What does a Procurement Analyst do?
Published 3 min read
A Procurement Analyst is responsible for the procurement of goods and services for an organization. They develop and implement procurement strategies, negotiate contracts, and manage supplier relationships. They also ensure that procurement activities are compliant with organizational policies and procedures.
Procurement Analyst job duties include:
- Research and analyze data to find the best possible suppliers
- Develop and maintain supplier relationships
- Negotiate prices and contracts with suppliers
- Monitor supplier performance and compliance
- Maintain accurate records of all procurement activities
- Prepare reports on procurement activities and spend
- Assist in the development and implementation of procurement policies and procedures
- Train and support other staff members on procurement procedures
- Stay up-to-date on trends and innovations in the procurement field
Procurement Analyst Job Requirements
A procurement analyst is responsible for the procurement of materials and services for an organization. They develop and manage contracts, negotiate pricing, and select vendors. A procurement analyst typically has a bachelor's degree in business administration or a related field. Certification from the American Purchasing Society is also beneficial. Experience in supply chain management or purchasing is often required.
Procurement Analyst Skills
- Strong analytical skills
- Excellent communication skills
- Good negotiation skills
- Good organizational and time management skills
- Ability to work independently and as part of a team
- Ability to meet deadlines
- Strong attention to detail
- Knowledge of procurement processes and procedures
- Knowledge of contract law
- Familiarity with supply chain management concepts
- Experience with ERP systems
Related: Top Procurement Analyst Skills: Definition and Examples
How to become a Procurement Analyst
A procurement analyst is responsible for the purchasing and supply of goods and services for an organization. They work with suppliers to negotiate contracts, purchase goods and services, and track spending. In order to become a procurement analyst, you will need a bachelor’s degree in business administration or a related field. You will also need experience in supply chain management, contract negotiation, and supplier relationship management.
Related: Procurement Analyst Resume Example
Related: Procurement Analyst Interview Questions (With Example Answers)