Becoming a Procurement Analyst

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A procurement analyst or procurement specialist is a professional that can find placement in almost all industries. They are basically responsible for procuring raw materials, equipment and any other material requirement of the company or industry they are working for. For this they need to find vendors and strike the best deal through intelligent negotiations. Their aim is to ensure that they are buying the required materials within the allocated budget.

Responsibilities That Are Undertaken by a Procurement Analyst

  • Develops processes and procedures related to procurement
  • Analyzes the material procurement needs of the organization
  • Ensures that all bills and other related documents are properly filed
  • Proposes a purchase budget and gets it sanctioned from higher authorities
  • Collaborates with the finance department to ensure that payments are made on time
  • Checks that the materials to be purchased are of good quality
  • Conducts research on the vendors whenever a purchase has to be made by the company
  • Searches for quality in products and services at the best price
  • Keeping in touch with vendors and asking for quotes
  • Doing price negotiations before finalizing the deal
  • Ensures all paperwork like contracts and other documents are made
  • Provide feedback to vendors about goods and services purchased

Skills Required as a Procurement Analyst

All procurement analysts must possess strong and excellent communications skills because he or she would require interacting with everyone, from the management to the vendors. Negotiation is the key aspect of this job, therefore, a procurement analyst should possess the ability to acquire credibility and trust from the others. Maintenance of a relationship with all the vendors has to be done but it is also the job of a procurement analyst to protect and work towards the achievement of the company's goals.

Educational Requirements

If you are in the search of a procurement analyst job then it would be best if you possessed a four-year degree in business management, administration or any similar field. Companies also prefer candidates who have some experience professionally.

Most of the procurement analysts have an average annual salary around $63,000.

It is known that every organization requires procurement analysts and therefore the job opportunities are many, since there has been a growth in various companies and industries. However, the competition is such that one is required to have advanced certificates, experience and qualifications.

Finding a Procurement Analyst Job

Register on good job search websites and make sure that your CV highlights your credentials, qualities and achievements in a clear way. Have a well formatted CV with no language errors. You must also have a well-written cover letter. You can also join a company as an intern to get a good exposure about the work environment. You can also do job networking and visit sites of companies that need procurement analysts. You can also apply there directly. Prepare well for the interview and be confident. There is no dearth of good job options for the right candidate. Good luck in your job search.
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