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When procurement organizations use Total Cost of Ownership to get a complete picture of the overall costs associated with a product or service acquisition, the benefits go beyond just cost reduction over time. Supplier relationships strengthen because they are no longer strained by extreme cost-cutting measures, competitive advantage improves, and the company gains visibility over its overall performance.
COURSE OVERVIEW
This course introduces participants to Total Cost of Ownership (TCO) which is the total cost incurred through the acquisition, use, support, maintenance and ultimate disposal or disengagement of a product and service. It considers both direct and indirect costs and should be determined to ensure like for like comparisons when evaluating proposals and quotes. It is also useful tool to identify cost improvement opportunities through uncovering the hidden cost in the supply chain and during the life cycle of the products and services.
At the end of the course, participants will be able to learn many of the cost factors that need to be identified which are hidden in the price. Uncovering the hidden cost elements requires skill and an understanding of supplier pricing policies and all the cost elements to deliver informed sourcing decisions and effective outcomes.
BENEFITS
- Improved sourcing decisions, cost savings, value improvement and risk reductions.
- Learn different tools and techniques to make better comparisons between supplier price
- Strengthen sourcing and contracting strategies through assessment of all the cost elements
OUTLINE
- TCO strategy tools and cost control in the business
- Supplier pricing policies
- Purchase price and cost analysis
- Should cost, tactical and strategic cost analysis
- Sharing the benefits and incentivizing suppliers to reduce costs
- Cost containment
- Data and data sources to establish TCO
ATTENDEES
- Procurement and Supply Management Professionals
- Sourcing and Purchasing Professionals
- Logistics and Project Managers
- All suppliers who negotiates with Procurement Professionals
- CFOs, Finance Heads and Auditors, Contracts Administrator
- Engineer, and IT Professionals
- Anyone who negotiates