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4 Jul 2014

How Saving Money End Up Wasting Money

How many times have you selected the cheapest vendor only to discover later that you have just paid top dollar?  

Over the years the relationship between supplier and customer has focused hard on many of the wrong things. Price alone is almost always the most important factor in selecting any supplier.  

Yet we know that price can only account for out-of-pocket costs actually paid out to suppliers.  Other factors that are overlooked are more important in determining the overall cost of purchasing and its ultimate value to your organization.  The overlooked but important factors include Cost of Value-Added services (like customization and design), rework, returns, inspection, administration and inconvenience cost. 

More important, these costs exclude the opportunity costs of not doing business with suppliers who can provide significant benefits, which include:
  1. Joint Strategic Planning and Product Design
  2. Coordinated marketing
  3. Joint Customer Research
  4. Cross Selling
  5. Paperwork reductions
  6. Management Information Systems and Systems Support
  7. Increased Customer Goodwill.
Today the modern world has moved to a Customer-Supplier Relationship model, where you seek not only to find cost reductions and service enhancements for your company, but also similar benefits to your supplier.  More importantly, you find the supplier who is interested in your business because of its strategic importance.  

Whether you're working as a purchaser, management personnel or you want to learn more about the most overlooked function - purchasing.  This course will equip you with the tools and strategies that others paid millions to acquire:

How to Be a High Value Purchaser for Your Organization

Date   :  29 July 2016,  2 to 5.30 pm (Friday)
Venue : The Plaza 02-346 7500A Beach Road (inside Parkroyal Hotel building)     

Fee: $199 each, $99 each for 2 & above, $80 each for 5 & above (with 1 FREE Seat). 

Note: PIC 60% Cash Grant is pre-approved for this course. Call 6225-1784 to clarify if your company qualifies for this.

Power-packed Contents Include
1.  Top 18 Challenges facing all Purchasers in this world
2.  The 6 Rights to follow: View, Understanding, Speech, Action, Effort and Mindfulness
3.  Five Ways to Purchasing Success: Know what you Want, Know What is Available, Source from Known Sources, Source from Unknown Sources and Value Add to Get Value
4.  The Top 25 Strategies for the above (include your case study)
5.  Top 10 Things that All Vendors Love to See in Purchasers
6.  How to Communicate with Power in E-mails and Phone
7.  Follow-Up and Follow-through
8.  Five Ways to Bargaining Success: Prepare, Press, Pursue, Persevere and Pressurize
9.  Dealing with Difficult Vendors
10. How NOT to fall into the Trap of Salespeople and Vendors
11. The Ultimate of Purchasing: Toast for Change

To register, email to or text to us at 8201-4347.  Visit for more.  Related articles:

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