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Resisting Price Increases and Implementing Cost Improvement Initiatives

Every supply management professional is ultimately held to the task of resisting price increases to keep costs in line for their organization. This task is easier said than done with many variables you must juggle to accomplish this feat. This supply management course will arm you with the skills you need to become your organization’s “cost-reduction hero.” You’ll leave equipped with skills to resist supplier price increases and identify and implement cost reduction opportunities in today's volatile marketplace. Best of all, you will become more valuable to your organization in as well as gain important skills for long-term career success.

Member Price: $1,199.00

List Price: $1,499.00
VIRTUAL CLASS

Date

Aug 26-27, 2020

Add To Calendar 8/26/2020 10:00:00 AM 8/27/2020 6:00:00 PM ET Resisting Price Increases and Implementing Cost Improvement Initiatives Online

Location

Online
Format
Virtual Class
CEH Credits
14.0
Product Code
VC-4273-20

Additional Information

Presenters

Robi Bendorf, CPSM, MCIPS, C.P.M., M.ED,  has over 30 years of purchasing and sales experience, involving domestic and international activities, for a broad range of manufacturing and service businesses. He has extensive experience in consulting and training in purchasing, contracts, reengineering the supply management process, the management of procurement functions, global sourcing of materials and components, reducing cost of purchased materials and services, and negotiation of complex transactions and contracts. He has held purchasing and contracts management positions in high volume manufacturing, subcontract, job shop, and service operations, involving gas turbine manufacturing, power generation, nuclear and fossil power plants, electrical distribution and control, air conditioning equipment and global sourcing services.

 

Prior to becoming a full-time consultant in 1994, Bendorf served as Manager of Customer and Supplier Development for the Westinghouse Trading Company. He has given presentations on numerous purchasing and contract management topics to ISM, major universities, and numerous in-house seminars for industrial and services clients in the United States and over 150 public seminars internationally. He was selected to present seminars at the last 13 ISM international conferences and has contributed numerous articles to Inside Supply Management®.  Bendorf was selected as ISM’s National Person of the Year in both Global Resources and in Education/Learning.

 

Some of his many clients include Ethicon Endo Surgery (Division of J&J), Knoll Furniture, Florida State University, Duquesne University, American Air Filter, Tippins Steel, Dormont Manufacturing, Medrad Medical, Westinghouse Electric Corporation, Hewitt, Sunoco, Exxon Mobile, TJ Maxx and Apple Computer, Bendorf is a lifetime C.P.M. and is a CPSM. He has an undergraduate degree from the University of Texas and a Master’s Degree from Penn State University.

 

Description

What You Will Learn:

  • The steps to resist price increases in materials and services and how to find savings opportunities for your organization
  • Effective processes for data mining
  • How to use economic price adjustment clauses
  • The criticality of the ABC analysis
  • A process for developing a purchase price index for your organization
  • A procedure for reporting cost improvements
  • How to develop a strategic purchase plan

Virtual Class Schedule

Day 1 - 10:00 ET - 1:30 ET / 7:00 PT - 10:30 PT (3.5 hours), Break for Lunch
Day 1 - 2:30 ET - 6:00 ET / 11:30 PT - 3:00 PT (3.5 hours)
Day 2 - 10:00 ET - 1:30 ET / 7:00 PT - 10:30 PT (3.5 hours), Break for Lunch
Day 2 - 2:30 ET - 6:00 ET / 11:30 PT - 3:00 PT (3.5 hours)

Course Overview & Goals:

  1. Purchasing savings impact on the bottom line:
    • The need for change
    • The work matters purchasing savings model
    • Essential issues in cost-reduction initiatives
    • Best practices for cost-reduction initiatives and reporting
    • A checklist resulting for experiences
  2. Savings reporting:
    • Cost reduction reporting procedure
    • The difference between cost reduction and avoidance
    • Types of reductions
    • Develop rates to use in savings reporting
    • Sample reporting form
    • Continuous improvement skill sets
  3. Data mining and opportunity assessment:
    • Sources of spend data
    • Developing the spend profile
    • Commodity codes
    • Developing the ABC analysis
    • Analyzing the spend profile
    • Developing opportunity hypotheses with user group brainstorming sessions
    • The improvement opportunity form
  4. Value of the purchase price index:
    • What are producer price indexes and where they are found
    • The steps of how to develop an organization purchase price index and comparing it to external indexes
  5. Cost improvement methods:
    • Part 1:
      1. Total cost of ownership
      2. Benchmarking
      3. Understanding of the supply marketplace
      4. Price and cost analysis
      5. The elements that make up price
      6. Resisting price increases
    • Part 2:
      1. Re-engineering processes
      2. Early purchasing and supplier involvement
      3. Economic price adjustment clauses
      4. Developing commodity plans
      5. Negotiations
      6. How has purchasing been obtaining savings

Who Should Attend:

This supply management training is ideal for professionals involved in resisting cost increases or looking for savings relating to the purchase of goods, equipment, supplies and services. It is a must have training for supply management career success and advancement with regard to cost-containment.

Terms And Conditions

Virtual Learning Transferals: Registrations are transferable without any charge to another ISM Virtual Learning Course occurring within 12 months of the original purchase. Transferring registrations to another party are subject to price variance or change based on membership status and an additional $50 fee will be incurred.

Cancellations Virtual Learning: Cancellations more than 5 weeks before the date of the course will incur an administrative charge of 50 percent. Cancellation within 5 weeks of the date of the event will be charged the full fee. You must notify ISM in writing of a cancellation.

Tax Deduction: The Internal Revenue Service may permit an income tax deduction to U.S. residents for expenses (including registration fees, travel costs, meals and lodging) incurred in pursuit of continuing professional education. Consult your tax adviser for details.

View full terms of service here.