The primary objectives of the Total Cost of Ownership (TCO) in Procurement Training Course are to provide professionals with a comprehensive understanding of all costs associated with procurement decisions, beyond the initial purchase price. The training focuses on enabling participants to analyze, manage, and reduce costs across the full lifecycle of goods and services, while promoting efficiency, collaboration, compliance, resilience, and sustainability.
This program is offered by Oxford Training Centre under the Supply Chain and Logistics category and complements other specialized courses such as the Advanced Distribution Strategies and Policy Training Course.
Objective
Key objectives include:
- Optimization: Equip participants with strategies to optimize procurement costs by evaluating supplier options, negotiating effectively, and applying TCO analysis.
- Efficiency: Improve procurement processes through streamlined workflows, automated approvals, and accurate cost-tracking.
- Collaboration: Foster cross-functional collaboration to ensure visibility, alignment, and accountability.
- Resilience: Develop strategies to mitigate risks like price fluctuations and supply chain disruptions.
- Compliance: Ensure adherence to policies, standards, and regulations.
- Sustainability: Integrate environmentally and socially responsible practices into procurement.
- Strategic Alignment: Enable informed, data-driven decisions balancing cost, quality, risk, and sustainability.
Target Audience
- Procurement Managers and Specialists
- Finance Professionals
- Operations and Supply Chain Managers
- Compliance Officers
- Sustainability Officers
- Supplier Relationship Managers
Course Modules
Oxford Training Centre offers a structured program with the following modules:
- Introduction to Total Cost of Ownership
- Definition and components of TCO
- Importance in procurement and finance
- Lifecycle cost vs. purchase price
- Cost Optimization Strategies
- Supplier evaluation and selection
- Negotiation for lifecycle cost reduction
- Balancing quality, price, and value
- Efficiency in Procurement Processes
- Streamlining workflows
- Automated cost tracking
- Error and redundancy reduction
- Collaboration and Stakeholder Engagement
- Communication across functions
- Joint decision-making
- Supplier relationship management
- Resilience and Risk Mitigation
- Identifying financial and supply risks
- Scenario planning with TCO
- Mitigation strategies
- Compliance and Governance
- Procurement regulations and standards
- Integrating compliance into TCO
- Audit trails and reporting
- Sustainability in Procurement
- ESG considerations in TCO
- Reducing waste and resource consumption
- Sustainable supplier practices
- Practical Case Studies and Simulations
- Real-world TCO applications
- Hands-on exercises
- Cost trade-off and risk analysis