*VIRTUAL* – Contract Value Leakage

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Online Contract Training

Overview

There is a global average value leakage from corporations of 9.15% annual revenue, much of which, with planning, understanding and communication, can be reduced. This course focuses on the five stages of the contract lifecycle and how to address that value leakage throughout the entire process…

  • It analyses at the initial development of requirements, scope and goals of the contracting parties, since research shows that most value begins to leak at this early stage of the lifecycle.
  • It considers the administrative aspects of contracts because we frequently fail to maintain evidence of our actions which leads to claims and disputes.
  • It looks at the transition process after contract signature since communication shortfalls can result in poor knowledge transfer of what has been bought or sold.
  • It discusses change management once in contract and helps ensure that customers maintain information and knowledge levels to complement the activities and actions of the supplier.
  • It also considers the commercial relationship, the importance of partnership in the relationship and provides for different negotiation styles and strategies that can be employed to reach satisfactory outcomes.
  • It will give you the confidence to manage relationships with suppliers and the skills to manage costs and risk.

The program is specifically designed for professionals who interact with the contracting process at any stage.  The program focuses on delivering contemporary best practices information which will equip the student to participate effectively in the contract administration process and does so in a manner which the student will find interesting and immediately useful in both their personal and professional life.

 

Intended for

Individuals involved in or directly supporting contracting who want to improve their commercial management skills; individuals in functions such as project management who need practical training in commercial management; general audiences wanting to gain a basic understanding of commercial management.

  • Contract and Commercial Managers
  • Bid Managers
  • Procurement Officers
  • Relationship Managers,
  • Administrative staff
  • Legal, Compliance, Business and Regional Heads

 

Objectives

The classroom course will give you a full understanding of:

  • Contract lifecycle management from contract initiation to contract close-out and how to recognise how value leaks across the lifecycle
  • The processes involved in managing contracts in a professional working environment, to maximise mutual benefit and minimise loss
  • The customer’s and supplier’s perspective of the process and how each drives the other’s behaviours for either
  • How to evaluate suppliers and their bids and proposals, and reduce the cost of the tendering process as well as the eventual contract
  • Relationship management and its importance in achieving successful outcomes for both parties, whilst reducing disputes and claims.
  • Prioritisation skills for effective commercial benefit

 

Training Methodology

  • Interactive, hands-on, experiential
  • Reflective and Self-directed.
  • Videos and case studies
  • Reflective question
  • Skills practice

 

 

 

Program Outline

 

Session 1Introduction to Contract Management

•     Overview: what is a contract?

•     The role and activities of contract administrators

•     Tools supporting effective contract administration and maximising value

•     Using contracts to correctly document commercial relationships

•     Choosing the best tool to minimise loss and maximise economic gain

•     The 10 common pitfalls of contracting, how to overcome them and return 9.15% value to the business

Overview of the contract management lifecycle

  
Session 2Requirements development and management

•     What goes wrong before we have started. Why contracts can fail before we have even begun

•     The importance of quality requirements in contracting scenarios

•     Developing statements of work that deliver better relationships for both parties

•     Choosing the right relationship to deliver your outcomes in an amicable manner

  
Session 3Proposal strategy and creation. How to use them

•     Understand when to use an RFI, RFP, RFQ

•     Defining and managing the content of each request type

•     Managing the RFP process

•     Assure strong representation in creating the RFP

•     Supporting bids and RFPs

•     How to reduce the cost of bidding to both customer and supplier

  
Session 4Timing, construction and style

•     Describe the end to end bidding process and how to create better chances of working with the right supplier

•     Definition and contents of the RFP

•     Building a scope of work, input, output and outcome. Which is right and how your scope sets the tone of the relationship

•     Defining SLAs, KPIs, leading and lagging indicators

•     Managing the RFP process

•     Managing the bidders and responding to their questions

•     Pricing considerations and challenging your supplier costs

·           Supplier notification and the BAFO process. How to get better negotiated outcomes

  
Session 5What a supplier will do with your proposal

•     How they evaluate opportunities that come their way

•     Their rationale for developing a bid. Why do they sometimes no-bid?

•     Bid preparation and costing decisions. How can you influence their thinking?

•     How to increase the quality of the bids you receive

  
Session 6Best practice evaluation processes to follow after receiving supplier bids

•    Evaluation framework and the rules for its application

•    Criteria categories to consider when developing an evaluation matrix

•    Weighting evaluation criteria and achieving buy-in to criteria

•    Common issues to be aware of in an evaluation matrix

•    Implementing the evaluation framework

•    Scoring definitions and reconciling differences in scoring approaches

•    Introducing parallel negotiations to give yourself the best chance of achieving a negotiated outcome

  
Session 7Managing stakeholders through the bidding process

•    The identification of stakeholders and their prioritization

•    Understanding stakeholder needs

•    Communicating with the stakeholder community

•    Developing suppliers as stakeholders

  
Session 8Interpersonal skills for successful negotiations

·       Principles and best practices of negotiation

·       Understand the internal inhibitors to successful negotiated outcomes and how to control them

·       Presuppositions of negotiations

·       Understanding the other side in the negotiation

·       Developing a negotiations strategy

·       Managing emotions through negotiation stages

·       What negotiators must understand before commencing a negotiation

  
Session 9Negotiation styles and the process

·      Understand the options for negotiation approaches

·      Understand advantages and disadvantages of each

·      Positional negotiation

·      Principled negotiations

·      Other approaches to negotiation

When to use an approach, the risks and opportunities of alternative approaches

  
Session 10Building a power dynamic

·      Understanding motivations

·      The use of experts in negotiation

·      Issues of relative power

·      Opening the negotiation

·      Responding to an opening offer

·      Tactics, strategies and ethics

Best alternative to a negotiated agreement (BATNA)

  
Session 11Transitioning to a new contract

•     Communication and implementation

•     Kick off meetings

•     Culture and attitude

•     Understanding the contract

•     Managing stakeholders

Managing changes and disputes

•     Initiating and documenting change

•     Contract claims, disputes and their cause

•     Resolving common operational disputes

•     Avoiding a dispute

•     The formal dispute resolution process

  
Session 12Managing performance

•     Key performance indicators

•     Delivery

•     Contract targets and other measurements

•     Regular management of the contract

•     Invoicing

Managing the supply base

•     Measuring and managing different supplier segments

•     Attributes of a strategic supplier partnership

Driving the right relationships for mutual success

•     The value of enhanced supplier relationship management

•     How to coordinate and collaborate with your suppliers

•     Top tips for developing closer relationships with suppliers

  
Session 13Managing the supply base

•     Supplier segmentation methodologies

•     Measuring and managing different supplier segments

•     Attributes of a strategic supplier partnership

Driving the right relationships for mutual success

•     The value of enhanced supplier relationship management

•     How to coordinate and collaborate with your suppliers

•     Top tips for developing closer relationships with suppliers

 

 

Duration: 2 Days

Cost: £495 + Vat

 

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Scheduled Courses:

    2022
    DateCourse NameLocationPrice (Excluding VAT)Book
    13 Jun - 14 Jun*VIRTUAL* – Contract Value LeakageOnline - Remote£495Enquire Now
    5 Sep - 6 Sep*VIRTUAL* – Contract Value LeakageOnline - Remote£495Enquire Now
    2
    2018: