Procurement Specialist – The Ultimate Guide for 2023
The procurement specialist role is quite the mysterious one. Not exactly on par with the procurement manager, but a bit on a higher level than the procurement analyst, the procurement specialist needs a definite role and specialization.
Most especially since a lot of people are actually noticing the high salary rate of the procurement specialist role.
For this article, we are going to take a look at the procurement specialist role. We will define the role itself, check the requirements and what makes it different from the procurement analyst role, its salary rate for this year, and its responsibilities in the procurement team.
Perhaps you’ll be considered as a procurement specialist when you’re done reading this article!
- A procurement specialist acts as the quality assurance officer of a procurement team
- A procurement specialist’s role is more well-rounded with his or her task than a procurement analyst.
- A procurement analyst is more involved in the purchasing part of the procurement.
Definingthe Procurement Specialist Role
Various procurement jobs are still raking in the dough, as we speak. This is because even if a global pandemic is raging all over the globe, there is no shortage of the need for supplies. Their main duties include sourcing key suppliers, negotiating the company’s purchasing agreements, and making sure that the materials and products procured by the company are on par with company standards.
Procurement specialists often work for retail and supply chain businesses to acquire materials for the company’s product. They spend most of their time researching and finding suppliers that produce quality items that suit the company’s budget. So in simple terms, the procurement specialist acts as the quality assurance officer of the procurement team.
Procurement AnalystVS Procurement Specialist – What’s the Difference?
So when your guys at Procurement Tactics first heard about the procurement specialist role, we actually had a very interesting conversation on the difference between the procurement specialist and the procurement analyst.
So far, the procurement analyst is someone who develops various methods to procuring and contracting external support from suppliers that are in line with current industry standards.
Wait a sec, isn’t that the same as with the role of a procurement specialist?
Well, not exactly. The procurement analyst has a more defined role in creating strategies for procuring materials. While there is research involved as to who is the best supplier out of the list to award the contract to, that is pretty much their job scope.
Meanwhile, the Procurement Specialist is someone who is more well-rounded with his tasks. He/she may have some analytics to check on, but he/she also has other procurement tasks to perform too, such as checking the supplies to make sure that they are of the highest quality.
There is also a difference in which stage of the procurement process these guys work in. The procurement specialist is, again, well-rounded since his/her tasks allow the procurement manager to put him from the sourcing of potential suppliers until the awarding of contracts during the later part of the process. The procurement analyst, however, works during the sourcing part of the process since his/her tasks are heavily involved in the purchasing part.
It’s also not surprising that the procurement analyst is also called the purchasing analyst.
Job Description of a Procurement Specialist
As we told you earlier, a procurement specialist acts as the quality assurance officer of the procurement team. However, a procurement specialist also has other responsibilities in procurement.
Here are some other responsibilities of a procurement specialist to give you an overview of the following contents of the article:
- Research products
- Cost analysis
- Inventory control
- Contract negotiation
- Projecting future needs
Aside from having a bachelor’s degree in business administration or supply chain management, many companies that look for a procurement specialist are also checking their skills. Here are some skills that you need to have to become a great procurement specialist:
- Negotiation skills
- Knowledge of purchasing strategies
- Problem-solving skills
- Analytical skills
- Proficiency in using procurement and other business-related software
Procurement SpecialistSalary Rate for 2023
So we’ve come to the part why a lot of our students are all spending a good amount of money and effort to sharpen their skills in negotiation and procurement. It’s time to talk about how much money a Procurement Specialist may earn for 2023.
As everyone knows, there may have been a lot of challenges in the procurement industry, but it continues to remain strong. Various procurement jobs are still raking in the dough, as we speak. This is because even if a global pandemic is raging all over the globe, there is no shortage of the need for supplies. Companies will remain to continue their procurement of highly-valued goods and/or services, especially if it helps with company growth or if it’s needed for the company to continue working.
Without further ado, let’s talk about how much a procurement specialist earns. As of January 25, 2022, the Average Base Pay of a Procurement Specialist in Australia is around $94,801 per year. The lowest base pay is at $70,000 while the highest is at a whopping $131,000 per year.
Looks like Australia is the best place to be then if you’re planning to strike it rich as a procurement specialist!
As for the Average Base Pay of a Procurement Specialist in the United States, the base pay is at $ 62,968 per year. The lowest base pay is at $ 40,000 while the highest is at $ 94,000.
The Responsibilitiesof a Procurement Specialist
As mentioned earlier, the procurement specialist has a well-rounded set of responsibilities in the procurement team. These guys are in charge of making sure that the whole procurement process is working and that the supplies the company procured are in good condition.
While their responsibilities and specialization may shift according to what the company needs, the procurement specialist’s tasks are always linked to sourcing goods and services for the organization. As such, his/her daily responsibilities always include the following:
Procurement managers evaluate and compare products and services to determine which best meets the organization’s needs.
2. Cost analysis
Obtaining goods at the right cost can determine whether the company achieves profitability. Cost is also a factor when setting prices for the company’s products or services which must be in line with what the market will support.
3. Inventory control
Often, the procurement specialist oversees the inventory of raw materials or other goods and places orders when supplies run low.
4. Contract Negotiation
Negotiation is a major share of the procurement specialist’s job. After securing the best pricing, terms, and delivery options for each product or service, they settle the contract.
5. Projecting Future Needs
Not only do procurement specialists manage current needs, they strategize with various departments and suppliers to ensure the organization’s future needs will be seamlessly met.
To work as a procurement specialist, a minimum of a bachelor’s degree is usually a requirement. Business Administration, Finance, Logistics, and Supply Management are the usual degrees for procurement specialists.
Students usually complete some kind of training such as an internship during their education to get to see the actual job of a procurement specialist.
Some organizations that hire procurement specialists require them to have prior experience with the job. However, some organizations also hire entry-level candidates and train them within the company.
Some hiring managers may ask the candidates if they have a certification that they have during employment.
+ What is a procurement specialist?
A procurement specialist is someone who takes charge of a variety of sourcing and procurement tasks.
+ What does a procurement specialist do?
Usually, in charge of inspecting the supply quality that comes in, the procurement specialist also checks other aspects of the procurement process, such as sourcing for suppliers.
+ How much does a procurement specialist earn?
In the United States, a procurement specialist can earn up to $ 94k per year.
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