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Purchasing Basics for the New Buyer

Gain an understanding of procurement concepts and how best to utilize the technologies available.

Individuals who are new to being a buyer within procurement may not be aware of the responsibility and opportunities that come with the position. The role can be high pressure at times and may differ from industry to industry, but as a rule the buyer will have to constantly balance the expectations of their customers against a supplier's capabilities and at the same time hold themselves to a higher ethical standard than others in the organization. With these challenges the role can reap organizational recognition and provide potential career progression not found in other professions. This topic will provide the new buyer with an enhanced understanding of procurement concepts and how best to utilize the technologies available for processing their work. The material will also explain in detail the ethical obligations of the role and reasons why buyers are held to a higher standard. This higher level of responsibility in the organization brings with it opportunities to directly benefit the budget bottom line as well as other value-adds such as minimizing organizational risk. This information is critical for anyone who is a new buyer or new to supervising buyers and will send participants away with future training topics to explore as they advance their career in procurement.

63 minutes
Course Exam
Certificate of Completion
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Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Definitions to Know as a New Buyer

  • General
  • Procurement vs. Purchasing
  • Strategic Sourcing
  • Suppliers vs. Vendors
  • Freight Terms
  • Payment Terms

Purchasing Technologies

  • Enterprise Resource Planning (ERP) Systems
  • Benefits and Pitfalls of Electronic Procurement
  • Price Benchmarks
  • How to Make the Most of Procurement Cards
  • Always Think About the Entire Procure-To-Pay Process

Ethical Obligations as a New Buyer

  • Accepting Gifts
  • Understand Your Organization's Policies and Procedures
  • Always Justify Your Competitive Bid Awards
  • Avoid the Appearance of Impropriety
  • Social Responsibility (Sustainability)
  • Don't Take Advantage of the Buyer Role for Personal Gain
  • Confidentiality

How Can I Add Value to My Organization?

Save Money

  • Don't Forget to Negotiate and Always Prepare Ahead of Time
  • Reduce Risk to Your Organization
  • Partner With Accounts Payable and Receiving
  • CRM and SRM - Build Relationships With Your Customers and Suppliers
  • Continually Streamline the Process

What's Next to Learn?

  • Group Purchasing Organizations
  • Uniform Commercial Code
  • How to Handle Disputes
  • Learn to Write and Project Lead a Formal RFP Process
  • Contract Law
  • Procurement Certifications
  • Demand Planning
  • Supplier Resiliency
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Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Course

This course was last revised on July 14, 2021.

Call 1-866-352-9540 for further credit information.

  • CPIM/CFPIM/CSCP 1.0
     
  • This program may qualify for 1.0 certification maintenance points toward the CSCP, CPIM and CLTD designations through The Association for Operations Management.
     
  • ISM 1.0
     
  • Participants who successfully complete this program will receive 1.0 hours of continuing education. They may be applied toward ISM CPSM, CPSD or C.P.M. recertification. ISM's consent to approve hours for this educational event is not an endorsement of this program or its content by ISM.
     

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

MP3 Download

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Andy Lamb, C.P.M.

Andy Lamb, C.P.M.

Andy Lamb Associates LLC

  • Owner of Andy Lamb Associates LLC
  • Continues his full-time career concentrating on advancing supply chain, procurement and managed print services
  • Over 30 years’ experience working in private, public and nonprofit organizations
  • Advisor to the UC San Diego Extension - Supply Management Certification Program
  • Member of the Institute for Supply Management (ISM) and the Association for Healthcare Resource & Materials Management (AHRMM)
  • Achieved Certified Purchasing Manager (C.P.M.) lifetime certification status in 2012
  • Can be contacted at 802-345-5861 or [email protected]
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Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Product ID: 408876
Published 2021
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