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Key details

Mode of delivery: Online Course

Course code: PCM18CO

Duration: 8 days

Fee: £5,508.00 + VAT

CPD Hours: 48

Course Overview

This advanced programme is designed for procurement professionals looking to optimise procurement performance, integrate procurement into corporate strategy, and prepare for future industry trends. Covering performance measurement, procurement governance, negotiation strategies, and emerging innovations, this course equips participants with the tools to transform procurement into a strategic business function.

This focused course also provides a clear and practical introduction to contract management, covering key concepts essential for anyone working with commercial agreements. Participants will learn about contract formation, key contractual terms, financial management, and risk allocation, gaining a strong foundation in how contracts are structured and enforced. With real-world examples and case studies, this programme is ideal for procurement professionals, project managers, and commercial staff who need to understand the core principles of contract management to enhance their decision-making and risk awareness.

Agenda

Day – 1 Procurement Performance Measurement and Governance

Key Procurement Performance Indicators (KPIs) and benchmarking best practices
Evaluating procurement effectiveness and efficiency
Conducting procurement audits and compliance assessments
Procurement governance frameworks and regulatory compliance
Leveraging procurement information systems for data-driven decision-making

Day – 2 Procurement Strategy and Business Integration

Aligning procurement with corporate strategy and long-term business goals
Developing a procurement operating model for strategic impact
Procurement organisation structures and job functions
Transitioning procurement from a transactional to a strategic function
Managing organisational change in procurement transformations

Day – 3 Advanced Negotiation and Supplier Relationship Management

Complex contract negotiations and stakeholder alignment strategies
Managing objections and disputes from suppliers and contract parties
Developing long-term supplier partnerships and strategic alliances
Supplier performance incentives and contract compliance management
Automating contract lifecycle management for efficiency and risk reduction

Day – 4 Procurement’s Future – Trends and Innovations

The impact of AI, automation, and predictive analytics on procurement
Geopolitical risks and their influence on global sourcing strategies
Circular economy principles and sustainable procurement innovations
Advanced procurement and supply chain finance strategies
Procurement’s evolving role as a business transformation enabler

Day – 5 Weekly Review

Summary and recap of key learning objectives
Action Planning

Day – 6 The Contractual Relationship from Start to Finish

Agreements and Contracts – Contract Law Basics
Building Blocks that Make Up a Contract
Contract Enforcement
Ending the Contract

Day – 7 Managing the Contract Financials

Selecting an Appropriate Contract Model
Pricing Models and The Importance of Cashflow
Managing Payments and Invoicing
Key financial instruments – Letters of Credit, retention, Bonds and guarantees and other collateral agreements

Day – 8 Contract Risks

How does a contract manage risks?
Identifying, analysing, and mitigating contractual risks from each party
Contract clauses that transfer risks between the parties (including Incoterms©)
Case studies in contractual risk management

Course Review

Summary and recap of key learning objectives
Action Planning

Post-Course

Five (5) x hour-long Executive Coaching sessions at monthly intervals following Course Completion

Target Audience

This course is suitable for:

Procurement Officers
Category Managers
Supply Chain Managers
Contract Managers
Sustainability and ESG Officers
Procurement Analysts
Senior Procurement Managers
Finance and Compliance Professionals
Supply chain professionals responsible for contract strategy and risk assessment.
Project managers who handle contract variations, delays, and performance issues.
Legal professionals involved in contract review and risk mitigation.
Commercial managers who handle contract extensions, defects, contractor claims and disputes.
Professionals in construction, oil and gas, energy, engineering, and manufacturing industries who manage contract performance.

Learning Outcomes

By the end of this course, you will be able to implement a successful strategy that enables you to:

Identify and apply key procurement KPIs to measure performance and drive improvements.
Assess procurement effectiveness and efficiency using benchmarking methodologies.
Conduct procurement audits and compliance assessments to ensure regulatory adherence.
Implement procurement governance frameworks to enhance transparency and accountability.
utilise procurement information systems and data analytics to support strategic decision-making.
Align procurement strategies with corporate objectives to maximise business value.
Design a procurement operating model that enhances efficiency and strategic impact.
Understand different procurement organisation structures and their role in effective procurement management.
Transition procurement from a cost-driven function to a strategic enabler of value creation.
Develop change management strategies to successfully implement procurement transformation initiatives.
Develop advanced negotiation strategies to manage complex procurement contracts.
Handle objections and disputes effectively to maintain supplier relationships.
Establish long-term supplier partnerships and strategic alliances to drive value creation.
Implement performance-based incentives to enhance supplier engagement and compliance.
utilise contract lifecycle automation to improve efficiency, reduce risk, and ensure compliance.
analyse the impact of AI, automation, and predictive analytics on procurement efficiency and decision-making.
Assess geopolitical risks and develop strategies to mitigate their effects on global sourcing.
Apply circular economy principles to drive sustainability and resource efficiency in procurement.
Explore innovative procurement finance strategies to improve cash flow and supplier collaboration.
Position procurement as a key driver of business transformation and strategic growth.
Explain the key elements that define agreements and contracts, distinguishing between legally binding and non-binding agreements.
Identify and describe the fundamental building blocks of a contract, including essential clauses and enforcement mechanisms.
Analyse the contract lifecycle from formation to termination, understanding legal implications at each stage.
Compare and contrast different contract models, including construction, engineering, and consultancy contracts, based on project requirements.
Assess the importance of cash flow in contract performance and financial management.
Apply cost and price analysis techniques to evaluate procurement decisions and contract pricing models.
Explain key financial instruments such as letters of credit, retention, and performance-based payments, and their role in contract execution.
Identify common contractual risks, including risks posed by contractors, and assess their potential impact.
Analyse contract clauses that allocate and transfer risk between parties, applying best practices in risk mitigation.
Evaluate case studies in contractual risk management to develop strategies for minimising financial and legal exposure.