Cost Reduction Techniques and Applications
One of the greatest assets a purchasing team can bring to the table is the ability to lower the firm’s cost of goods sold. This aspect makes the purchaser, or buyer, a valuable asset to each firm. This session will provide new tools and techniques which would allow the purchasing team to be a resource which can even bring additional monies and profitability to the company even when sales are soft. Unfortunately, inept management often think they can save monies by reducing headcount which is a momentary gain coupled with a long-term loss. Having professionals on your team capable of utilizing a variety of cost reduction techniques, costs down and seeing a broad perspective of opportunities can add more than just saving but enhancing a firm’s profitability.
Some of the tools addressed include:
1) How to promote and get involved in an active cost reduction program company-wide,
2) Take paperwork pour and embrace electronic media,
3) Employ a corporate-wide Business Process Innovations activity,
4) Utilizing a third-party aggregator (TPA)
5) Establish a Buying Consortium or Cooperative,
6) Reduce inventory without losing money,
7) Utilize VMI and ‘baby-k’ techniques,
8) Understand how see area of risk; increased costing and sales slowdown,
9) Utilizing Activity-Based Costing (ABC’s) to reduce blanket cost reductions,
10) Implementing an active Value Analysis (VA) and Value Engineering (VE) program,
11) Preventive Maintenance methods used to save money and keep equipment operationally efficient,
12) Energy cost reductions and efficiency measures,
13) How to utilize and option or futures on critical commodities,
14) Applying Big Data to identify future trends and efficiencies,
15) Learn how to save money and time in computer conversions,
16) Learn how to apply segmentation analysis,
17) When outsourcing makes for a good decision and saves money,
18) How to report true value to management as a bottom-line benefit,
19) And many more tools and techniques.
All of our purchasing series classes are certified through the Institute of Supply Management and can be used as continuing education credits for the CPSM certification.
Who Should Attend:
This session is for managers, supervisors, buyers and purchasing agents and those responsible for seeking cost reductions and responsibilities for budgets and cost savings.
* *PLEASE NOTE**
Session Registration & Payment
- All attendees must be registered and paid for the session. Registration for each person in the room is mandatory regardless of whether the session is held onsite or virtually.
Discounts for two or more registered associates are available—please inquire.
- Due to exchange rate complications, all pricing is in USD regardless of the class location.
- Eventbrite fees include a charge of $0.99 per transaction plus a small credit card processing fee.
Session Materials & Requirements
Materials – All necessary class materials will be provided.
Virtual Sessions:
- A functioning camera and microphone are required for participation.
- Please ensure these are working prior to the event.
Onsite Sessions:
- A valid photo ID is required upon check-in.
- Cafeteria service is not available. Limited “Market C” grab-and-go items are available HSO Marysville only. Please arrange to bring your own lunch.
Cancellation, Refund, and Transfer Policy
- Cancellations, refunds, or transfers must be completed no later than 10 business days before the class date.
- Substitutions of attendees from the same company are permitted up to the morning of the class.
- Weather Cancellations - In the event that Honda is forced to close due to weather conditions, any class that starts the day of a plant closing will be rescheduled. To find out the operation status please call the phone number listed on your registration confirmation or one of the numbers below.
Communication
- You will receive an email reminder from Eventbrite 24–72 hours prior to your class. If you do not receive this confirmation, please contact us immediately as your class details may have changed.
*All policies are subject to change; please review them prior to each session.