Research and compare products and services from suppliers to determine the vendors and products most suitable for an organization.Institute purchasing guidelines for the company.
What does a Procurement Analyst do?
When businesses need to buy things, they turn to Procurement Analysts to find the best suppliers, manage relationships with vendors, and negotiate low prices. That’s because Procurement Analysts are the professional equivalent of the “super shoppers” you see every day at the grocery store: They know the best places to shop, the best times to buy, the best products to purchase, and the best way to get the very best prices. They’re not just consumers; because of their shopping savvy, they’re masters of the deal.
If you’re one of those “professional purchasers,” you might have a promising future as a Procurement Analyst. When you’re a Procurement Analyst, however, you don’t buy groceries — and you don’t need a two-for-one coupon on potato chips. Businesses nonetheless need you to make lots of purchases, including materials, office supplies, equipment, and property, not to mention professional services such as accounting, consulting, and legal counsel.
To do that, you collaborate with your company’s finance department in order to examine budgets, analyze spending, and develop best practices for procurement. Then, each time your company makes a major purchase, you analyze your company’s needs, research vendors, solicit proposals, and collect and compare bids. Next, you negotiate pricing and terms, then draft contracts. Ultimately, you make the purchase.
Finally, post-purchase, you arrange the delivery of goods and services, and maintain ongoing vendor relationships to make sure you continue getting what you pay for — including not only a good price but also high-quality products, fast delivery, and good customer service.
Because a penny saved is a penny earned, you’re kind of like a corporate coupon clipper, functioning as your company’s version of “Consumer Reports”!