This training course on Procurement Analytics is designed to equip professionals with the expertise to leverage data in optimizing procurement operations. You will learn how to use analytics to make informed decisions, manage risks, and evaluate supplier performance. The course covers both theoretical concepts and practical tools, enabling participants to apply advanced analytics in their procurement processes for better decision-making, efficiency, and savings.
Course Objectives
The primary goal of this course is to provide procurement professionals with the knowledge and skills necessary to:
- Recognize the importance of analytics in improving procurement processes.
- Understand the challenges in procurement and how analytics can enhance decision-making.
- Explore various analytics tools and techniques used in procurement.
- Build cost models to evaluate supplier competitiveness.
- Use Microsoft Excel’s advanced features to conduct procurement analysis.
- Create target pricing models to improve negotiation tactics.
- Understand key statistical methods used in procurement analytics.
- Apply program management techniques to procurement data analysis.
- Oversee procurement projects and use analytics to streamline decision-making.
Who Should Attend?
This course is ideal for:
- Procurement officials working in both public and private sectors.
- Employees managing procurement-related data.
- Non-procurement professionals who handle procurement functions.
- Procurement specialists wishing to update their knowledge on procurement analytics.
- Managers supporting procurement functions and decisions.
- Anyone interested in learning how to apply analytics to procurement processes.
Course Outline
Module 1: Introduction to Procurement Analytics
- Understanding the significance of procurement analytics.
- Basic concepts of procurement data and how it influences decisions.
- Challenges faced in data gathering and analysis in procurement.
- How to derive actionable insights from procurement data.
- Classifying procurement data and addressing common challenges.
Module 2: Introduction to Data Analytics
- Overview of data analytics and its application in procurement.
- Understanding different types of analytics and their interrelations.
- Techniques for data pre-processing and exploration.
- Best practices for data visualization and presenting insights.
- Building dashboards to track procurement metrics.
- Identifying and analyzing Key Performance Indicators (KPIs) in procurement.
- Managing risks through predictive and prescriptive analytics.
Module 3: Program Management in Procurement
- Tools and techniques to track procurement projects and tasks.
- How to manage procurement projects and ensure timely delivery.
- Identifying challenges and risks in procurement projects.
- Creating progress reports and tracking milestones in procurement projects.
- Understanding market trends that impact procurement decisions.
Module 4: Supplier Performance Evaluation
- Methods for evaluating supplier performance through data analysis.
- Assessing operational performance, including workload and procurement cycle times.
- Tools for managing performance evaluations in procurement.
- Analyzing supplier data and identifying areas for improvement.
- Mitigating risks related to supplier performance through effective analytics.
Module 5: Software Tools for Procurement Analytics
- Introduction to procurement analytics software tools.
- Key features and functionalities of analytics software for procurement.
- Exploring BI tools and advanced analytical platforms for procurement.
- Overview of Procure-to-Pay and Strategic Sourcing tools.
- Case study: How to use Procurify for procurement analysis.
Module 6: Using Microsoft Excel for Procurement Analytics
- Introduction to Microsoft Excel as a tool for procurement analysis.
- Creating and using cost models in Excel for procurement tasks.
- Assessing supplier pricing with Excel’s advanced features.
- Building weighted average supplier scorecards for comparison.
- Applying macros for strategic purchasing analysis in procurement.
Module 7: Advanced Procurement Analytics with Excel
- Conducting spend analysis using Excel’s built-in functions.
- Creating charts to compare bids and track supplier performance.
- Using pivot tables, functions, and subtotals to analyze procurement data.
- Developing and applying target pricing models for negotiations.
- Using Excel’s conditional formatting, filters, and VLOOKUP functions in procurement analysis.
Module 8: Statistical Analysis for Procurement
- Exploring measures of central tendency and variance in procurement data.
- Understanding confidence intervals and skewness in procurement data analysis.
- Using log transformations for data normalization.
Module 9: Hypothesis Testing and Predictive Analytics
- Applying one-tailed and two-tailed hypothesis testing in procurement analytics.
- Using predictive analytics for decision-making in procurement.
- Analyzing data to forecast procurement trends and optimize decisions.
Module 10: Business Analytics in Procurement
- Understanding business decision-making and its reliance on analytics.
- Exploring the maturity stages of analytics in procurement.
- Analyzing the analytics lifecycle in procurement decision-making.
- Using data visualization techniques to support procurement decisions.
- Case study on applying business analytics in procurement.
General Information
- Customized training based on participant needs.
- Participants must have a good command of the English language.
- Training includes interactive presentations, practical exercises, web-based tutorials, and group discussions.
- Upon completion, participants receive a certificate from Stepsure Training And Research Institute.
- The course can be conducted at our training center or online according to your schedule.
- Course duration is flexible and can be adjusted to fit your needs.
- Onsite training fee includes facilitation, materials, coffee breaks, and lunch. Travel, accommodation, and personal expenses are not covered.
- Discounted accommodation and visa processing available on request.
- Optional tablet and laptop rental available for an additional fee.
- One year of free consultation and coaching after the course.
- Group discounts (10% to 50%) for registrations of more than two participants.
- Payment is required before the course begins, or as agreed upon in advance.
- For inquiries, please
- contact us at info@stepsureresearchinstitute.org
- or call +254 723 482 495.
- Visit our website: www.stepsureresearchinstitute.org
