What does a Procurement Analyst do?
Procurement analysts act as liaisons between employers and suppliers to procure favorable contracts. They evaluate and analyze potential suppliers and use negotiation techniques when considering a deal. They prepare monthly supply cost reports and work for organizations that rely on supply chain management to sell their products. They cultivate new and ongoing relationships with wholesale distributors, manufacturers, or other products and services providers.
Procurement analysts determine supply needs and research potential suppliers. They oversee suppliers, test product samples, and document the features and benefits of certain products and services. They prepare cost-benefit analysis reports for management review and negotiate favorable contracts with selected vendors or suppliers. They give monthly supply cost progress reports to their superiors and teams and monitor a company’s demand for products to avoid supply shortages and excess inventory. They have a working knowledge of vendor and supplier-related updates and industry activities. Procurement analysts need a minimum bachelor’s degree with engineering, business, accounting, or finance backgrounds
- Lead procurement activities and assigned commodities required for the sourcing of complex programs for material, software, and services.
- Facilitate the internal review/sign off process of budget/financial appendix within the site agreement.
- Identify, analyze, translate, and document business and user requirements to ensure the software meets user needs.
- Negotiate additions, deletions, or modifications to purchase orders and resolve invoicing issues.
- Responsible for the timely updating of the departmental contract tracking system.
- Assist in the financial analysis of RFPs, prepares weekly/monthly reports, and conduct forecast exercises for Procurement objectives.
- Source and purchase machinery, equipment, tools, raw material, packaging materials, parts, services, and/or supplies as necessary.
- Collaborate with the supplier quality team, category leads, and manufacturing to reduce non-conformance incidents, resolve outstanding claims, and improve fulfillment rates.
- Engage in analysis of beta testing and implementations of order process improvements with clear metrics of success, updating process documentation accordingly.
- Generate reports in appropriate format using basic software. reviews to ensure accuracy and completeness. identify issues (e.g., missing variables, incorrect data, etc.).
- Compile information to keep informed on price trends and manufacturing processes.
- Monitor MOQs and Procurement/Supplier related inventory policies (ie VMI) to optimize inventory and minimize obsolescence at our KDP as well as suppliers' sites.
- Follow and execute to established and approved procurement policies and procedures in order to provide the best value consistent with quality and service requirements while maintain, good supplier relations.
- Bachelor's Degree or higher in business, computer science, or engineering.
- Proficient with Microsoft Office Suite, especially Excel.
- Deep understanding of spreadsheet/reporting manipulation, including pivot tables, functions.
- Exemplary leadership and negotiation abilities.
- Experienced with Enterprise Resource Planning tools and programs.
- Solid cost analysis skills.
How much does a Procurement Analyst make?
Procurement Analyst Career Path
Learn how to become a Procurement Analyst, what skills and education you need to succeed, and what level of pay to expect at each step on your career path.
Average Years of Experience
Procurement Analyst Insights
“My boss was impossible to work with and I do not recommend anyone to take work in the group.”
“Great for career growth which puts you in a more competitive rate of success in the job search”
“Day rate is low compared to national average but I think they are reviewing this.”
“I really enjoyed this company because the people who were working with me were helpful and committed to me having work daily.”
“My education consultant was really helpful and friendly”
“We worked from home almost a year in a half and now you have to have special circumstance to wfh.”
“It was challenging but a great internship”
“Regular work and willing to listen to my requirements”
Procurement Analyst Interviews
Frequently asked questions about the roles and responsibilities of a Procurement Analyst
- Procurement Agent
- Purchasing Agent
- Supply Chain Manager