Forecasting analyst vs procurement analyst

The differences between forecasting analysts and procurement analysts can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 4-6 years to become a forecasting analyst, becoming a procurement analyst takes usually requires 2-4 years. Additionally, a forecasting analyst has an average salary of $69,708, which is higher than the $64,448 average annual salary of a procurement analyst.

The top three skills for a forecasting analyst include supply chain, SQL and data analysis. The most important skills for a procurement analyst are purchase orders, supplier performance, and customer service.

Forecasting analyst vs procurement analyst overview

	Forecasting Analyst	Procurement Analyst
Yearly salary	$69,708	$64,448
Hourly rate	$33.51	$30.98
Growth rate	19%	11%
Number of jobs	31,811	75,154
Job satisfaction	-	-
Most common degree	Bachelor's Degree, 75%	Bachelor's Degree, 69%
Average age	37	44
Years of experience	6	4

What does a forecasting analyst do?

A forecasting analyst is responsible for predicting a business's future production and financial condition by analyzing the company's current data statistics. Forecasting analysts evaluate the company's sales performance, inventory levels, production speed, and turnaround time of deliverables. They also study the latest industry trends, identifying business opportunities from consumer demands and interests to develop revenue resources to maintain the business' financial stability. A forecasting analyst must have excellent communication and analytical skills, especially on creating report models and finance measurement accuracy.

What does a procurement analyst do?

Procurement analysts procure favorable contracts by acting as liaisons between suppliers and their employers. They are hired by organizations that rely on supply chain management to analyze and evaluate potential suppliers, prepare reports about monthly supply costs, and negotiate contracts. With good critical thinking skills, these procurement analysts who are also known as purchasing analysts, evaluate vendors and suppliers based on the speed of delivery, quality, and price. They use quantitative methods to support fact-based decision-making to become competitive and to ensure cost-efficiency and high quality of the products and services.

Forecasting analyst vs procurement analyst salary

Forecasting analysts and procurement analysts have different pay scales, as shown below.

	Forecasting Analyst	Procurement Analyst
Average salary	$69,708	$64,448
Salary range	Between $53,000 And $90,000	Between $45,000 And $91,000
Highest paying City	Seattle, WA	Washington, DC
Highest paying state	Washington	Maryland
Best paying company	Apple	PayPal
Best paying industry	Manufacturing	Retail

Differences between forecasting analyst and procurement analyst education

There are a few differences between a forecasting analyst and a procurement analyst in terms of educational background:

	Forecasting Analyst	Procurement Analyst
Most common degree	Bachelor's Degree, 75%	Bachelor's Degree, 69%
Most common major	Business	Business
Most common college	University of Georgia	Northwestern University

Forecasting analyst vs procurement analyst demographics

Here are the differences between forecasting analysts' and procurement analysts' demographics:

	Forecasting Analyst	Procurement Analyst
Average age	37	44
Gender ratio	Male, 55.3% Female, 44.7%	Male, 47.7% Female, 52.3%
Race ratio	Black or African American, 5.0% Unknown, 5.0% Hispanic or Latino, 11.9% Asian, 12.7% White, 65.3% American Indian and Alaska Native, 0.1%	Black or African American, 8.2% Unknown, 4.5% Hispanic or Latino, 9.0% Asian, 11.8% White, 66.4% American Indian and Alaska Native, 0.2%
LGBT Percentage	10%	12%

Differences between forecasting analyst and procurement analyst duties and responsibilities

Forecasting analyst example responsibilities.

Manage National/Global RFP project process by creating pricing models and coordinating pricing efforts of different ManpowerGroup brands.
Enter sales and freight information in company ERP software program.
Work with logistics to track shipments to distribution center and ensure customer delivery dates are met.
Develop and execute the POS and inventory forecasts and analysis for mass merchants and national /international sales accounts.
Create promotional, POS, & inventory reports for both domestic and international accounts and submit to company each week.
Utilize Nielsen data to create category reviews, new product presentations, and attend customer meetings to support customer category managers.

Procurement analyst example responsibilities.

Manage SQL reporting database server that are used by procurement analyst and pull into SharePoint.
Lead a software implementation process and training program for company's ERP (Advantage/Sapphire) system.
Manage, negotiate and source MRO products and services, for building, machinery and grounds maintenance.
Perform reviews of select teams and programs to determine whether VBA and federal policies and guidelines are effectively implement and manage.
Prepare budget estimates base on the P6 schedule in accordance with NASA PPBE guidance.
Function with senior management on RFP and RFQ as well as periodically report detailed analysis of vendor responses.

Forecasting analyst vs procurement analyst skills

Common forecasting analyst skills

Supply Chain, 9%
SQL, 9%
Data Analysis, 7%
Strong Analytical, 6%
SAS, 5%
Demand Planning, 5%

Common procurement analyst skills

Purchase Orders, 9%
Supplier Performance, 7%
Customer Service, 6%
Logistics, 4%
Strategic Sourcing, 4%
Data Analysis, 4%

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Forecasting Analyst vs Procurement Analyst

Updated January 8, 2025

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