What are roles and responsibilities of Procurement specialist?

A procurement Specialist’s basic role is to acquire raw materials and supplies necessary for the production at the most effective cost possible. The detailed roles and responsibilities of a procurement specialist are mentioned as under:

• Identifying the key stakeholders on the supplier side and maintaining relations with them in order to secure early procurement of goods.
• Prepare sourcing and category plans of the procurement processes to ensure maximum effectiveness and efficiency.
• Liaison with the finance department to assist in making the forecast and budgetary requirements throughout the procurement processes.
• Negotiating with various vendors and suppliers to make sure that the procurement of materials happens at the lowest possible price.
• Prepare a set process for the recording and documentation of the various steps involved in the procurement process.
• Conduct a detailed analysis of market trends and delivery trends to develop procurement technologies and processes.
• Prepare a comparative analysis of the products and processes used in the industry to get an overall view of the functioning of the industry.