What Is a Purchasing Analyst and How to Become One
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What Does a Purchasing Analyst Do?
A purchasing analyst reviews buying habits to identify ways a company or organization can save money. Job duties include working with buyers to collect information about vendors, goods, and services, evaluating the quality and value of existing contracts, preparing reports on purchasing metrics to share with a purchasing manager, and maintaining a current database of vendors. Qualifications for this career include a bachelor's degree in economics or finance and relevant work experience. Strong analytical skills and an understanding of business finance are also important to have to be an effective purchasing analyst.
How to Become a Purchasing Analyst
As a purchasing analyst, you protect an organization’s bottom line by analyzing their supply chain. The qualifications for this job include a bachelor’s degree in economics, systems engineering, or a related field. While it is not required, certification through an organization such as the International Society of Logistics is also desirable. Other qualifications for a purchasing analyst job include critical thinking and analytical skills. Communication skills are helpful if your duties involve negotiating contracts and leases with vendors. You can find employment in any area of manufacturing or with government agencies.
Purchasing Analyst Job Description Sample
With this Purchasing Analyst job description sample, you can get a good idea of what employers are looking for when hiring for this position. Remember, every employer is different and each will have unique qualifications when they hire for a Purchasing Analyst role.
Job Summary
We are seeking a talented, qualified individual to join our company as a Purchasing Analyst. As part of our supply chain management team, you will audit our supply chain processes, vendor relationships, and purchasing history to develop a high-level view of our current organizational strengths and opportunities for improvement. You will create and present reports to purchasing managers and key leadership indicating specific recommendations to improve supply chain efficiency and overall profitability, as well as lead focused teams to liaise with departments during implementation. Our ideal candidate has at least a bachelor's degree in supply chain management, economics, or a relevant technical field.
Duties and Responsibilities
- Perform regular audits of all supply chain processes, including vendor relationships and purchasing trends to identify opportunities for improvement
- Present reports to key leadership and stakeholders outlining current practices and specific recommendations for changes
- Form and lead small teams of supply chain professionals to liaise with departmental leaders during implementation to ensure support of business objectives
- Work closely with suppliers and vendors to create close, efficient relationships and processes
Requirements and Qualifications
- Bachelor's degree in supply chain management, economics, or a relevant field
- Supply chain experience, including procurement, forecasting, and compliance
- Experience leading teams and fostering successful, cooperative work environments
- Strong analytical, problem-solving, and communication skills
- Leadership abilities
