What are careers in procurement?

Question

Accepted Answer

Procurement analyst, strategic sourcing manager, and chief procurement officer are careers in procurement.

Procurement Analyst

Procurement analysts serve as liaisons between their employers and suppliers to procure favorable contracts. They evaluate and analyze potential suppliers, negotiate contracts, and prepare monthly supply cost reports.

They are mainly employed by organizations that rely on supply chain management to sell their products. Their primary responsibilities are:

Determining supply needs
Researching potential suppliers
Sourcing suppliers
Testing product samples
Documenting the benefits and features of products and services
Preparing cost-benefit analysis reports
Negotiating favorable procurement contracts
Monitoring the demand for products (avoiding supply shortages)

A procurement analyst may also be required to travel to distribution centers and plants for current and potential vendors to learn about their products, services, and prices. They need to have a working technical knowledge of the services being purchased to ensure they are making the best purchasing plan possible for their organization.

A successful procurement analyst will need to be informed about industry trends regarding pricing, quality, and availability. They will also need to study sales records and inventory levels of their current stock to make sure they can continue to meet the projected needs of the clients and company.

Strategic Sourcing Manager

Another career option in procurement is a strategic sourcing manager. In this role, the strategic sourcing manager will analyze and direct procurement expenditure. They source supply partners, develop sourcing policies and create cost estimates and forecasts.

They are also involved in negotiating fair and cost-effective supply contracts. Their typical day-to-day responsibilities include:

Evaluating source procedures
Presenting improvement strategies
Analyzing and calculating procurement costs
Developing cost reduction strategies
Driving purchasing decisions
Negotiating contracts with key suppliers
Conducting market research
Creating cost estimates and forecasts
Hiring, training, and management procurement department employees
Developing partnerships with sourcing partners

The purchases made by the strategic sourcing manager are usually complex and high-impact. For that reason, they must be very analytical and tactical in the way they approach their job. Being a big-picture thinker is very important in this type of position as well as a strong business judgment.

Chief Procurement Officer

The chief procurement officer (CPO) is another career option in procurement. The CPO leads the organization's procurement department and oversees the acquisition of goods and services made by the organization. The CPO ensures that the purchases will meet the organizational needs while providing a high-profit margin.

The CPO is expected to produce a procurement plan and strategy to reduce and contain costs. This plan will be a part of an overall procurement strategy that will:

Evaluate and help select suppliers
Ensure excellent supplier performance
Oversee contract negotiations
Guarantee the highest level of ethics in every transaction
Ensure procurement policies and procedures are in compliance

The CPO is also tasked with:

Ensuring products and services are delivered on time
Ensuring supplier relationships are being managed appropriately
Ensuring procurement teams and projects are being managed appropriately
Ensuring all procurement processes comply with various laws and regulations
Ensuring the procurement strategy aligns with company goals

A CPO is expected to have experience working in purchasing departments and should be skilled in strategic sourcing, decision-making, and project management. They also need to be able to work collaboratively across all areas of the organization and the procurement department.

Skills	Percentages
Purchase Orders	13.86%
Purchase Requisitions	13.01%
Contract Management	6.71%
Logistics	5.90%
Procurement Procedures	5.02%

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