Overview

Do you understand precisely how your procurement work impacts your organization’s financial performance?Businesses tend to focus most of their attention on the physical supply chain and fail to recognize the attention they should place on the financial supply chain. It is, after all, the reason there’s enough cash flow to keep the business operating. The financial supply chain is what keeps the bills paid so you can continue to order supplies, have power, internet, and water in your facility, and keep employees paid so they continue coming to work every day. As costs continue to rise, it becomes just as important to manage working capital and cash flow as it does to manage supplier relationships.This course focuses on understanding financial statements and measuring and communicating a procurement department’s contribution to the organization, also, it focuses on how financial decisions are made and evaluating suppliers performance.

Course Objective

By the end of this course participant will be able to:

• Provide an overview of the business economics that drive all organisations, examining the fundamental principles of score keeping and accounting, profitability and cash flow management
• Examine how financial performance is analysed (especially external stakeholders) and appreciate the benefits of a structured approach towards financial analysis
• Explain the role of financial management and future-looking decision-making within a finance context, especially the importance and practice of capital spending and investment criteria
• Help participants put it to work – a structured approach to monitoring and evaluating supplier actual contract performance
• Explain the financial management techniques within supplier businesses – for costing, budgeting and performance analysis – and show how these can be used to the purchaser’s advantage
• Facilitate better and more profitable financial decisions with suppliers
• Examine in detail current tools, trends and best practice in the financial dimension of purchasing

Certificates and Associations

• KHDA - Accreditation of the Knowledge Authority - Dubai: All of our courses are accredited by the Knowledge and Human Development Authority in the United Arab Emirates
• Bristol Academy: All our courses are accredited by Bristol Academy - Kuala Lumpur
• LMGO: All of our courses are accredited by the Institute of Leadership and Management - Switzerland
• Global Innovation Institute - GInI: The center is accredited to offer all specialized innovation courses from Global Innovation Institute in America