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:

1. Research

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.

Procurement SpecialistEducation

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.

Procurement SpecialistExperience

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.

Websites to Help you Find Procurement Specialist Jobs

Procurement specialists are crucial to the success of the procurement as they act as the quality assurance officer of the procurement team. 

You may wonder where you can find procurement specialist jobs. Well, the internet is your best friend in finding one. Nowadays, it is easy to apply for jobs, especially since many companies are posting jobs on numerous websites. 

Here are some websites that can help you find your dream work as a procurement specialist:

1. Indeed

We are sure that you have heard of Indeed. Thus, it is no surprise that this is our first pick. Indeed was founded in 2004 with a mission to help people find their dream jobs. 

Indeed also posts listings for job seekers in every industry, every job level, and every job type. Indeed is free to use which is why it is loved by many. 

Additionally, applicants can search on Indeed by job title, location, salary range, date posted, and experience level. 

If you want to be notified of the latest jobs on Indeed, you will need to create an account. Although you do not have to worry as making an account is free. 

Furthermore, Indeed has a review section for companies so you can read the opinions about your prospective employers before applying. You can see here how good their treatment or environment is by checking the reviews of their previous employees. 

2. Glassdoor

Glassdoor was founded in 2008 to help bring salary transparency and honest company reviews to millions of its users. Glassdoor is free to use for job seekers. 

However, to start your job search, you must create a profile, upload your resume, and sign up for email notifications to receive the latest job postings on the website. 

They can also simultaneously search for open jobs and read detailed information about the company they are going to apply to. 

Furthermore, applicants can read previous interview experiences of those who applied for a job which they can use for their preparation. 

3. LinkedIn

LinkedIn is not just an app to meet and connect with like-minded professionals. It also allows you to find the job that you are dreaming of.

Unlike most other job websites, it allows you to add recruiters which many human resources love as they can search for the best applicant for their company. Aside from delivering great job listings, it lets you easily show off your previous employment experience and accomplishments. 

Creating a LinkedIn account is free. Once you have an account, you can use it to apply for open positions and send connection requests to grow your professional network. 

4. FlexJobs

FlexJobs, founded in 2007, has become the largest site for hand-screened remote jobs with over 25,000 active listings from almost 6,000 companies across the world. 

Its members get access to professionally vetted listings across over 50 categories ranging from entry-level to executive. Additionally, members can get exclusive discounts and deals on products and services like Dell laptops and professional career coaching. 

Unfortunately, FlexJobs is not free. It charges $9,95 for one week, $24.95 per month, $39.95 for three months, or $59.95 for a year-long membership in order to apply to listings and unlock member savings. 

The membership fee that FlexJobs requires you to pay is used for its subscription model to conduct the research necessary to vet each opportunity it adds to its website. 

Thus, it ensures that every job listing it adds to its website is legitimate that can give you peace of mind and a safer experience. Additionally, it will refund your subscription fee within 7 days if you are not satisfied. 

5. Wellfound

Wellfound, formerly known as AngelList, was founded in 2010 as a way for startups to hire talent and receive funding. It provides an unmatched level of transparency by providing applicants with salary ranges, information, and equity options upfront about a company. 

Wellfound will tell you the names and titles who read your submitted documents. You will need to write a short cover letter explaining why you are a good candidate for the role. All cover letters must be written in the provided text box as Wellfound does now allow candidates to upload external files like PDFs or Word documents. 

Moreover, it is completely free for you to use and is a fantastic way to start conversations and network with startup founders.