Procurement Specialist or Purchasing Specialist, acquires a company’s various supplies. Their main duties include locating key suppliers, negotiating the company’s purchasing agreements and making sure their materials and products meet the company’s specifications.
Devise and use fruitful sourcing strategies Discover profitable suppliers and initiate business and organization partnerships Negotiate with external vendors to secure advantageous terms Approve the ordering of necessary goods and services Finalize purchase details of orders and deliveries Examine and test existing contracts Track and report key functional metrics to reduce expenses and improve effectiveness Collaborate with key persons to ensure clarity of the specifications and expectations of the company Foresee alterations in the comparative negotiating ability of suppliers and clients Expect unfavorable events through analysis of data and prepare control strategies Perform risk management for supply contracts and agreements Control spend and build a culture of long-term saving on procurement costs.
A procurement specialist is responsible for finding goods and services for the company at the best value regarding quality and price. The type of goods procured varies from one industry to another with the underlying duty of meeting budget constraint to increase profitability.
Additional duties of this position include assisting the analysis and preparation of contracts and working closely with upper management teams as well as outside vendors to meet project requirements. Depending on the industry, a procurement specialist may progress into a managerial, executive or directorial position as required by the company.