What does a buying analyst do?
A buying analyst specializes in conducting extensive market research and analysis to develop conclusions and recommendations that will help companies in making purchase decisions. They focus on studying the suppliers and competing companies, gathering and analyzing consumer feedback, performing audits and risk assessments, and making forecast models. They may also assess and evaluate external parties, such as vendors and distributors. Through the findings of their research, a buying analyst may also help in establishing guidelines, protocols, and methods to optimize business operations and develop solutions against problem areas.
Buying analyst responsibilities
Here are examples of responsibilities from real buying analyst resumes:
- Support the implementation of vendor manage inventory programs for MRO relate commodities.
- Develop, implement and control MRO relate commodities cost saving initiatives in alignment with business unit goals.
- Submit, receive and analyze RFQ.
- Request RFP's and negotiate contracts.
- Champion order fulfillment, business development, order placement, vendor relations, and MRP planning.
- Handle MRO buying, as well as coding invoices so that correct account center is hit.
- Prepare requests for quotations; plan and issue of packaging materials, maintenance items, tooling items, MRO, etc.
- Track commodity futures contract expiration and settlement.
- Execute timely procurement of quality materials in response to MRP system requirements.
- Develop strategy and recommend subcontractors to RFQ base on capability and capacity.
- Coordinate all imports and inbound movements working closely with approve lead logistics providers.
- Improve operational efficiency by analyzing and redesigning the company's logistics supply chain.
- Prepare and present reports detailing compliance review findings and solutions to GSA's senior-level executives and organizational acquisition operations directors.
- Ensure accuracy of all components and WIP on the production line and in the warehouse.
- Monitor and facilitate flow of automotive material through terminal, coordinating JIT procedures.
Buying analyst skills and personality traits
We calculated that 20% of Buying Analysts are proficient in Purchase Orders, Delivery Schedules, and MRP. They’re also known for soft skills such as Analytical skills, Communication skills, and Interpersonal skills.
We break down the percentage of Buying Analysts that have these skills listed on their resume here:
- Purchase Orders, 20%
Sourced materials for assigned commodities, reviewed requisitions, obtained quotations, examined bids and awarded purchase orders.
- Delivery Schedules, 6%
Communicate with vendors regarding purchase order status, establish lead times, pricing, availability and delivery schedules.
- MRP, 6%
Performed analysis/planning functions utilizing an MRP II system.
- Expedite, 5%
Worked with suppliers daily to expedite critical material requirements based on production needs.
- Cost Savings, 5%
Developed methods of identifying and reporting material shrinkage resulting in yearly cost savings of over $375,000.
- Lean Manufacturing, 4%
Support production through JIT delivery and the use of Lean manufacturing principles.
Common skills that a buying analyst uses to do their job include "purchase orders," "delivery schedules," and "mrp." You can find details on the most important buying analyst responsibilities below.
Analytical skills. To carry out their duties, the most important skill for a buying analyst to have is analytical skills. Their role and responsibilities require that "management analysts must be able to interpret information and use their findings to make proposals." Buying analysts often use analytical skills in their day-to-day job, as shown by this real resume: "analyzed energy, technology, and retail sectors to select undervalued equities for investment. "
Communication skills. Another soft skill that's essential for fulfilling buying analyst duties is communication skills. The role rewards competence in this skill because "management analysts must be able to convey information clearly in both writing and speaking." According to a buying analyst resume, here's how buying analysts can utilize communication skills in their job responsibilities: "established and maintained strong supplier relationships and communication with our key suppliers. "
Interpersonal skills. This is an important skill for buying analysts to perform their duties. For an example of how buying analyst responsibilities depend on this skill, consider that "management analysts work with managers and other employees of the organizations for which they provide consulting services." This excerpt from a resume also shows how vital it is to everyday roles and responsibilities of a buying analyst: "team-oriented with excellent interpersonal skills to rapidly respond to change in customer demand and work scope priorities. ".
Problem-solving skills. A big part of what buying analysts do relies on "problem-solving skills." You can see how essential it is to buying analyst responsibilities because "management analysts must be able to think creatively to solve clients’ problems." Here's an example of how this skill is used from a resume that represents typical buying analyst tasks: "assisted/resolved user issues with jde erp system as well as excel, word, and outlook. "
Time-management skills. A commonly-found skill in buying analyst job descriptions, "time-management skills" is essential to what buying analysts do. Buying analyst responsibilities rely on this skill because "management analysts often work under tight deadlines and must use their time efficiently to complete projects on schedule." You can also see how buying analyst duties rely on time-management skills in this resume example: "coordinate and expedite parts delivery to meet deadlines assigned by contract project managers. "
The three companies that hire the most buying analysts are:
- Wpp Us Holdings Inc7 buying analysts jobs
- Honeywell4 buying analysts jobs
- Volkswagen Group of America3 buying analysts jobs
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Compare different buying analysts
Buying analyst vs. Workforce management analyst
A workforce management analyst's role is to oversee the workforce in a company while developing better management strategies. Their responsibilities revolve around conducting research and analysis to identify employees' needs, detect vulnerabilities in human resources, monitor staff performance and attendance, address issues and concerns, ensure schedule compliance, and coordinate with different departments within the company. A workforce management analyst may also perform clerical tasks such as producing reports, creating presentations, and arranging schedules. Moreover, it is vital to ensure that all employees adhere to the company's policies and regulations.
There are some key differences in the responsibilities of each position. For example, buying analyst responsibilities require skills like "purchase orders," "delivery schedules," "mrp," and "expedite." Meanwhile a typical workforce management analyst has skills in areas such as "call volume," "powerpoint," "schedule adherence," and "strong analytical." This difference in skills reveals the differences in what each career does.
Workforce management analysts earn the highest salaries when working in the finance industry, with an average yearly salary of $68,779. On the other hand, buying analysts are paid more in the finance industry with an average salary of $84,576.On average, workforce management analysts reach similar levels of education than buying analysts. Workforce management analysts are 1.8% less likely to earn a Master's Degree and 0.1% more likely to graduate with a Doctoral Degree.Buying analyst vs. Human resources analyst
A human resources (HR) analyst is an individual who collaborates with a company's HR staff members to identify and assist in solving HR-related issues. HR analysts must provide advice and support to numerous departments in the organization regarding HR policies and best practices. They assist the HR team in the moderation of operating policies, guidelines, and systems to encourage best practices in the company. HR analysts also review data of employees and job candidates while inputting them into the HR database.
While some skills are similar in these professions, other skills aren't so similar. For example, resumes show us that buying analyst responsibilities requires skills like "purchase orders," "delivery schedules," "mrp," and "expedite." But a human resources analyst might use other skills in their typical duties, such as, "hris," "customer service," "powerpoint," and "data integrity."
On average, human resources analysts earn a lower salary than buying analysts. Some industries support higher salaries in each profession. Interestingly enough, human resources analysts earn the most pay in the finance industry with an average salary of $80,923. Whereas buying analysts have higher pay in the finance industry, with an average salary of $84,576.Average education levels between the two professions vary. Human resources analysts tend to reach higher levels of education than buying analysts. In fact, they're 6.8% more likely to graduate with a Master's Degree and 0.1% more likely to earn a Doctoral Degree.Buying analyst vs. Finance management analyst
A finance management analyst specializes in performing extensive research and analysis to devise strategies that can help a company achieve its long-term financial goals. Their responsibilities typically revolve around having an in-depth understanding of the company and its services, gathering and reviewing its financial history and other portfolios, and determining investment opportunities to earn a significant profit. Furthermore, a finance management analyst must report their findings and present action plans, providing a comprehensive explanation to officials, all while adhering to the company's policies and regulations.
There are many key differences between these two careers, including some of the skills required to perform responsibilities within each role. For example, a buying analyst is likely to be skilled in "purchase orders," "delivery schedules," "mrp," and "expedite," while a typical finance management analyst is skilled in "financial management," "financial issues," "management reports," and "financial policies."
Finance management analysts earn the best pay in the government industry, where they command an average salary of $85,442. Buying analysts earn the highest pay from the finance industry, with an average salary of $84,576.Most finance management analysts achieve a higher degree level compared to buying analysts. For example, they're 7.0% more likely to graduate with a Master's Degree, and 0.3% more likely to earn a Doctoral Degree.Buying analyst vs. Administrative analyst
An administrative analyst specializes in analyzing the company's processes and operations to come up with the best practices for the business. Their responsibilities revolve around conducting research and analysis through site inspections, surveys, interviews, and assessments. They must also coordinate with different department personnel to gather and examine data, ensuring that all processes are profitable and efficient. Furthermore, as an administrative analyst, it is essential to present findings and progress reports in adherence to the company's policies and regulations.
Even though a few skill sets overlap between buying analysts and administrative analysts, there are some differences that are important to note. For one, a buying analyst might have more use for skills like "delivery schedules," "mrp," "expedite," and "lean manufacturing." Meanwhile, some responsibilities of administrative analysts require skills like "customer service," "patients," "powerpoint," and "windows. "
Administrative analysts enjoy the best pay in the technology industry, with an average salary of $73,935. For comparison, buying analysts earn the highest salary in the finance industry.administrative analysts reach similar levels of education compared to buying analysts, in general. The difference is that they're 1.9% more likely to earn a Master's Degree, and 0.7% more likely to graduate with a Doctoral Degree.Types of buying analyst
Updated January 8, 2025
