The Procurement Analyst is responsible for helping to establish and adhere to certain purchasing guidelines based on the strategies and goals outlined by their employer and more specifically the finance department. He or she may be expected to regularly compose RFIs (Requests for Information), a preliminary tool used to collect information about the strengths and abilities of prospective vendors, or RFPs (Requests for Proposal), which allows a company to invite service or merchandise suppliers to bid on projects or jobs.
Once the best vendor to supply the service or merchandise has been selected, the Procurement Analyst will generally negotiate the exact terms of the agreement so as to establish clear expectations on the part of both parties. If someone is considering a procurement job, it is important to keep in mind that the Procurement Analyst is also responsible for drafting all contracts between their employer and their prospective vendors. These contracts will contain all the guidelines and stipulations of their business agreement, including, but not limited to, length of contract, expected goods and services, time line for delivery of said goods and services, quality and quantity expectations, and payment terms. Excellent written and verbal communication skills are thus a definite requirement for this position.
After a working relationship has been established and the company is in receipt of the specified goods or services, as with most procurement jobs, a Procurement Analyst will be expected to put their data analysis skills to use. They must be prepared to analyze current market trends within their field based on sales or performance data, as well as to forecast future performance and make procurement recommendations accordingly. Therefore, being detail oriented and having the ability to translate raw data into usable information is absolutely mandatory.
To be considered for most procurement jobs, the candidate must possess at least a Bachelor's degree from an accredited institution. The position of Procurement Analyst is no exception. Most companies seeking to hire a Procurement Analyst prefer an employee with a degree in Business, Finance, or a related field. In addition, a minimum of three years working in the intended industry is usually expected. Proficiency with MS Office Suite, particularly Excel and Word are also mandatory, as these programs will prove invaluable to anyone who seeks to excel in their procurement job. Familiarity and experience with other programs such as Outlook, Access, and PowerPoint will also be in a candidate's favor.
A Procurement Analyst must be detail oriented, analytical, organized, and objective. He or she must be able to analyze data quickly and ascertain a plan of action based on that data. If the profitability of their employer can be assured, so can the security of their position.