What does a Purchasing Analyst do?
Published 3 min read
A purchasing analyst is responsible for analyzing and negotiating the procurement of materials, equipment, and services. They work with suppliers to ensure that the company is getting the best possible price for goods and services.
Purchasing Analyst job duties include:
- Research and analyze supplier proposals, bids, and quotations
- Identify and recommend cost-saving opportunities
- Maintain supplier performance records and metrics
- Monitor supplier performance to ensure compliance with contractual obligations
- Negotiate prices and terms with suppliers
- Prepare and issue purchase orders to suppliers
- Track and expedite the delivery of goods and materials
- Resolve issues with suppliers related to quality, price, delivery, or other problems
- Maintain updated knowledge of market trends and pricing
Purchasing Analyst Job Requirements
A Purchasing Analyst typically needs at least a bachelor's degree in business, economics, or a related field. Many analysts also pursue certification through the American Purchasing Society or the Institute for Supply Management. Employers usually prefer candidates with at least two to five years of experience working in purchasing, supply chain management, or a related field. Strong analytical and math skills are essential, as is the ability to use software programs like Microsoft Excel.
Purchasing Analyst Skills
- Analytical skills
- Communication skills
- Organizational skills
- Negotiation skills
- Research skills
- Problem-solving skills
- Interpersonal skills
- Time management skills
- Computer skills
- Math skills
- Budgeting skills
Related: Top Purchasing Analyst Skills: Definition and Examples
How to become a Purchasing Analyst
Purchasing analysts are responsible for analyzing data to help their company make informed decisions about purchasing goods and services. They use their analytical skills to negotiate better prices, terms, and conditions with suppliers. In order to become a purchasing analyst, you will need to have strong analytical skills and be able to effectively communicate with suppliers. You will also need to be familiar with the purchasing process and have a working knowledge of contract law.
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