Sound Financial Management is the key to organizational sustainability. It provides direction, determines and clarifies accountability, evaluates resources, and delivers essential information for planning, impact assessment, and reporting. The role of financial managers today goes far beyond handling a multitude of daily transactions. You must also help drive company performance by sharing valuable information hidden in transactional data and adapting processes fluidly as business conditions and regulatory environments change. Procurement is a strategic function that enables the organization to improve its profitability through streamlining business processes, reducing material costs, and identifying the most relevant sources of supply. Both for the private and public sectors, procurement plays a crucial role in maximizing the value for money when committing to a certain expenditure.

Program Objectives

• Control the flow of money through their departments
• Understand the budgeting process and forecasting techniques
• Manage their own budget and inventory
• Confidently discuss and use financial information
• Understand financial jargon
• Assess the financial performance and health of the firm
• Enhance their decision-making skills by understanding financial management concepts
• Assess various software applications for managing finances
• Read and analyze a set of accounts
• Use IT systems effectively to assess supplier performance
• Use basic financial tools
• Set up and manage procurement effectively
• Select suppliers on strict criteria
• Measure supplier performance
• Identify ways to increase procurement effectiveness and efficiency

Target Audience

• Manufacturing Managers
• Procurement Leads and Officers
• Junior, Senior and Mid-Level Supply Chain Managers and Executives
• Vendor and Product Evaluation Managers
• Purchasing Managers and Specialists
• Sourcing Professionals
• Finance and Procurement Executives, Senior Managers, Procurement and Finance Managers and Professional staff from related functions

Training Period

• Classroom: 5 Days
• Online: 7 Days

Modules

Module 1

• Introduction to Financial Management
• Basic Concepts in Finance: Time Value for Money, Financial Statements Quick Overview, Financial Performance Analysis
• Keys to Financial Success
• Financial Planning Principles; Strategic and Operational Financial Planning
• Planning, Budgeting, and Forecasting Tools
• Cash Management

Module 2

• Investment Planning
• Risk Management
• Inventory Management
• Reporting and Accountability
• The role of procurement in the organization
• Developing supplier relationships
• Reviewing supplier performance

Module 3

• Managing the tendering process
• Negotiating contract with suppliers
• Understanding the needs of the users of procurement services
• Contract documentation
• Rationalizing the supplier base

Module 4

• IT systems in procurement
• Detecting fraud
• Training needs of procurement personnel

Delivery Method

This program is taught through a mix of practical activities, theory, group work and case studies. Training manuals and additional reference materials are provided to the participants.

Certification

Upon successful completion of the training, participants will be awarded a certificate of course completion

Course Booking

Please use the “book now” or “inquire” buttons on this page to either book your space or make further enquiries.