Procurement contributes significantly to the firm's financial health through
cost savings and value-added processes. This course will help you to master
the necessary procurement measuring tools to enhance your company's financial
Procurement is critical to an organization's finances, as it is the source of
most acquisitions and a primary factor in the management of assets or
inventory. Procurement also accounts for major administrative activities that
affect financial performance, such as developing requisitions, issuing
purchase orders, and reconciling invoices.
This course examines how procurement contributes to the financial performance
of an organization by examining its role in the cash cycle, its effects on
business value, and its ability to affect operations to add financial value.
We will also analyze procurement's performance and review how these
performance measures can establish realistic standards for improvement and
help in organizational planning.
After completing this course, you should be able to:
Identify how procurement relates to financial performance.
Analyze how procurement processes add financial value.
Measure the performance of the procurement function.