{"id":11367,"date":"2021-04-13T05:00:25","date_gmt":"2021-04-13T09:00:25","guid":{"rendered":"https:\/\/www.certitrek.com\/nlpa\/?page_id=11367"},"modified":"2021-09-28T10:49:50","modified_gmt":"2021-09-28T14:49:50","slug":"procurement-analyst","status":"publish","type":"page","link":"https:\/\/www.certitrek.com\/nlpa\/news\/purchasing-articles\/procurement-analyst\/","title":{"rendered":"Procurement Analyst"},"content":{"rendered":"

Procurement Analyst<\/h3><\/div><\/div><\/div>

PurchTips edition #454<\/p>\n<\/div>

Role of a Procurement Analyst<\/h4><\/div><\/div><\/div>

Procurement Analysts assess the\u00a0procurement<\/em><\/strong>\u00a0function<\/em><\/strong>\u00a0through data analysis. This analysis is conduction on the following functions:
\n1. Understanding and translation of customer needs and requirements<\/p>\n

2. The selection of capable suppliers, to realize the cost-effective acquisition of vital raw materials<\/p>\n

3. Study and influence factors impacting the\u00a0Total Cost of Ownership<\/em><\/strong>\u00a0such as quality, efficiencies, delays, stock-outs, obsolescence and carrying cost are heavily emphasized in the procurement discipline Procurement Analyst also performs critical Data Analytics functions.
\nProcurement Data Analytics has 3 aspects:<\/strong>
\n1. Descriptive\u00a0<\/strong>Procurement Data Analytics<\/strong>:\u00a0<\/strong>to collect data to provide insight on factors impacting supply chain dynamics. Supplier, production, logistics, procurement data is collected, understood, leveraged, and reported for the realization of supply chain efficiency.<\/p>\n

Ex.<\/strong>\u00a0A Procurement Professional conducts a Spend Profile Analysis, where understanding of her organization\u2019s spending is leveraged to gain supply chain efficiencies.<\/p>\n

2. Predictive Procurement Data Analytics<\/strong>: to make predictions from data, from factors impacting supply chain dynamics. This type of analysis is very helpful in understanding future price fluctuations and availability of commodities and critical inputs. Supply chain and\u00a0procurement professionals\u00a0<\/em><\/strong>can reduce the risk burden of their organizations by effectively utilizing this methodology.<\/p>\n

Ex.<\/strong>\u00a0A Procurement Professional conducts an assessment to determine the probability and confidence level of a Pandemic like COVID-19 will occur and how it will impact his\/her supply chains.<\/p>\n

3. Prescriptive Procurement Data Analytics<\/strong>: to make decisions to solve supply chain problems.<\/p>\n

Ex.<\/strong>\u00a0Decisions are made, and actions implement in response to example number 2 on\u00a0COVID-19<\/a><\/p>\n

NLPA Library:<\/strong>\u00a0Looking for authoritative\u00a0procurement templates, tools, webinars<\/strong><\/a>, and more? Stop trying to create resources from scratch and start taking advantage of having exactly what you need right at your fingertips in the\u00a0NLPA Library<\/strong>.<\/p>\n<\/div><\/div><\/div><\/div><\/div>

Want A More Rewarding Procurement Career?<\/h5><\/div>
<\/span><\/div>

Are you tired of not getting enough opportunities, respect, and money out of your procurement career? Nothing will change unless you take action towards becoming a world-class procurement professional. Work your way up NLPA\u2019s CPO Suite Programs, an enhanced version of our SPSM certifications and bring the most modern procurement practices into your organization and achieve your career potential.<\/p>\n

Download our NLPA Course Catalog<\/strong> for a comprehensive list of the CPO Certification Programs and their corresponding modules per level.<\/p>\n<\/div>

Download<\/span><\/a><\/div>