A good way to begin is to focus on one of the basic activities every day. In other words, there are so many new terms and concepts in purchasing (e.g. vendor rating, lead time, lot size, payment terms, etc.), so the best way to learn is to practice one simple activity every day. To begin, practice reading and comparing three quotations for the same item every day. Use something simple such as office supplies or shipping boxes that you use often. Use 15 minutes every day to find the three most current quotations for the item, determine the unit price, lead time, and minimum order quantity (if any), and write down those three values.
Writing them down helps you to pay attention to the values and not to simply glance over the quotes. A common mistake of new buyers is to look only at unit prices and make a decision. Frequently there are other costs involved such as longer lead times (safety stock), larger minimum order quantities (inventory carrying costs), etc. If you find yourself making this mistake, stop, and calculate the total cost of ownership for a typical monthly quantity. Include transportation costs, duties (if applicable), and inventory carrying costs. It is likely that you will change your mind. Performing this exercise daily helps you to avoid making a similar mistake in the future.
To make it a daily practice, commit to practicing during the same time every day. For example, practice immediately after checking your email. Using a dedicated notebook to record your practice in helps you to establish a routine. Record the date, item, three vendors, selected vendor, and why you made your decision. Performing this practice for two weeks will show you trends. For example, you might find that vendor A consistently has the shortest lead time, or vendor B consistently offers the best price for orders above 100 units. It is important to establish a routine of practicing procurement every day. If you find that you are getting bored with your practice, try something different.
For example, if you are practicing reading and comparing three quotes every day, add one question to each vendor. Ask them to provide their normal lead time and their lead time during peak season. Comparing the answers will give you an idea of the reliability of each vendor. If the vendors take a long time to respond, that will tell you something about their responsiveness. Perform this new activity for a few days. Once you feel comfortable with it, add another activity. For example, you could add a question about payment terms or the warranty policy. Once again, perform this new activity for a few days. Once you feel comfortable, you can add another activity. Limit the amount of time you dedicate to practice to 15 minutes per day.
This will help you to maintain a daily routine even when you are busy. You will have enough time to record your findings, but not so much time that it takes away from your other daily activities. Every few days, review your notebook. You will likely find that your analysis skills are improving from week to week. For example, the analysis you performed during week one is not as thorough as the analysis you performed during week four.