Introductory description

As the global division of work is still increasing in all industries to improve speed, process integration and customer satisfaction there is a growing need for a modern sourcing system. Procurement and inventory management form the interfaces between different value chain members in today’s product as well as service supply chains. As spending in procurement is often one of the biggest parts of a company’s budget and accurately managing inventory offers cost cutting as well as service improvement potential, procurement and inventory management become integral to effectively managing any supply chain.
This module will put the emphasis on the design and management of processes and control systems of the inbound supply chain mapped against everchanging and dynamic market structures. The contents covered in this module include procurement processes and strategies, ethical procurement and sustainable sourcing practices, risk pooling and multi-stage inventory control systems, forecasting and predictive analytics models, value of collaboration and streamlined information and financial flow in supply chains, supplier relationship management as well as elementary and advanced methods for analysis and planning.

Module aims

Outline syllabus

This is an indicative module outline only to give an indication of the sort of topics that may be covered. Actual sessions held may differ.

-Procurement and inventory management basics and their role in the supply chain
-Basic methods for analysis and planning in procurement and inventory management
-Sourcing and supplier selection systems
-Strategic procurement and inventory management for enhancing supply chain resilience and sustainability
-Static and dynamic stock-keeping and replenishment policies
-Supplier relationship management and collaboration in the supply chain
-Supplier evaluation and performance management
-Data driven decision making for procurement and inventory management
-Forecasting and predictive analytics for supply and demand optimisation

Learning outcomes

By the end of the module, students should be able to:

• Critically evaluate different procurement and inventory management strategies, processes, and organizational concepts and their links to further areas of the logistics system.
• Develop and evaluate supplier selection systems under different supply chain scenarios within the procurement and inventory management processes.
• Implement advanced techniques to calculate adequate stock levels for different stock categories considering logistics and financial aspects
• Manage procurement and inventory risks arising from dynamic market structures to achieve a more resilient, sustainable supply chain.
• Monitor and assess procurement and inventory performance through the use of specialised performance measurement tools and techniques.

Indicative reading list

https://rl.talis.com/3/warwick/lists/FE39CE88-A446-07C5-8CBE-5E8D60B61163.html

Subject specific skills

Understanding of procurement and inventory management terminology, deep industrial knowledge, awareness of key practice and principles, understanding of industry structure and future challenges with a sustainable/resilient lens, ability to evaluate the role of procurement and inventory management in a supply chain, proficiency to analyse different procurement and inventory management strategies, ability to monitor and assess procurement and inventory performance, and capability to assess procurement risks. Utilisation of data analytics enabling informed, and data driven decision making in procurement and inventory management.

Transferable skills

Verbal and written communication, presentation, negotiation, teamwork, reflective practice, adaptability, leadership, terminology literacy, and capability to work on and analyse databases on software.