Procurement Analyst

TermiKnowledge - Supply Chain, Procurement and Inventory Terminologies
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The Procurement Analyst role is a key highly visible supply chain position which is in charge of overseeing and optimizing the entire inventory management and procurement cost throughout the whole supply chain network. This role also requires the capacity to balance the often conflicting objectives of inventory goals, target customer service objectives, realistic forecast accuracy, and financial safety/security stock requirements for the Supply chain. Procurement analysts are primarily concerned with managing both long-term and short-term requirements in an effective and efficiently managed production and warehousing environment. As an industry specific position, acquisition analysts are not directly involved in the day-to-day management of inventory but instead are involved in analyzing and integrating all factors of production as well as financing, manufacturing and inventory control and data integration. Some acquisition functions include establishing process benchmarks, establishing maximum order quantity limits, assisting in the creation of vendor relationship management and developing and implementing supplier programs.

The primary objective of a Procurement Analyst is to optimize the use of logistics and transportation infrastructure to reduce logistical cost while increasing customer satisfaction. This position requires the capacity to analyze the supply chain framework including manufacturing, assembly, shipping, receiving, and distribution activities. Analysis of the entire supply chain helps to determine where opportunities exist to improve company efficiency by utilizing assets and reducing costs. This analysis may be performed on a daily, weekly or monthly basis.

As part of the overall supply chain management, this position requires the skills to identify problems or potential problems in the supply chain and develop solutions in a timely manner. Procurement is one of the many core functional areas of logistics. The purchase of products is the first step in the supply chain process, therefore, the individual who is in charge of the purchasing process is also in charge of the overall success or failure of the entire supply chain. A successful Purchasing Manager will be able to monitor the profitability of the entire process and act quickly when there are issues that need to be addressed.

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