Cost Reduction Techniques and Applications

One of the greatest assets a purchasing team can bring to the table is the ability to lower the firm’s cost of goods sold. This aspect makes the purchaser, or buyer, a valuable asset to each firm. This session will provide new tools and techniques which would allow the purchasing team to be a resource which can even bring additional monies and profitability to the company even when sales are soft. Unfortunately, inept management often think they can save monies by reducing headcount which is a momentary gain coupled with a long-term loss. Having professionals on your team capable of utilizing a variety of cost reduction techniques, costs down and seeing a broad perspective of opportunities can add more than just saving but enhancing a firm’s profitability.

Some of the tools addressed include:

1) How to promote and get involved in an active cost reduction program company-wide,

2) Take paperwork pour and embrace electronic media,

3) Employ a corporate-wide Business Process Innovations activity,

4) Utilizing a third-party aggregator (TPA)

5) Establish a Buying Consortium or Cooperative,

6) Reduce inventory without losing money,

7) Utilize VMI and ‘baby-k’ techniques,

8) Understand how see area of risk; increased costing and sales slowdown,

9) Utilizing Activity-Based Costing (ABC’s) to reduce blanket cost reductions,

10) Implementing an active Value Analysis (VA) and Value Engineering (VE) program,

11) Preventive Maintenance methods used to save money and keep equipment operationally efficient,

12) Energy cost reductions and efficiency measures,

13) How to utilize and option or futures on critical commodities,

14) Applying Big Data to identify future trends and efficiencies,

15) Learn how to save money and time in computer conversions,

16) Learn how to apply segmentation analysis,

17) When outsourcing makes for a good decision and saves money,

18) How to report true value to management as a bottom-line benefit,

19) And many more tools and techniques.

All of our purchasing series classes are certified through the Institute of Supply Management and can be used as continuing education credits for the CPSM certification.

Who Should Attend:

This session is for managers, supervisors, buyers and purchasing agents and those responsible for seeking cost reductions and responsibilities for budgets and cost savings.

**PLEASE NOTE**

All students attending the session will need to be paid for and registered. Each student MUST have a laptop with a working microphone AND camera.

Class materials will be sent to the email address you submit in your registration.

Cancellations/refunds/transfers must be completed no later than 10 business days from the registration closing due to shipment dates. Substitutions of students from the same company may occur up to the morning of the class.

Due to exchange rate complications, all pricing is in USD regardless of where the class occurs. Eventbrite fees include .99 per transaction plus a small credit card processing charge.

Cost Reduction Techniques - Virtual