Executive Diploma In Procurement & Contract Management: A Path to Professional Growth

Procurement and Contract Management is one of the most critical functions performed in any organization. Procurement is the planning and acquisition of materials or services to obtain the best value. Contract management will help in the implementation of responsibilities stipulated in a contract and prevent losses. They also work together to form a process where suppliers and resources are connected for a business.

Effective Procurement Contract Management can help business organizations enhance their operations, supplier-provided relationships, cost-effectiveness, and ethical purchasing outcomes. They know how crucial these and similar strategies are to the business world and the need to develop the ability to adapt their companies to the dynamically changing market.  A Procurement and Contract Management online course will serve as your ideal guide to get started in this domain and acquiring all this knowledge within a short period.

What is Procurement?

Procurement is the process that includes the acquiring of raw materials from outside sources. It includes several activities like supplier designation/ selection, negotiation and execution of the contract, and the management of the contract – all geared towards enhancing value for money received in the purchase of products and or services with due attention to delivery effectiveness and quality.

Procurement as an important function is of significance to the public and private sectors as this influences efficiency and effectiveness as well as the improvements within the operations. Effective purchase and supply management helps enhance the supply chain processes and allows the minimization of risks associated with poor supply performance management while establishing positive supplier relationships that improve competitiveness and success growth within an organization.

Types of Procurement Strategies:

• Competitive Bidding: A company may request bids or proposals from multiple suppliers or offerors, and the provider who submits the best offer is given the contract. It fosters rivalry, which might be in the favor of the clients in terms of pricing and other conditions.
• Single Sourcing: Lack of competition where a company sources or purchases a particular product or service from one supplier only. This approach is more applicable in the case where there exists a long-term established relationship between the company and a supplier in the supply chain and stability/security is a priority.

What is Contract Management?

Contract Management is the set of procedures and services that enterprises and governmental organizations put into use to carry out all the major phases in the life cycle of a contract – its preparation, execution, and termination. It involves policing and enforcing the agreement provisions set between or amongst the parties. The main goal of Contract Management is to ensure contractual obligations are fulfilled and risks are managed; it also adds to the provision of maximized value from a contract being executed.

Key Aspects of Contract Management

• Contract Creation: Preparing and delivering on legal contracts that clearly define the legal terms and conditions of parties in the contract.
• Contract Execution: See to it that all the products or all the activities stated in the terms and conditions of the contract are conducted during the validity of the contract.
• Performance Monitoring: Reviewing contracts for compliance – review of the delivery of services, timelines, and quality of goods or services provided.

Summing Up

If you want to gain a solid understanding of this domain and take your career to the next level then a Contract management certificate online will help you do so. UniAthena's Executive Diploma in Procurement & Contract Management course is the best option for you. This two- to three-week Procurement and Supply Chain Management online course will become your official professional qualification in the procurement industry. 

Among other things, you'll learn how to manage contracts, bargain for terms, and cultivate client relationships. Additionally, the Procurement and Logistics Management free learning course will also teach how to integrate procurement with the supply chain, as well as how to position, measure, and take final considerations into account. Never give up on your goal of moving toward a better job. Register for an online short course now and acquire dual skills!