A procurement analyst builds new relationships between the company and vendors, and ensures that these relationships are maintained to the satisfaction of all parties. The analyst also negotiates arrangements for the purchase of the goods, materials, and services the company requires within its budget limitations. In meetings with vendors, the procurement analyst must determine prices and set up a system of delivery, as well as research the market appropriately to ensure that the company is getting the best possible value. They must research the vendors to verify their credibility and ability to provide what is promised, as well as keep abreast of data resulting from the vendor relationship to make sure it is worth maintaining in its present form or at all.
Procurement analysts holds a position that requires a large amount of contact with outside vendors, and so strong written and verbal communications skills are vital. The analyst must present be strong yet reasonable with the vendor, so both sides understand clearly the terms of any prospective agreement. Attention to detail and strong analytical skills are also vital for correct analysis of procurement data and to make sure that the company honors its obligations. As the position requires meetings with clients and possible inspections of facilities, the applicant should be prepared to split office time with potentially considerable amounts of travel.
A bachelor's degree in business management, business administration, or a related field is a typical requirement of most employers. Professional experience is also highly preferred, especially if it is in a field involving vendor-client interaction. If the applicant is a recent graduate with internship experience in a related field, employers may consider this in lieu of professional experience.
Procurement Analyst Tasks
- Negotiate costs, specifications, and timelines with vendors and suppliers, ensuring beneficial contracts.
- Coordinate payment, delivery, scheduling, and organization of purchases, and place orders to ensure ongoing supply.
- Define, measure, and track categories for spending to provide targeted analyses of budget.
- Collect and analyze organization-wide data to support decision-making groups.
- Update system and inventory data, leading data quality and assurance.