Why CIPS Qualifications can be Beneficial

Working in procurement can be difficult because you have a lot of roles and responsibilities. You often have to balance […]

Posted on Jul 15, 2022
CIPS Qualifications can be Beneficial

Working in procurement can be difficult because you have a lot of roles and responsibilities. You often have to balance budgets, deal with suppliers, purchase items, and do other things that you have to do efficiently and simply. This is why both employees and employers like the CIPS qualifications in procurement so much. They teach you how to buy and provide things, which makes it easier to keep track of everything.

For some context, the Chartered Institute of Procurement and Supply (CIPS) is the most important organisation for procurement, and its qualifications are known around the world. It sets the international benchmark for procurement and supply management and gives procurement professionals at all stages of their careers the best training.

We’ll discuss the merits of a CIPS qualification and how it can help you as a buyer in this blog. It might be something you realise is crucial by the end if it’s not something you already have.

Manage Supplier Relationships
Maintaining excellent supplier relationships requires going above and above, but there are various advantages to doing so. With supply chain visibility, you can make strategic adjustments in advance rather than reacting after the fact.

Viewing these connections as partnerships and striving to maintain them brings value to your organisation, which is what differentiates purchasing from strategic procurement. You can decrease risk in your supply chain by engaging with and actively managing vendors. Finding an excellent training provider for your CIPS qualification will allow you to do just that.

Reduce Wastage
Procurement prices can spiral out of control if there is a lack of efficiency and too much waste. Organisations that make mistakes in the ordering process or misinterpretations might suffer greatly in this regard.

These wasted expenses may well be dramatically lowered if procurement best practises are better understood. When it comes to re-evaluating procedures, qualified procurement experts have a better understanding of what could be generating problems.

When it comes to large-scale purchasing, even the smallest errors can rapidly add up to a lot of lost money. As a result, a procurement specialist must have a solid foundation of knowledge. This is why a CIPS qualification is so useful, as it will help you accomplish these things.

Tackle Procurement Fraud
Procurement fraud raises procurement project costs by 10 percent, according to a recent study. These extra expenditures might have a significant impact on your organisation’s ability to complete a project on time and on budget.

Corruption, bid-rigging, and taking bribes should not happen in your business. By recognising and fixing these problems, the procurement process can be made more fair and save money.

Procurement fraud can be spotted by a number of indicators, including:

• Suppliers giving presents or cash incentives to employees.
• The selection procedure was unclear.
• Invoicing amounts that are incorrect or ambiguous.

It’s possible for your employees to commit procurement fraud if they’re incentivized to choose one supplier over another. Suppliers also may conspire to set their pricing during the tendering process, resulting in price gouging.

The only way to lower these expenses is to actively fight procurement fraud. Corrupt practises in the procurement process result in subpar service at a greater expense for the organisation. With the right training provider for your CIPS qualifications, you’ll understand this, know the signs, and be able to do something about it.

Get Access To The Latest Information
Advances in technology and the economy may have an effect on the work you do on a daily basis. As a member of CIPS, you will have access to the most recent information and studies. They do extensive research that yields practical solutions that you can use in your own company.

Supply Management, the official newspaper of CIPS, offers daily news notifications to members. It’s imperative that you sign up for this magazine if you want to stay up to date on procurement news.

This kind of information could also provide you with an advantage over your competition and influence your purchase decisions in the future.

By being aware of procurement’s ever-changing environment, you can reduce your exposure. Major economic events alter our purchasing practises and the prices connected with them, so arm yourself with the knowledge you need to keep working efficiently.

Procurement can be a challenging job, but CIPS certification in procurement can help you make better choices, allowing you to be more successful in your profession as well as an even greater addition to your organisation.

Build Accredited Teams
As a result of certifications and CIPS qualifications, teams can function at their highest level. Accredited teams are more likely than qualified individuals to comprehend and adhere to best practises. A strategic edge over the competition can be gained by this fantastic reflection on you and your company.

In order to attract better candidates, seasoned procurement experts prefer to work in teams with similarly experienced members. As suppliers see the team’s designation letters as a signal that they are working with seasoned specialists, this may also help in negotiations.

Your company can retain top procurement personnel by providing ongoing professional development. Building and retaining a strong procurement team is possible with the appropriate combination of expert assistance and opportunity.

Make Fair Deals
Negotiation strategies can have a huge effect on how a meeting turns out. Many experienced procurement professionals think they know how to do these things well, but new strategies and ideas can help them take their skills to the next level.

It’s not always about getting the best price from a supplier. In the long run, it can be cheaper to make a fair deal. Making deals that are fair for both sides improves relationships with suppliers and lowers risk in the supply chain.

Final Thoughts
Being a member of CIPS with CIPS qualifications from excellent training providers is the surest way to be confident in your own abilities in procurement. It will help you know all you need to know to reach the top of your profession, giving you the training and expertise required to make a difference in any business you choose to work in.