Assignment Details

Select a category of spend from your organisation. Develop and discuss a strategy using the knowledge gained from this programme which could form the basis of a formal commercial negotiation. Your assignment should include an explanation of the key facts, data and approaches that you will use in the negotiation. Guidance for candidates Your work should consist of 5,000 words. The integrative assessment requires candidates to use their knowledge gained from the previous four modules therefore, candidates will need to refer to the syllabus coverage in the following modules: • Driving value through procurement and supply • Managing expenditures • Developing contracts • Sourcing essentials • Negotiation in procurement and supply  Answer preview:The procurement process is an integral component of business success. Its practice has improved overtime owing to the escalating needs to manage integrated functions of various managerial functions, reduce costs and create value out of it. Up to date, these drivers have remained to be the priority of many businesses in procurement and supply chain management. A Global Chief Procurement Officer (CPO) 2016 study found that 74% of the procurement officers cited that cost reductionis their main business priority. Central to procurement is the negation process. A lot of organizations invest intense negation muscles to get the best deals. In order to undertake a cost-effective negotiation process, supplier relationship, spend analysis, contract management and compliance and risk assessments are imperative variables in this case.Words:2159