Course Details
Fundamentals of Strategic Sourcing
You’ve got the fundamentals of supply management down and are off-and-running in your purchasing career. Now, it’s time to take the next step and boost your skills and knowledge for even greater success. This sourcing training will provide you with the knowledge and skills you need to succeed and offers hands-on exercises using quadrant analysis and supplier evaluations. It also examines how to develop content for a service-related RFP. This course will ensure you have the most up-to-date skills and knowledge for strategic sourcing. You’ll gain resources to add new value to your organization. This course is an excellent follow-up to the Fundamentals of Purchasing course
Member Price: $1,395.00
VIRTUAL CLASS
Date
Nov 5-6, 2025
Location
Additional Information
Description
What You Will Learn:
- Supply management strategy and techniques for developing a strategy
- Key elements of negotiation
- How to develop a strategic sourcing process
- Quadrant analysis and supplier evaluations
- Develop content for service-related RFP
- Supplier management methods
- Cost management tools and techniques
Virtual Class Schedule:
Day 1 - 10:00 am ET - 1:30 pm ET / 7:00 am PT - 10:30 am PT (3.5 hours), Break for Lunch
Day 1 - 2:30 pm ET - 6:00 pm ET / 11:30 am PT - 3:00 pm PT (3.5 hours)
Day 2 - 10:00 am ET - 1:30 pm ET / 7:00 am PT - 10:30 am PT (3.5 hours), Break for Lunch
Day 2 - 2:30 pm ET - 6:00 pm ET / 11:30 am PT - 3:00 pm PT (3.5 hours)
Course Overview & Goals:
- The importance of teamwork in supply management.
- Supply management’s contribution to organizational success and supply management's strategic roles.
- The typical evolution of purchasing to supply management.
- Techniques for developing supply strategy including using the “Should Be” strategy development model.
- The Strategic sourcing process including: identifying and defining the project; justifying the project internally and selling it to stakeholders; forming the project team; a typical team model; roles of team members; and creating performance incentives.
- Supplier management methods to include spend analysis, supplier identification, evaluation, and selection, metrics for supplier selection and management, supplier quality assurance, supplier solicitation methods (EOI, RFI, RFQ, RFP, 2-Step Bidding), performance management, compliance management, continuous improvement, outsourcing overview, and domestic vs. offshore requirements.
- Cost management tools and techniques, including total cost of ownership, cost-drivers, price analysis, cost analysis, and price management techniques.
- Contract management including: what is """"contract management?”, objectives of contract management, important legal aspects of supply management, Article 2 of the Uniform Commercial Code, key legal considerations, and the convention for the International Sale of Goods.
- Ethical considerations in supply management to include and exploration of ethics – what is ethical, what is ethical behavior, gifts and gratuities, and ISM principles and standards.
- Key elements of negotiation to include: negotiation defined, negotiation styles, the negotiation process, preparation, people factors, reaching a mutually satisfactory agreement, closure, and post negotiation.
Who Should Attend:
Supply management professionals who have taken the Fundamentals of Purchasing course and are seeking the next step in their continuing education for knowledge and advancement.
Terms And Conditions
Virtual Learning Transferals: Registrations are transferable without any charge to another ISM Virtual Learning Course occurring within 12 months of the original purchase. Transferring registrations to another party are subject to price variance or change based on membership status and an additional $50 fee will be incurred.
Cancellations Virtual Learning: Cancellations more than 5 weeks before the date of the course will incur an administrative charge of 50 percent. Cancellation within 5 weeks of the date of the event will be charged the full fee. You must notify ISM in writing of a cancellation.
Tax Deduction: The Internal Revenue Service may permit an income tax deduction to U.S. residents for expenses (including registration fees, travel costs, meals and lodging) incurred in pursuit of continuing professional education. Consult your tax adviser for details.