Hire a Procurement Analyst
A procurement analyst is responsible for gathering and analyzing data related to products and services used by a company. They serve as a liaison between the business and suppliers to procure promising contracts. Procurement analysts price materials, evaluate vendor efficiency, and prepare monthly cost reports. They work independently and drive results. They keep business objectives in mind and interpret how the statistics impact the company's processes. The role is a white-collar position, and professionals working in this field are employed in virtually every industry. According to the U.S. Bureau of Labor Statistics (BLS), a mid-level analyst earns an average total compensation of $67,400 per year. The job outlook is promising, with the BLS predicting slight 2% growth for this position by 2024. Procurement analysts can progress into roles such as senior buyers, procurement specialists, and procurement managers, among others.
Assigned duties and responsibilities
Procurement analysts undertake several responsibilities, which commonly include managing procurement projects for retail companies. They primarily perform duties in the areas of purchasing, contracting, sourcing, and commodity management. They are in charge of building and maintaining relationships between companies and external vendors, ensuring that the relationship is mutually beneficial. They negotiate arrangements for buying materials needed by the company, keeping the organizations' procurement budget in mind. In meetings with vendors, procurement analysts determine prices and set up a delivery system. They also accurately research the market to get the best value for the goods. Analysts typically evaluate the vendor's credibility to deliver as promised. Additionally, they gather and analyze the transaction data to determine whether existing vendor relationships can be long term. While making the procurement decisions, the analysts also need to have an understanding of the company's product demands to avoid supply shortages. Furthermore, they must document the processes and generate monthly reports. These reports are presented to management for future decision making.
Becoming a procurement analyst
A procurement analyst must ideally hold a degree in business administration, business management, or a related field. They must have professional experience, especially in roles that require them to interact with vendors. Recent graduates are usually accepted into the role if they have internship experience. Proficiency in electronic procurement and analytical software is a plus. Since procurement analysts hold a position that requires regular interaction with vendors and management, they should have exceptional communications and interpersonal skills. The analyst must also have extraordinary negotiation skills. Attention to detail and strong analytical skills are also vital to getting hired for this role. As the position requires meetings with clients and possible inspections of facilities, the applicant should be open to working in an office environment and traveling.