Procurement Analysts serve as a medium between employers and suppliers to procure favorable contracts. They analyze potential suppliers, build contracts, and prepare monthly supply cost reports. They are usually hired by organizations that depend on supply chain management. Procurement analysts analyze data to make informed decisions about buying products and services. Some of the typical roles of a Procurement Analyst are listed below:<ul><li>Inventory Manager: Handle processes such as distribution or inventory management at minimum costs and use the most effective ways. </li><li>Supply Chain Analyst: Develop freight rate databases to determine the most cost-effective mode of transportation</li><li>Logistics Analyst: Analyze data on logistics segments, such as availability, reliability, strategic sourcing or distribution, or transportation.</li></ul>

Automating procurement processes and using efficiency-enhancing technologies, such as big data analytics, is becoming more common. A skilled and capable procurement professional is essential to achieving organizational goals while managing expenditures and obtaining goods and services. In India, while an entry-level procurement analyst with less than one year of experience earns ₹ 2.7 Lakhs, a senior-level procurement analyst with more than 8-10 years of experience earns up to ₹ 8 Lakhs. With the advent of technology, the logistics sector has emerged as a crucial employer and contributor to the economy. Almost 14% of India's GDP comes from the logistics sector, estimated at $200 billion.

How to Learn

Some of the major roles and responsibilities of a Procurement Analyst are:<ul> <li>Maintain records of purchase history, invoices, and other procurement-related accounting documents. Inspect requests made for new contracts, assess vendors, and negotiate agreements with suppliers.</li> <li>Identifying potential suppliers that could meet the company&apos;s requirements through market research and analysis. They assure to meet the company&apos;s purchasing needs by coordinating with internal departments.</li> <li>Informing suppliers about company procedures, rules, and regulations to ensure the procurement process goes smoothly. All procurement activities must adhere to state, national, and international laws.</li> <li>Work towards forming an effective strategy for the business that matches the corporate goals.</li></ul>

Roles & Responsibilities

Average take home Salary for a Procurement Analyst in India is around $4496 per year

Salary Breakup

A procurement analyst builds new relationships between the company and vendors, and ensures that these relationships are maintained to the satisfaction of all parties. The analyst also negotiates arrangements for the purchase of the goods, materials, and services the company requires within its budget limitations. In meetings with vendors, the procurement analyst must determine prices and set up a system of delivery, as well as research the market appropriately to ensure that the company is getting the best possible value. They must research the vendors to verify their credibility and ability to provide what is promised, as well as keep abreast of data resulting from the vendor relationship to make sure it is worth maintaining in its present form or at all.

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Procurement Analyst

Salary Breakup

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