What Is Purchasing Analyst?


Author: Artie
Published: 26 Mar 2022

Purchasing Analyst Resume

Purchasing analysts are responsible for conducting monthly price audits. They compare contract and invoice pricing to see if they can reduce credit requests. The professional or job experience part of the resume is where you are expected to highlight the duties and responsibilities you have handled or are currently executing in the role of a purchasing analyst.

Procurement Analysts: A Career in the Supply Chain

The supply chain management process has a key role played by procurement analysts. Their primary responsibility is to work with their employer and vendors. Every industry has Procurement Analysts employed, because supply chain management is important to any company that sells products.

Their duties include negotiating contracts and presenting deals to decision makers. Soft skills and technical knowledge are required by procurement analysts in order to do their jobs well. Regardless of industry, Procurement Analysts have to be analytical and able to process a lot of information.

The procurement analysts have to be comfortable speaking in front of small groups, as they often find themselves presenting their opinions to stakeholders on both sides of the process. The final contract used for vendors is written using written and verbal communication skills. One mistake can change the meaning of a contract, so they must be excellent writers.

The primary responsibility of procurement analysts is to decide whether or not to purchase from a particular vendor. Without decision-making skills, it would be hard for Procurement Analysts to do their jobs. The Bureau of Labor Statistics says the national median salary for Procurement Analysts is $59,620.

The average salary of procurement analysts in 2017

The Bureau of Labor Statistics reported that the median salary for purchasing agents and managers was $66,610 in the year of 2017, which means that half earned more and half earned less. The average salary for procurement analysts is between $55,000 and $60,000.

Procurement Analytics: A Tool for Analyzing Supply Chains

Quantitative methods are used to derive actionable insights from data. It involves capturing and using data to support fact-based decision making. It reports on what has happened in the past and uses predictive analytic to guess what will happen in the future.

Regardless of your industry, applying procurement analytics is important to gaining a strategic, competitive edge and complete oversight into buyer and supplier functions. It can help you achieve key metrics in your organization. Better material management, diverse supplier portfolios, more purchasing options, and greater agency are expected of your organization.

Purchase analytic is useful during volatile times, such as the COVID-19 Pandemic. Various industries rely on procurement data and analysis to make sure they have enough inventory. Organizations can keep their supply bases secure and incoming orders flowing while managing unexpected costs by easily tracking costs and suppliers.

Data Analysis for Procurement Decision Support

Establishing a working relationship with the vendor is important, and once it is done the procurement analyst will use his or her datanalysis capabilities to compare vendor terms and performance with market data. Analyzing current market trends and forecasting future performance of goods and services in the open market will provide relevant data used in recommending purchasing strategies that align with the organization's financial goals. A procurement analyst will spend a lot of time converting raw data into information that can be used to make decisions.

Employers who hire procurement analysts look for candidates with a bachelor's degree in finance or accounting. It is helpful to acquire superior negotiating skills in order to become a procurement analyst. Familiarity with the contractual language is a requirement for a procurement analyst, so it is a good idea to get some training on the various laws.

Many procurement analysts have experience with analytical tools. Some people have a better chance of getting a job as a procurement analyst through cultivating trusted relationships with suppliers, while others may enter the field through hands-on experience in purchasing. Negotiating skills are part of the training of a procurement analyst.

Knowledge of a foreign language is an asset for an international employer. Cultural familiarity with the various customs involved in purchasing goods or services is more important than foreign language skills. People who live in the U.S. tend to approach negotiations with an eye toward a quick deal.

An Experienced Purchasing Analyst

The objective is to have an experienced IS Purchasing analyst who is skilled in the basics of the purchasing process. The ability to manage time, develop and oversee budgets, communicate within company departments, suppliers, and executive management is a proven ability. Negotiating contracts with suppliers includes a blanket and bulk commodity pricing agreements.

Knowledge of American and Japanese culture. Strong in Microsoft Office Suite. An organized and thorough Purchasing analyst IV has a proven record of success in procuring quality materials at the best possible cost and time.

A professional who thrives on researching and identifying reliable suppliers that save money. Goes the extra mile. Excellent multitasking skills.

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