Understanding finance concepts and tools, and their application in procurement processes is a prerequisite for procurement professionals serving in cross-functional teams. It is, therefore, essential that procurement professionals develop high levels of professionalism and increase their knowledge of finance as a means of promoting synergy between procurement outcomes and financial objectives of organizations. This course is designed to underscore the importance of finance concepts and tools, and how they impact upon the management of procurement processes and supply chains. It will also highlight the benefits of collaboration between finance and procurement functions within organizations.
Finance and Supply Chain Management Officers, Managers, Assistants and Specialists; User Departments, operational staff involved in developing and implementing procurement and supply chain budgets, policies and strategies; professional consultants; departmental heads and purchasing personnel and all other staff involved in Procurement.
At the end of this workshop participants should be able to:
- Demonstrate understanding of the scope, methodology and language of the finance function.
- Use financial tools to make appropriate buying decisions.
- Select and apply appropriate financial information for different purposes, such as appraisal of suppliers, capital projects and decision-making.
- Present themselves and their decisions more credibly to colleagues.