Procurement Analyst
Quick Facts
Median Salary$80,991
Most Common EducationBachelor's degree
Projected 10-Year Growth-9.59%
Assessment MatchTake the Assessment
What They Do
A Procurement Analyst is responsible for the analysis of purchasing within an organization, ensuring that the purchasing strategy is kept to and that inventory levels are maintained.
Core Tasks:
- Monitor and follow applicable laws and regulations.
- Purchase the highest quality merchandise at the lowest possible price and in correct amounts.
- Prepare purchase orders, solicit bid proposals, and review requisitions for goods and services.
- Formulate policies and procedures for bid proposals and procurement of goods and services.
- Write and review product specifications, maintaining a working technical knowledge of the goods or services to be purchased.
- Analyze price proposals, financial reports, and other data and information to determine reasonable prices.
- Research and evaluate suppliers, based on price, quality, selection, service, support, availability, reliability, production and distribution capabilities, and the supplier's reputation and history.
- Hire, train, or supervise purchasing clerks, buyers, and expediters.
- Negotiate, renegotiate, and administer contracts with suppliers, vendors, and other representatives.
- Evaluate and monitor contract performance to ensure compliance with contractual obligations and to determine need for changes.
- Study sales records and inventory levels of current stock to develop strategic purchasing programs that facilitate employee access to supplies.
- Confer with staff, users, and vendors to discuss defective or unacceptable goods or services and determine corrective action.
- Maintain and review computerized or manual records of purchased items, costs, deliveries, product performance, and inventories.
- Monitor changes affecting supply and demand, tracking market conditions, price trends, or futures markets.
- Monitor shipments to ensure that goods come in on time, and resolve problems related to undelivered goods.
- Review catalogs, industry periodicals, directories, trade journals, and Internet sites and consult with other department personnel to locate necessary goods and services.
- Attend meetings, trade shows, conferences, conventions, and seminars to network with people in other purchasing departments.
What to expect as a Procurement Analyst
1Earn a Bachelor's degree
72% of people achieve this level of education.
2Gain skills and experience
See Procurement Analyst related courses on Tallo
3Land a job
945 openings for Procurement Analysts
Career Progression
in United States (Nation)
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