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BlogThe role of the purchasing manager and their functions within a company

The role of the purchasing manager and their functions within a company

The Professional Master’s Degree Executive MBA (CEO, Chief Executive Officer) of TECH trains experts to carry out operations and planning management

The purchasing department of a company today has a fundamental role in keeping the economic balance of the company, managing an environment of economic crisis, and promoting the reduction and management of costs without affecting quality. Therefore, the Professional Master’s Degree Executive MBA (CEO, Chief Executive Officer) focuses on the development of the skills that a manager must have, such as an elevated level of negotiation, as well as technical knowledge in buying principles, quality, price analysis, inventories, buying and spending policies, supplier analysis, management indicators, and contract management, among others.

Bearing in mind the above, there are some important aspects that buying professionals should consider:

  • Establish goals and aims: To do so, gather data related to all departments needs, the status of expenditures in each period, and how much savings are expected, to get realistic aims.
  • Maintain stock control: All stock must be checked correctly, analysing the materials that are essential for the performance of the business, it must be recorded in the software that automates the purchasing process. Thus, it allows to have clear control of the stock, the purchases, and the period needed to buy the product again, avoiding buying something that is still in stock.
  • Research: It is not always easy to achieve the best prices and conditions, usually involving lengthy negotiations and research. However, this is a crucial process to reduce costs, find product quality, delivery terms, and material availability.
  • Keep the buying department and stock management in line: It is necessary to take the time to analyse the history of purchases and sales, as well as predict the needs and arrive at the right stock. In this way, the company can provide a good service, without the need to increase costs with storage.
  • Analyse sales: This information allows to forecast sales, which should be done considering gross profits, predicting the amount of products needed, which will direct to make decisions based on clear data and make the company’s purchases intelligently, considering the monthly budget and the best options that the market can offer.

In addition to improving efficiency in buying management, it is also possible to save on company expenses by implementing practices such as buying in massive quantities, having more than one supplier, evaluating the market, generating savings, efficiency in payment request processes, agility, and transparency in the processes.

Professional Master’s Degree Executive MBA (CEO, Chief Executive Officer)

TECH Technological University created this program by considering that business management is one of the most complex leadership exercises and it is necessary to have professionals who can intervene correctly and have the leadership skills and knowledge to face challenges and business decisions at national and international level. Therefore, it aims to become a tool for personal and professional growth that will allow getting better opportunities, increase success and drive companies value.

In this way, the institution promotes the development of management skills that allow for deeper decision-making in uncertain environments, in addition to getting the knowledge base in senior management from a strategic and innovative perspective from the hand of exclusive material, feedback from experts in the field, graphic and interactive content, practice with genuine business cases, forums, and independent work.

Thus, the content structure treats in depth in relevant topics in this area such as leadership, ethics, CSR, operations and logistics management, strategic direction, executive management, people and talent management, information systems, commercial management, marketing, business intelligence, corporate communications, innovation and project management, executive accounting, economic environment, financial management, corporate control systems, business model, e-commerce, logistics, capital markets, macroeconomic context, among others.

Re-Learning method

The Professional Master’s Degree Executive MBA (CEO, Chief Executive Officer) of TECH is developed entirely online. During the 12 months of training, the student has access to the program’s contents at any time and from any device, allowing them to self-manage the study time with maximum flexibility and adapt to each student’s schedule.

It has its own learning method, ‘Re-Learning’, based on asynchrony and self-management. The contents are presented in an attractive and dynamic way in multimedia capsules that include audio, videos, images, diagrams, and conceptual maps to corroborate knowledge.

TECH Technological University

TECH Technological University, the world’s largest university, is also the official online university of the NBA (National Basketball Association) in Latin America. It belongs to the TECH educational group, a Spanish-owned multinational recognized by the Financial Times as one of the 200 fastest-growing companies in Europe. The company, founded and directed by Manuel Sánchez-Cascado de Fuentes, has also been considered the most highly valued Spanish technology company in the last 15 years.

Thanks to its fully digital learning system, it supplies training to students from anywhere in the world. An international trajectory has allowed it to become a benchmark in distance learning, with a catalogue of over 10,000 programs, over 100,000 new students each year, and 500,000 graduates from over 150 countries.

Specialized highly qualified postgraduate programs, they offer their students the best training programs at an international level, being leaders in employability with 99% of their students working in the first twelve months, according to data from the consulting firm KPMG.

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