Procurement Specialist

Job Summary:
The Procurement Specialist manages the sourcing, purchasing, and negotiation of goods and services for the organization. They work closely with suppliers, internal departments, and external partners to ensure that the company receives the best value for its purchases, whether it’s raw materials, finished products, or services. This role requires strong negotiation skills, attention to detail, and an understanding of supply chain management.

Key Responsibilities:
1. Procurement and Sourcing:
Supplier Selection: Identify and evaluate potential suppliers based on factors such as price, quality, delivery time, and reliability. Maintain a database of approved suppliers.
Sourcing: Research and source goods and services based on company needs, gathering multiple quotes and negotiating the best prices.
Supplier Relationship Management: Establish and maintain strong relationships with suppliers to ensure high-quality service, timely deliveries, and cost-effective pricing.
Purchase Orders: Create and process purchase orders (POs) for goods and services, ensuring they are accurate, complete, and compliant with company requirements.

2. Negotiation and Contract Management:
Price Negotiation: Negotiate favorable pricing, payment terms, delivery schedules, and contract conditions with suppliers and vendors.
Contract Management: Review, evaluate, and negotiate contracts with suppliers to ensure they meet the organization's requirements and compliance standards.
Agreement Renewal: Monitor contracts for renewals and renegotiations, ensuring continuity and favorable terms.

3. Inventory and Stock Management:
Inventory Control: Monitor stock levels and reorder supplies as needed to maintain adequate inventory while avoiding overstocking or stockouts.
Stock Replenishment: Work with internal teams to forecast demand and manage procurement schedules to ensure timely delivery and availability of goods.
Inventory Accuracy: Maintain accurate records of inventory levels, purchases, and supplier transactions.

4. Supplier Performance and Quality Control:
Supplier Performance Evaluation: Track supplier performance and assess the quality of goods and services received. Address any issues such as delivery delays or quality concerns.
Quality Assurance: Work with suppliers to ensure that products and services meet the organization’s quality standards and specifications.
Problem Resolution: Resolve any disputes or issues with suppliers regarding the quality, delivery, or pricing of goods.

5. Compliance and Risk Management:
Regulatory Compliance: Ensure that procurement activities comply with relevant laws, regulations, and company policies, including ethical sourcing and environmental standards.
Risk Management: Assess potential risks in the supply chain (e.g., supply shortages, price volatility) and work proactively to mitigate these risks.
Documentation and Reporting: Maintain accurate procurement records and documentation, and generate regular reports on purchasing activities, expenses, and supplier performance.

6. Collaboration and Communication:
Cross-Functional Collaboration: Work closely with departments such as finance, production, and logistics to understand their procurement needs and coordinate efforts to ensure timely and accurate deliveries.
Vendor Communication: Communicate regularly with suppliers to discuss issues such as delivery times, orders, and payment schedules.
Internal Communication: Communicate procurement policies, timelines, and changes to internal teams and stakeholders, ensuring transparency in the procurement process.

7. Cost Control and Budgeting:
Budget Management: Assist in managing the procurement budget by tracking spending and identifying cost-saving opportunities.
Cost Optimization: Implement cost-reduction strategies such as bulk buying, negotiating discounts, and evaluating alternative suppliers.

Skills & Qualifications:
Education:
A bachelor’s degree in business administration, supply chain management, procurement, or a related field is typically required.