Course description
Procurement Strategy and Advanced Contract Management
The management of the procurement function itself – as opposed to the management by procurement staff of contractors and suppliers – can make the difference between having a purely administrative, internal service provider team that operates in the background, or a strategically important function that can help shape the success of the enterprise. If the head of procurement is a mid-ranking manager he or she may not have the ear of the chief executive. But if the company has a Chief Procurement Officer in the "C Suite", working alongside his or her peers from Finance, Operations and Technology, then it's fair to assume procurement is seen as key to delivering the corporate strategy. This course looks at aspects of procurement at its most influential and value-adding.
This course addresses three important areas of responsibility for the contract manager: Firstly the key issue of managing contractor performance – a process of measurement against deliverables or KPIs in order to achieve the contract objectives. Secondly the complex areas of contract negotiation and contract drafting – two topics that often go hand in hand. Thirdly the questions about what happens when things go wrong, leading to claims for compensation, damages, and early termination, as well as the disputes that may follow.
This course also addresses three important areas of responsibility for the contract manager: Firstly the key issue of managing contractor performance – a process of measurement against deliverables or KPIs in order to achieve the contract objectives. Secondly the complex areas of contract negotiation and contract drafting – two topics that often go hand in hand. Thirdly the questions about what happens when things go wrong, leading to claims for compensation, damages, and early termination, as well as the disputes that may follow.
The course will wrap with a summary of the key learning points, followed by an action planning exercise with a view to apply the acquired knowledge and skills immediately upon your return to work. Post-course support is also available in relation to the implementation of your action plan, up to six (6) months following course completion.
Upcoming start dates
Suitability - Who should attend?
Target Audience
This course is suitable for:
- Procurement Officers, analysts and managers.
- Contract Engineers and analysts.
- Quantity Surveyors
- Commercial advisers
- Procurement team members
- General managers
- Executives tasked with managing contracts.
- Contract Administrators
- Anyone who wishes to have a good understanding and involvement in purchasing activities.
- Inhouse legal advisers
- Company Secretaries
- Anyone who wishes to have a good understanding and develop the ability to apply the terms and conditions of a contract.
Outcome / Qualification etc.
Learning Outcomes
Upon completion of this course, you will understand:
- The value Procurement can bring to delivering the corporate strategy.
- How to structure the procurement function, to make the biggest difference inside organizations.
- The skills required in important procurement activities, such as value chain analysis, purchasing portfolio management and category management.
- Techniques in benchmarking the performance of the procurement team.
- How to create and manage the relationship with a contractor, with a legally enforceable agreement.
- Prices and the costs that underpin prices, and the different pricing models that contractors use.
- Contract security, including bonds and guarantees.
- Managing contracts dynamically, including changing agreements and creating appropriate contract documentation.
- How to get the performance you require from your contracts and your contractors.
- How to get to contract through a process of good negotiating and good drafting.
- What to do when things go wrong, contract breaches occur or disputes arise.
- What to look for when it comes to the sustainable, social and environmental aspects of contracts.
- How to implement an Action Plan at your workplace using the knowledge and skills acquired through the course.
Training Course Content
Procurement and Business Strategy
- The development path for procurement from transactional to value chain management
- Procurement Organization, structure and job functions
Managing Procurement Risk
- What risks should procurement be considering?
- A process to identify, analyse and respond to priority risks
- Important supply chain risks – case study
- How to manage risks that turn into reality
Procurement – Performance Measurement and Governance
- Benefits of measuring the performance of procurement
- Assessing Purchasing Effectiveness and Purchasing Efficiency
- KPIs for measuring performance
- Procurement Information systems
Procurement Benchmarking
- Identifying cost savings potential
- Spend analysis
- Category management
- Procurement Portfolio analysis
- Developing a Sourcing strategy
Managing the Contractual Relationship
- Contract Law basics
- Contract Types
- Contract risks
Managing the Contract Financials
- Cost & Price analysis
- Bonds, Guarantees and warranties
- Managing payments
- Managing claims
Managing the Contract in a Dynamic World
- Managing contractual liabilities and indemnities
- Managing contract variations
- Contract documentation
- Contract administration
Letters of Credit
- Contract Model terms
- Why industry standard contracts are so popular
- Benefits of working with templates
- Case study of a model agreement – NEC3 / FIDIC Red Book
Managing the Contract to get Results
- Managing contractor performance
- SLAs and KPIs
- Managing stakeholders
- Target Costing and Value engineering
Negotiation and Preparation of Contract Documents
- Contract Negotiation
- Contract Drafting
- Organizing for Contract management
- Simplifying the complex construction contract
- Planning and Implementing an Effective Contract Structure
- Contract Remedies for Default
- Managing contract disputes
- Contract termination
- IT Tools to facilitate contract communication
Planning and Implementing an Effective Contract Structure
- Contract Remedies for Default
- Managing contract disputes
- Contract termination
- IT Tools to facilitate contract communication
Incoterms® 2020
- Managing a sustainable supply chain
- Local Content and In-country value
- Public Private Partnerships
Course Review
- Summary and recap of key learning objectives
- Action Planning
Why choose London Business Training & Consulting
Management consultation service
Paperless service delivery model
Flexible open course schedule
Expenses
Course Price: £8255.00 + VAT
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London Business Training & Consulting
London Business Training & Consulting (LBTC) is the UK’s premier business and management training and consultancy service provider. LBTC offers 600 management training courses in sixteen (16) subject categories of durations ranging from 1 day to 11 weeks. This includes 90-minute interactive live...