A procurement specialist is adept at ‘procuring’ anything (goods, services, contracts, etc.) that benefits the organization. This CareerStint article will enlist the job description and average salary of a procurement specialist.
Procurement specialists may encounter legal issues in the course of their work; therefore, it is beneficial (not compulsory) for them to have sufficient knowledge about legal procedures regarding the industry they work in.
Supply chain management is an important part of the industry. Irrespective of the whether a company is big or small, the various phases that the business undergoes are required to be monitored. Every manager manages his department in the most efficient way possible; however, some people specifically help coordinate the process and ensure that it runs smoothly the way it was planned. Purchasing is an important aspect of this process, and this task is carried on by a procurement specialist. Through the paragraphs below, you will understand what a procurement specialist does.
- ‘Purchasing’ is the keyword for a procurement specialist. It is what defines his work.
- He has to plan and approve purchase orders.
- He has to prioritize the purchased goods and services as per requirement.
- Depending on the availability of material, he approves/disapproves further purchase orders.
- He writes and updates suitable reports.
- He is responsible for record-keeping and data entry.
- He identifies the necessary raw material and other goods, and places orders to substitute for the bad ones as well as replenish the existing ones.
- He conducts research about newer products and cost-effective material and writes reports about the same.
- He evaluates the product and purchases standardized tools to improve the same.
- He keeps track of the purchase orders and maintains reports about deadlines, expiry, registration date, etc.
- As an efficient leader, he is supposed to maintain client and supplier relationships.
- He visits trade shows and exhibits by different vendors and researches the information on new material and products.
- He makes sure that his orders are in compliance with the supplier’s agreement and guidelines.
- He is responsible for consolidating the different suppliers that his company deals with.
- He acts as the coordinator between the vendors and the company. He makes sure the complaints and requests are dealt with on a timely basis.
- He strengthens relationships by providing high-quality customer service.
- A senior procurement specialist is responsible for securing bids, creating a bidders’ list, and selecting the suppliers from the list.
- Negotiating contracts and deals is one of the primary functions.
- He will have to research on potential suppliers and other contacts, and initiate beneficial contracts.
- Depending on the current scenario, he may sign long-term deals for a massive profit, or may sign short-term contracts for immediate gain. The choice depends on his vision and interpretation of the situation.
- He has to develop and maintain procurement policies and other guidelines to be followed. This requires him to understand the law and comply with the established policies.
- He oversees and coordinates all the aspects of negotiations and undertakes various strategies for successful process implementation.
- Inventory management is a tough one to crack, for a mediocre as well as massive company.
- A procurement specialist has to lead the procurement function in the most efficient way possible.
- He has to keep track of the huge inventory and develop tools to optimize the management.
- He has to develop resources to improve the inventory function and maintain relevance with the established practices.
- He has to be skilled in strategic management and logistics to handle the import and export of goods and services.
- A procurement specialist has to be very careful regarding cost reduction and cost management techniques. In fact, it is one of his primary duties to make sure that purchase orders are bought at the best price.
- He has to keep track of changes in the market situation and understand the right time to place less expensive orders.
- He has to oversee the financial position of the company for a stipulated period of time so that he may be able to judge where and how the capital needs to be managed.
- He is expected to be aware of how much revenue has been spent, how much is available, and how much will be required in future.
- Accordingly, he has to establish new financial policies and goals; perhaps, even a new financial structure to be followed.
- In case more money is being spent, specialists should be able to assess the situation and justify the financial structure if the products are making sufficient revenue.
- They should keep themselves updated about the latest policies and financial know-how.
- A bachelor’s degree in a business-related field is a good start to this career.
- You will need to gain at least 5 years of experience in logistics or supply chain management, to become a qualified procurement specialist.
- Besides, you will need additional certificates for advancement opportunities.
- On-the-job training will certainly open a lot of doors; you can gain sufficient experience and then move on to a sector of your choice.
- Besides education, you will need communication skills, computer knowledge, and sufficient business ability for this designation.
- The salary range of an entry-level procurement specialist falls between USD 24,000 to USD 32,000.
- States like New York and Connecticut have a higher demand for this profession, given that their median salary ranges from USD 60,000 to USD 70,000.
- In contrast, Alaska and Nebraska pay significantly lower salaries, between USD 40,000 to USD 50,000.
|New Hampshire||USD 59,000|
|New Jersey||USD 64,000|
|New Mexico||USD 52,000|
|New York||USD 72,000|
|North Carolina||USD 57,000|
|North Dakota||USD 53,000|
|Rhode Island||USD 54,000|
|South Carolina||USD 59,000|
|South Dakota||USD 45,000|
|West Virginia||USD 56,000|
Source: Indeed.com as of February 24, 2015. Figures are in US Dollars.
- The work environment of a procurement specialist varies heavily depending on the industry.
- At times, you may be working regular hours, from 9 to 5, in front of a computer, while sometimes, you may be constantly traveling to meet suppliers and vendors to negotiate deals.
- You may encounter several deadlines in this field, for the job responsibilities are aplenty.
- You will be employed in the government, oil and gas industries, software and electronic companies, medicine, manufacturing, retail, etc.
- Like most of the management jobs, this one is highly stressful and demanding as well, and non-completion of any task may leave you harassed and frustrated.
- However, all said and done, the work is very interesting and your people skills are always subject to increase exponentially.
The job of a procurement specialist is primarily related to purchasing, as you may have observed. Your job duties may be subject to variation as per your designation as different organizations have different expectations.