What does a Purchasing Analyst do?
Purchasing analysts play a crucial role in supply chain management, where their primary role is to serve as a liaison between their employer and its vendors. They're responsible for inspecting and testing samples and documenting each product’s features and benefits, using the information to assist with their final purchasing decisions. They are responsible for understanding their employer’s needs and communicating with potential vendors.
Purchasing analysts closely deal with vendors, which requires skilled negotiation, communication, written, and communication capabilities to draft contracts. They must be experts at cost-benefit analysis and continuously use it to compare vendors and choose the best fit for their employer, keeping a timeline in mind. They are responsible for documenting all vendor costs and generating monthly cost reports for stakeholders. Purchasing analysts need a bachelor's degree in engineering, accounting, business, or finance.
- Formulate requests for proposal/quotations/information, bid analysis, tenders, and risk evaluations.
- Advise in the interpretation and tailoring of acquisition regulations/memorandums, and ensure affordable, supportable and effective systems are delivered to the customer.
- Provide assistance in analyzing and developing improved policies, plans, methods, procedures, and systems of acquisition management programs.
- Mentor, train and lead junior acquisition analysts and allocating/manage resources across multiple tasks/projects.
- Select suppliers and manage corresponding partnerships for all operating companies.
- Lead cross-functional affiliate teams to drive purchasing initiatives and improve bottom line performance.
- Maintain current and accurate understanding of a broad base of commodities, service categories and general business conditions.
- Analyze trends and make corresponding sourcing decisions that contribute directly to the company's competitive position.
- Negotiate and award multi-faceted, large and complex, business wide and affiliate specific enterprise contracts to minimize operational, legal and financial risks.
- Bachelor's Degree in business or computer science.
- Exhibit strong leadership and problem solving skills.
- Experience with Enterprise Resource Planning programs and tools.
- Comfortable preparing and analyzing cost estimates.
Purchasing Analyst Career Path
Learn how to become a Purchasing Analyst, what skills and education you need to succeed, and what level of pay to expect at each step on your career path.
Average Years of Experience
Purchasing Analyst Insights
“Working style is good and well department”
“Good and timely pay.”
“its best organisation for extrusion process and its my pleasure to work with purchase department.”
“Good good good good good”
“Good good good good good”
“Decent benefits but not amazing”
“Nice to work and great”
“my department is great and the superior is willing to teach”
Purchasing Analyst Interviews
Frequently asked questions about the role and responsibilities of a Purchasing Analyst
- Purchasing Agent
- Procurement Agent
- Supply Chain Manager