course | Vendor Cost Reduction
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PSCO-655 | Vendor Cost Reduction
Course Sector : Procurement & Supply Chain Operations
| Duration | Date from | Date to | Course Venue | Course fees | Book a course |
|---|---|---|---|---|---|
| 3 Days | 2025-06-23 | 2025-06-25 | Dubai | $3,250 | Book now |
| 3 Days | 2025-07-28 | 2025-07-30 | London | $3,950 | Book now |
| 3 Days | 2025-09-16 | 2025-09-18 | Online | $1,550 | Book now |
| 3 Days | 2025-12-21 | 2025-12-23 | Riyadh | $3,250 | Book now |
Course Introduction
The success and future of every company depends on how well costs are managed and controlled. While the cost of running business is increasing automatically, the ability to contain reduce cost in the procurement and supply chain industry is essential. Business survival, therefore, requires vendors’ commitment to cost control and creation of cost-conscious culture. This course is designed to provide participants with cost cutting concepts and strategies to consider awareness, process efficiency and other strategic cost management approaches even as stiff to reduce operation/project costs is pursued.
Course objective
- Gain a comprehensive understanding of the actual requirements of why a service or product is being procured
- Discuss the rationale required for a cost reduction strategy
- Understand the need for change to more strategic and innovative approaches for vendors.
- Implement strategies to work with the supply chain to reduce costs in a pragmatic way
- Apply negotiating strategies and develop a win-win situation
Course Outline | Day 01
DETERMINING THE NEEDS TO DEVELOP A SUSTAINABLE COST REDUCTION PROGRAM
- Defining the Procurement Strategy
- Understand the real needs of the organization
- Analysing and managing key stakeholders
- Determine the risks involved
- Conducting an internal spend analysis
- Identification of a long-term cost reduction strategy
Course Outline | Day 02
MANAGEMENT TOOLS AND TECHNIQUES TO DETERMINE COST REDUCTION
- Procurement analysis tools and techniques
- Strategic cost management
- Principles of cost and value management
- Understanding the principles Total Cost of Ownership
- Benchmarking and developing ‘should cost’
- Cost modelling / bottom up costing
Course Outline | Day 03
DEVELOPMENT AND COLLABORATION
- Creating a vision that is viable and sustainable
- Introducing clear and measurable cost reduction targets
- Developing inventive programmes between client and vendors
- Negotiation strategies for a win-win relationship
- Renegotiating and changing existing supply contracts
- Monitoring performance and rewarding excellence
BOOST’s Professional Attendance Certificate “BPAC”
BPAC is always given to the delegates after completing the training course,and depends on their attendance of the program at a rate of no less than 80%,besides their active participation and engagement during the program sessions.
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