Hire a Procurement Manager
A procurement manager, often known as a purchasing manager, specializes in ensuring the cost-effective purchase of materials for production and support services. These professionals make sure that quality is maintained and the policies and procedures are followed. Procurement managers play an integral role in ensuring that businesses stick to budgets and operate profitably. They are the primary point of contact between a business and its suppliers. Usually, these managers work in a wide range of industries. They primarily are hired by larger companies with extensive operations and report directly to the chief operations officer (COO). However, the reporting structure may vary based on the organization’s size and hierarchy. Employees work in an office setting, operating at daytime office hours, but some may be required to work overtime when necessary. A mid-level manager earns an average compensation of $81,500 per year. These managers typically receive a comprehensive benefits package that includes generous health plans, vacation time, and performance bonuses.
Job deliverables
While the daily duties vary from one business to another, there are many core tasks associated with the role that are the same across different industries. A procurement manager has to identify potential suppliers, screen them, and negotiate payment terms with chosen suppliers. After formalizing the supply contract, they should monitor the supplier's performance in order to ensure that the contractual obligations are met. The aim is to make the procurement process as cost-effective and efficient as possible. Aside from dealing with external suppliers, the manager is in charge of communicating with the internal team to get the processes in place. By being involved early in the process, they ensure that essential supplies are procured on time. Furthermore, a procurement manager should keep an eye on the changes in the industry. They should be able to forecast any developments so as to determine budgets. Their forecasts help the company develop comprehensive strategies to further its operational goals. In addition, the procurement managers should prepare and process the purchase orders and requisitions. They are also in charge of maintaining documentation of the acquisition of goods for current and future reference.
Essential requirements
Due to the technical and analytic nature of the job role, candidates must have at least a bachelor's degree in a related discipline. Many employers prefer that the applicant have the necessary procurement certification and experience before applying for the position. To succeed in this role, the candidate must be an excellent negotiator with in-depth knowledge of purchase policies. They must be able to communicate effectively with all levels of management, external vendors, and suppliers. They should be adept at reconciling any differences in understanding and be able to accomplish the procurement goals. An ideal procurement manager must have the ability to tactfully deal with various groups.
