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Value-based Procurement

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Your well-deserved procurement seat at the executive table
4.3
4.3/5
(13) Ratings
2,645 students
Created by Sergii Dovgalenko FCIPS
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What you'll learn

  • Understand the notion of value from various perspectives (e.g., price, relationship, competitive advantage, etc.)
  • Examine the effects of procurement value on stakeholder work, supplier relationship management, and agility.
  • Distinguish the value from efficiency and effectiveness.
  • Review the evolution of the procurement process from the lowest bid to the value-based one
  • Study some practical concepts, e.g., Best-Value Procurement, Value Stream Mapping, Reverse Marketing, VIPER model, etc.
  • Conduct exercises on different aspects of value-based procurement
This course includes:
2 total hours on-demand video
0 articles
0 downloadable resources
20 lessons
Full lifetime access
Access on mobile and TV
Certificate of completion
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Course content

Requirements

  • Basic understanding of procurement processes

Description

Procurement value became the second-popular buzzword in procurement after “agile.”

Interestingly, the agile methodology also describes incremental value delivery. So, we suggest starting from this course before jumping onto the agile bandwagon.

Tremendous competitive pressures and an ever-lasting global crisis led to the focus shift from traditional savings to the holistic value delivery agenda.

Indeed, we all know what the value is. However, it’s one of the most subjective topics.

Value needs to be more substantive. It is rather adjectival. It characterizes something or results from the application of something. It doesn’t exist in its raw form; it’s being created. It’s a universal differentiator between good and bad things or actions.

Look at your bosses – some distinguish only the monetary value, while others care about relationships, sustainability, social contribution, and many more. Procurement managers need to sense all these perceptions and transform them into objective and measurable outputs which genuinely matter to the broader stakeholder community.

Our course will carefully define the value from different perspectives and with the help of well-known and workable theories (e.g., dynamic capabilities, VIPER model, stakeholder work system, etc.) Then we will suggest practical ways of creating and appropriating the value.

Our course includes a handful of exercises that help to understand the usability of proposed theoretical constructs and business concepts.

Ideally, at the end of this course, your understanding of the procurement value and methods of its creation and appropriation will transform from unconscious perceptions to clear definitions and action plans.

Who this course is for:

  • Procurement professionals willing to create and appropriate the value
  • Procurement beginners and experts looking to organise their knowledge of value and apply it in practice
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