In the supply chain and logistics disciplines, the procurement analyst acts as a link between vendors and the company. Also known as purchasing analysts, procurement analysts compare suppliers to help their company find the right ones. This professional looks at timely deliveries, price and value and communicates with different vendors to find the best solutions.
The right purchasing agent can mean on-time deliveries, saved money and quality vendors. Understanding procurement analyst qualifications and how to hire the best talent can help your organization. If you need assistance with recruitment and hiring, contact the team at Optimum Supply Chain Recruiters.
Procurement Analyst Job Description
The purchasing agent has several duties, including:
- Testing and inspecting the products or services their vendors sell and documenting their findings
- Staying up to date with new vendors in the discipline as well as new trends in what vendors in their area sell
- Developing a clear understanding of the company’s needs
- Communicating with vendors to explain what their company needs
- Creating contracts with suppliers and closing deals to get needed products and services
- Compiling reports and keeping track of costs for all suppliers, communicating results with stakeholders
- Maintaining Customer Relationship Management (CRM) systems and keeping them updated with information about vendors
- Resolving issues with vendors if they arise
- Changing suppliers if a relationship is not ultimately successful
Procurement Analyst Salary and Qualifications
Successful purchasing analysts need several qualifications. They also need excellent critical thinking, negotiation and contract-writing and review skills for forming relationships with vendors. An understanding of cost-benefit analysis and CRM software is essential to effectiveness in the position. Most purchasing agents have business management and forecasting experience as well as strong communication abilities. The average salary for a procurement analyst is close to $60,000, though some make over $100,000.
Hire a Procurement Analyst Today
Your relationship with vendors has a direct impact on your company’s efficiency and profitability. Finding the best value at the best price and with the best terms improves your bottom line and keeps all departments moving smoothly. The right procurement analyst can help, but finding the right talent can be a challenge.
For many companies, spending time on recruiting, screening, interviewing, hiring and the other tasks involved in finding the right candidate while also running a business is complicated. Optimum Supply Chain Recruiters can help. We have more than 100 years of experience in recruitment for the supply chain and logistics disciplines. Our team offers contingency recruiting, dedicated engagement services and customized solutions. Contact us today to start finding the right talent.
Related: Procurement career progression