Purchasing Analyst Job Description, Duties and Responsibilities
If you are trying to find out what purchasing analysts do, this post provides the job description commonly assigned to the role in most organizations.
It highlights the key duties, tasks, and responsibilities that usually constitute the purchasing analyst work description.
This article will also be useful to you if you are seeking for the purchasing analyst position with an organization.
It reveals major requirements for the purchasing analyst job that most recruiters may expect you to meet to be called up for an interview.
Please, continue reading:
What Does a Purchasing Analyst Do?
Purchasing analysts play a vital role in the supply chain management process. Their primary responsibility is to serve as the liaison between organizations and vendors and also develop sourcing strategies, cost analysis/standards, and quality metrics to ensure that the organization maintains a sustainable competitive advantage through its supply chain.
They can find employment in any organization with products to be sold because they depend on supply chain management; therefore, purchasing analysts are employed in virtually every industry.
The purchasing analyst job description entails providing support to buyers and purchasing units by analyzing system data and preparing purchase orders; soliciting bid proposals and reviewing requisitions for goods and services.
It also involves leading the supplier rebate forecasting process, including the review of supplier contracts, imputing contract data into Excel templates, and generating invoices and usage reports; validating consumption or sales and compiling supporting documentation for suppliers.
Purchasing analysts are also responsible for conducting monthly price audits using Excel. They compare contract and invoice pricing and communicate findings to suppliers and distributors with the aim of reducing credit requests.
They work together with Finance and Internal Audit departments to support reporting requirements.
They monitor supplier obligations and compile and present department financial reports to company executives, as well as evaluate current financial models and develop new processes to create efficiencies.
The purchasing analyst work description also entails building sourcing strategies to achieve supply base optimization.
It also includes negotiating with supplier partners for cost savings and avoidance utilizing competitive bench-marking of detailed cost elements and analysis of cost variance.
The analyst is also responsible for establishing and evaluating cost standards to arrive at a regular and efficient approach to pricing and timely payment issuance.
For purchasing analyst working in a manufacturing environment, their job description requires them to participate in Annual Price Review activities with suppliers to promote deep understanding of cost drivers and early design work to optimize the part design/manufacturing environment.
To work as a purchasing analyst requires at least a Bachelor’s degree in engineering, accounting, or business or finance.
Purchasing Analyst Job Description Example/Sample/Template
The purchasing analyst functions as a link between the organization and its vendors. They help to improve efficiency through cost reduction, steady pricing, and apt payment issuance, and uninterrupted flow of goods and materials.
Their goal is to help an organization secure competitive advantage through its supply chain.
The purchasing analyst works in almost every industry, so their job description may vary. However, the major tasks, duties, and responsibilities purchasing analysts are commonly assigned are listed below:
- Respond to e-mails and phone calls from vendors, and interact with various employees to keep orders moving smoothly
- Work together with sales representatives, purchasing agents, and engineering department on new and existing sales, or when a problem arises
- Responsible for providing quotes, lead times, price, and minimum buy information
- Responsible for the analysis and maintenance of procurement and logistics data, including purchase orders, quotations, and invoices source catalogs; material rejection reports, tooling records, and inventory management
- Make enquiries and evaluate suppliers on the basis of price, quality, and selection; service, support, and availability, and other factors relevant to the organization
- Purchase the highest quality goods/materials at the least possible cost and in correct quantities
- Carry out the preparation of purchase orders, review requisitions for goods and services, and solicit bid proposals as needed
- Monitor shipments to guarantee on-time delivery and settle problems associated with undelivered goods
- Accurately report all project milestones to top management
- Analyze different commodity markets to understand market trends and ensure that the organization is using the right supplier.
Purchasing Analyst Job Description for Resume
If you are seeking a new purchasing analyst job and are writing a resume to send to a recruiter, you can apply the sample purchasing analyst job description presented above to complete the professional experience section of the resume.
The professional or job experience part of the resume is where you are expected to highlight the duties and responsibilities you have handled or are presently executing working in the role of a purchasing analyst.
You can apply the purchasing analyst duties and functions highlighted in the sample job description to quickly make the section.
Purchasing Analyst Requirements – Skills, Knowledge, and Abilities – for Career Success
When hiring for the purchasing analyst position, the recruiter’s goal is to find the best suited candidates who can be effective in performing the purpose, obligations, and objectives of the position.
To achieve this goal, recruiters would generally give a list of requirements that job seekers interested in the position must fulfill to qualify for the next stage of the hiring process.
Shown below are major purchasing analyst requirements you may be asked to meet by most organizations if you are applying for the job:
- Education: Some employers may hire people with an Associate’s degree and related experience, but a Bachelor’s degree in Logistics, Supply Chain, Business, Finance, or Engineering, or a related background is usually preferred
- Knowledge: Applicants may be required to have at least 3+ years prior purchasing/supply chain experience. It is also vital that they have an understanding of supply chain management. Employers also look out for people with the ability to predict consumer purchase patterns; knowledge of applicable laws and regulations related to purchasing; and those knowledgeable of the basic procurement and quality principles, procedures, and methods. Applicants should also be skilled in analyzing financial reports, price proposals, and other technical data to perform their job successfully
- Interpersonal and negotiation skills: The purchasing analyst job requires managing suppliers, wholesalers, buyers, etc., therefore, it is important that applicants have negotiating skills to influence decisions, as well as ability to deal effectively with people from various backgrounds or holding opposing views. They must also have the ability to establish rapport, maintain relationships, and tolerate conflicts and unclear situations
- Attention to detail: Employers look out for applicants with attention to detail, who can prioritize tasks, work with a sense of urgency, and yet leave nothing to chance. Applicants must be able to factor in every piece of information that will lead to improved processes and reduced cost
- Computer skills: to perform their duties successfully, applicants should have advanced skills in Microsoft Office application, especially Word, Excel, PowerPoint, etc. Applicants who have working knowledge of SAP, ERP, and LogNet experience are often preferred
- Problem solving skills: it is vital that applicants possess logical thinking and creative abilities to explore vendor sources, narrow down options and choose the best course of action that optimizes the organization’s supply chain
- Team player: Applicants must be individuals that can work well with others and contribute in a team
- Communication skills: it is important that applicants can communicate effectively both orally and in writing. It is useful in conveying information to senior management, relating with employees and vendors, and accurately documenting and recording customer/client information.
To hire a purchasing analyst, recruiters or HR managers need to publish the job description for interested individuals to respond to.
To quickly and conveniently make a detailed description of the purchasing analyst job on offer, recruiters can adopt the sample job description for the role provided in this post.
They only need to edit the highlighted duties and responsibilities where necessary to fit their organization’s needs for the purchasing analyst role.
This post is also helpful to individuals interested in the purchasing analyst career, to learn and improve their knowledge of the role that a purchasing analyst plays in organizations where they work.
With better understanding of what purchasing analyst do, the individuals will be able to make the right decisions about their career choice.
Did you find this post helpful in learning about the duties and responsibilities of purchasing analysts? Please, leave a comment in the box below. Do also feel free to share your job description if you work as a purchasing analyst.