Purchasing Manager

Working Schedule

• Procurement Analysts usually work full-time jobs, with some overtime possible depending on the needs of the employer. Shopping trends and holidays may affect how busy a company is, which in turn impacts how busy its analysts and purchasing managers will be! 

Typical Duties

• Forecast the employer’s upcoming procurement needs; make plans for meeting needs and goals
• Create and post Requests for Quotes, Requests for Proposals, and Requests for Information
• Review submissions and catalogs
• Attend trade shows and events to stay on top of new products and services on the market
• Draw up lists of potential suppliers and vendors (suppliers are those who sell directly; vendors are third-party sellers)
• Maintain technical proficiency and understanding of pertinent products or services being considered
• Conduct impartial evaluations of supplier and vendor offerings and risks of doing business 
• Compare bids, quotes, prices, distinctions, advantages, and disadvantages between potential suppliers and vendors
• Arrange meetings with prospective partners; schedule interviews and site visits
• Conduct visits and tours of factories and distribution centers to evaluate the suitability, reliability, and efficiency of potential partners 
• Test products and services for quality 
• Ensure supplier/vendor practices align with the employer’s brand values 
• Generate cost reports to help managers make informed purchase decisions 
• Make impartial, objective, and discrete decisions regarding which suppliers and vendors to buy from
• Negotiate fair prices with suppliers and vendors; come to agreeable terms then draw up contracts for review and signature
• Ensure compliance with applicable guidelines and laws
• Work with legal teams, manufacturing points of contact, and supply chain managers
• Use Contract Lifecycle Management Systems to keep records safe and organized 
• Conduct supplier/vendor assessments to gauge performance
• Review contracts when it is time for renewal 

Additional Responsibilities

• Look for ways to reduce costs and streamline deal-making 
• Study sales records and track price trends
• Review invoices/purchase orders for errors
• Analyze trends and potential supply chain risks; devise backup plans 
• Utilize strategic sourcing principles
• Liaison between the company and its suppliers and vendors; build rapport and manage long-term relationships
• Perform inventory management to ensure items are stocked as needed

Soft Skills

• Active listening
• Analytical thinking
• Collaboration 
• Decisiveness
• Detail-oriented
• Frugality 
• Impartiality 
• Independence
• Integrity
• Intuition
• Leadership 
• Objectivity
• Patience
• Persistence 
• Persuasiveness 
• Problem-solving skills
• Strong communication skills
• Teamwork

Technical Skills

• Budgeting and financial analysis software
• Customer relationship management 
• Database reporting tools 
• Enterprise Resource Planning tools such as SAP and JDE
• Financial acumen
• Inventory management software
• Legal contract language
• Materials requirements planning/logistics and supply chain software — Infor Lawson Supply Chain Management
• Procurement software (aka RFQ or purchasing management software)
• Project management programs like Oracle Primavera P6 Enterprise Portfolio Project Management
• Spreadsheets
• Understanding the technologies related to products or services being procured

• Manufacturing
• Wholesale trade
• Government agencies
• Private companies 
• Retail trade

Many companies grant their Procurement Analysts a lot of trust and independence, relying on them to look after the best interests of their employer. Analysts must do diligent research to ensure they find the best potential partners to do business with. Switching suppliers and vendors can be a major hassle, so it’s always important to try and get it right the first time, then build upon those relationships. 

That said, when problems arise, analysts have to stay objective and consider what’s right for their employer’s long-term needs. They must maintain ties that are mutually beneficial, but break off and move on if a supplier or vendor relationship isn’t working out. 

Issues that often come up include sellers not upholding their end of a contract and products or services no longer being cost-effective to purchase. The longer a company and supplier/vendor have been doing business together, the harder it is to make the call and end things. When the time comes to end a contract, analysts need to know how to handle it professionally without burning bridges.

Procurement processes may not evolve quickly, but they do change over time. One of the big trends impacting the field is the increasing reliance on digitalization and automation, both of which are helping improve efficiency and cut costs. Similarly, companies are focused more than ever on staying flexible, agile, and resilient in the face of unexpected events. Procurement Analysts will rely more and more on data and analytics to make or advise decisions. Meanwhile, as supply shortages and transportation disruptions continue to create challenges, companies are doing all they can to strengthen supplier relations while adding diversity to mitigate risk.

Procurement Analysts must research and analyze data and statistics, which means they are pretty organized, methodical, and patient. These traits may have been developed during certain childhood activities or they were simply inherent personal qualities. In their youth, analysts might have been very curious about things and enjoyed reading, playing games, solving puzzles, or watching how-to videos. They also usually show strong interpersonal skills and might have grown up in larger families or participated in school activities where they helped plan and organize events.