How to Become a Procurement Manager

A Procurement Manager is responsible for procuring or making purchases of goods and services on behalf of the company. They understand the brand and its benchmark needs to make the best deals with suppliers, which churns out the most profits for the business.

With the average base salary of a Procurement Manager in India being around INR 10,108,50, a procurement career is highly lucrative among managerial career options.

So, we completely understand if you are wondering how to get into procurement. This guide will walk you through the basics of how to become a procurement specialist.

Procurement Manager: Roles and responsibilities

Before we dive into the hows and whys, let us briefly go over the duties of a Procurement Manager, so you have a grounding on what it means to be a manager of procurement operations.

As mentioned earlier, the primary job of a Procurement Manager is to supervise the optimisation of the supply chain. They ensure they get the best deals from vendors and reduce cost risks.

This entire process has many steps starting from analysing large chunks of vendor data and filtering out the ones that meet the company’s standards. After deals close, they work with legal teams to frame contracts. They also ensure compliance with all contractual obligations.

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A Procurement Manager's key responsibilities include:

Product research: Product research ensures that the latest trends dictate selecting or buying and subsequently launching or selling a new line of products. It also helps maintain product quality according to brand standards.

Selecting the right supplier: Choosing the right supplier is a procurement specialist's job. They make their decision based on their analysis of scientifically collected data that maintains fairness and transparency in the process.

Analysing vendor ROIs: An organisation’s profits mainly depend on investment returns. Selecting the right supplier who quotes the lowest cost with the highest quality ensures that the business gets the highest ROI possible from any product.

Negotiating with vendors: Behind every good deal is clever negotiation. Procurement Managers are responsible for negotiating prices and terms and conditions with vendors to get the best deal out of them.

Managing vendor relations: Procurement Managers maintain communication with vendors. Thus, management of vendor relations falls within the scope of their responsibilities.

Managing the budget: Filtering through the vast database of vendors is a tough job. But it ensures that the selected product or service source is well within an organisation's budget.

Managing procurement data analytics: The Procurement Manager prepares procurement datasheets with all vital information for future use and reference.

Attending events and networking: Beyond the database, trade events are the next best place to meet new suppliers who might be just what the business needs. For Procurement Managers, attendance is a must.

Training recruits and monitoring the procurement team: This can’t be done alone. So, if you have been wondering, a manager supervises many minor functions junior team members execute. The Procurement Manager has to oversee the team at all times to ensure meticulous work. They also train recruits and ensure they have a smooth experience while trying to get their ropes around the job.

Procurement roadmap: Where to start and how to navigate?

Now that you know what you are getting yourself into, we can address how to get into procurement.

Get a bachelor's degree

A bachelor's degree is the basic educational requirement for becoming a Procurement Manager. Since this is a technical field, having a bachelor’s in the same is preferred. You should always try to get a bachelor's in business management courses that give you a head start in managerial education.

Go up the ladder one step at a time

It is not possible to just enter the supply chain career ladder and reach the highest position. You must go up one step at a time.

Does this make you think about how to start a career in procurement?

Start with junior procurement positions. The experience and practical training you gain from junior positions will see you a long way down the road to higher managerial positions. Performing in junior roles helps you stay ahead in competitive roles.

Volunteer under a mentor

 

While academic degrees give you the knowledge to understand how to tackle operational functions, practical experience is the key to excelling at your job. Continuing on the same trail as the last tip, you can consider asking your seniors to be your mentor who can show you the ropes of procurement management.

The training will be the diamond cutter that shapes you into the best manager. Also, their recommendations can be significant in landing you your next job.

Earn certifications

 

A bachelor's degree in business management puts you in a better position than competitors. But what gives you an edge is a stellar resume that includes specialised certifications in supply chain management or as a procurement specialist.

The proper certifications can become the game changer you need while trying to go up the buyer career path.

Stay on top of all trends

 

The trend now is that you always need to know and run with the trends.
To put it in simple language, employers are always looking for candidates who know what is going on in their field and keep themselves updated at all times. 
To make sure you are always aware of the latest trends, you must make it a point to attend trade events, business meets and conferences.

These events will teach you new things and give you the opportunity to network and connect. Maybe, you will even meet your next employer at such an event. These industry events often disclose job openings before they are posted anywhere else.

Why become a Procurement Manager?

If you have come all this way and are now wondering, “is procurement a good career,” we are here to give you more clarity before we close this blog.

High salary: Procurement Managers get high salary packages since it is a vital role that takes care of procurement functioning and financial gains of a firm.

Work-life balance: You never have to compromise on me-time with this job. Since it is a technical job, you never have to worry about working overtime.

Paid business travel: This must be one of the best ones, right? Since the Procurement Managers must be aware of the latest trends and ensure they are networking and connecting with others in the business, they must attend conferences and trade events. 

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Conclusion

 

Procurement management is a crucial part of the business, and the job responsibilities of a Procurement Manager are indispensable. This makes them valuable assets to the company. This is a high-demand and high-paying job if you’re looking for a promising career in procurement management.

Start your journey with the fundamental eligibility criteria - a bachelor’s degree. Like the career benefits of procurement management, getting a bachelor’s degree in business management from Amity University has several benefits. You get to learn with access to the best resources. All courses are 100% online, with each faculty member being a leader in their own field. Learn more about the Bachelor of Business Administration - Manufacturing Management at Amity University.