Procurement Specialist

Businesses in all industries depend on the expertise of procurement specialists to obtain the products, materials, and services that are needed to conduct operations at an acceptable cost. The importance of procurement management in the sourcing of goods and services can greatly impact an organization's cost and profit margins. Similar Job Titles Purchasing Specialist Buyer Procurement Analyst Purchasing Analyst Purchasing Agent Procurement Specialist Position Overview A Procurement Specialist manages the ordering process and is responsible for ensuring timely orders and deliveries of materials and services in order to ensure that customer requirements are met. Procurement specialists build vendor relationships to secure the best prices on products for their company. The main duties of a procurement specialist include locating key suppliers, negotiating the company's purchasing agreements, and planning and creating purchase orders (POs) to maintain adequate material flow based on forecasting. This includes following through POs to ensure timely deliveries, accurate receipts, and resolution of any supply issues to prevent material shortages or delays. An effective Procurement Specialist develops efficient procurement solutions and supports senior management with the development and implementation of sourcing strategies. This role requires excellent communication skills, strong analytical skills, and knowledge of the company's Enterprise Resource Planning system. Additionally, a procurement specialist may track inventory and restock goods when needed, depending on the size of the company. This role can also require an awareness of industry trends and new products as it relates to working with demand planners and forecasters for future needs. General Activities: Researching – Procurement specialists evaluate and compare products and services to determine which best meet the organization's needs. Cost Analysis – Obtaining goods at the right costs can determine whether a company achieves profitability. Cost is also a factor when setting prices for the company's products or services, which must be in line with what the market will support. Inventory Control – The procurement specialist may oversee the inventory of raw materials or other goods and places orders when supplies run low. Negotiating Contracts – Negotiation is a primary activity of a procurement specialist. After securing the best pricing, terms and delivery options for each product or service, the procurement specialist settles the contract. Projecting Future Needs – Procurement specialists manage current needs while strategizing with various departments and suppliers to ensure the organization's future needs are met without disruptions. Some core responsibilities of a Procurement Specialist include: Planning, creating, and processing timely requisitions and purchase orders for raw materials, sub-assemblies, and finished goods Tracking orders Ensuring on-time deliveries Working with Quality Assurance for inspection upon delivery to ensure orders are filled correctly and that goods meet specifications Developing strong relationships with key suppliers and measure suppliers' performance based on cost, quality, delivery, and service level Communicating with suppliers daily and organizing meetings and projects as needed to resolve supply issues Working with other internal departments such as finance, sales, and operations to resolve issues and concerns Initiating corrective actions on bad materials and following through the resolution with suppliers Researching and identifying prospective suppliers of assigned categories Analyzing industry and demand trends

Businesses in all industries depend on the expertise of procurement specialists to obtain the products, materials, and services that are needed to conduct operations at an acceptable cost. The importance of procurement management in the sourcing of goods and services can greatly impact an organization's cost and profit margins.