Procurement and Supply Management

TermiKnowledge - Supply Chain, Procurement and Inventory Terminologies
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Certified Inventory Optimization Professional (CIOP) is an end-to-end supply chain certification program. The certification consists of 30 modules focusing both on traditional and futuristic topics. The traditional topics are introduction to supply chain management, all about inventory, strategic business planning, forecasting, demand management, capacity management, sales and operations planning (S&OP), master scheduling (MPS), materials requirements planning (MRP) and production activity control (PAC). It also includes topics on procurement, warehousing, transportation, distribution, and packaging. The topic on the future trends such as Blockchain, Internet of Things (IoT), Robotic Process Automation (RPA), Machine Learning (M/L) and Artificial Intelligence (AI). There is a significant focus on supporting technologies such as forecasting and process mapping tools such as Microsoft Visio. In addition to the above indicated topics the participants need to master over 3000 terminologies in supply chain management.

The meaning of Procurement in regards to supply chain management can be quite perplexing. At face value, one might think that procurement simply refers to the act of purchasing goods and services that you need for your business to operate and prosper. The fact is, procurement, when it is actually used in the context of a supply chain, is a much more complex concept that deals with a number of different activities that are necessary for a business to thrive and succeed. Let's take a closer look at what procuring means in a supply chain management context.

Procurement as it relates to supply chain management generally refers to the act of finding the right products and materials to fill a particular need that a business has. There are many types of factors that go into determining whether a company has the ability to acquire the necessary raw materials to satisfy their customer's needs, such as proximity to a key industry location, access to land and water, transportation costs, and the ability to produce a product on a timely basis. While all of these factors play a significant role in determining the cost of acquisition, they are not the only ones. A major factor in determining the cost of procuring a product or material is the way in which the logistics or production processes associated with the product or materials are managed.

In order to understand the importance of Procurement and Supply Management in terms of maintaining an effective supply chain, you first need to understand just how the entire process works. At the very core of the supply chain management process is the identification of the most effective logistical strategies that will be necessary to optimize the company's ability to acquire the raw materials or products that they need to meet their customer's needs. One of the key elements in determining the success of this process is the manner in which the company determines the level of waste that it will experience during the course of the business. While this might sound like a small thing, understanding what constitutes waste and understanding the manner in which waste is managed can help managers determine exactly the kind of waste management strategy to employ.


Certified Inventory Optimization Professional 

CIOP is an end-to-end supply chain certification that contains 30 modules such as Introduction to Supply Chain Management, All About Inventory, Production Planning System, Strategic Business Planning, Sales & Operations Planning, Master Scheduling, Material Requirements Planning, Demand Management, Capacity Management, Forecasting, Production Activity Control, Procurement, Order Quantities, Independent Demand Ordering Systems, Warehouse Management, Transportation Management, Supplier Relationship Management (SRM), Customer Relationship Management (CRM), Introduction to Quality, Introduction to Packaging, Introduction to Process, Lean, Six Sigma, Total Quality Management, Theory of Constraints, Supply Chain Technologies, Supply Chain Techniques, Industry 4.0, International Standards and Supply Chain Risk, Safety and Security. 

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CIOP Knowledge Series

One-Minute Supply Chain Facts

The most recent video is available here. To access the past videos in the One-Minute Supply Chain Facts Series, please click the playlist icon located on the Top-Right of the video.





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