit towards the CPOS, CPOP, CPOM, and CPOE certifications.