Procurement managers are a crucial part of any organisation. To put it broadly, the responsibility of a procurement manager is to build and maintain supplier relations and oversee transactions when it comes to company purchases.
The role of a procurement manager or purchasing manager demands strong negotiation and analytical skills. It involves devising effective procurement strategies and policies, assessing supplier performance, negotiating contracts with these providers, and dealing with quality issues that arise as a result.
The best way to build a career as a procurement manager is to take a procurement management course that pushes aspirants in the right direction with expert guidance and a charted-out syllabus with relevant coursework.
Who is a Procurement Manager?
A procurement manager is a professional who oversees the “procurement” or purchasing of equipment on the company’s behalf. They are in charge of navigating and drawing contracts with the network of stakeholders, suppliers, manufacturers, and vendors.
Being a procurement manager in an organisation is a position of utmost responsibility. They have to purchase the best quality goods and services at the most competitive prices. Their duty is to enable a company to operate successfully.
Roles and Responsibilities of a Procurement Manager
The responsibilities of a procurement manager involve contacting the manufacturer or supplier, managing vendor relations and drawing contracts. Here are some crucial roles and responsibilities of a procurement manager:-
Supplier and cost evaluation
A procurement manager should always conduct thorough supplier research and interviews before signing a contract. They are also responsible for amassing all the information about current market trends regarding the pricing of the products the company is about to purchase. Based on the conclusion of these reports, they finalise a deal with the most reliable supplier and cost-effective service.
Field research
A procurement manager is also in charge of continued field research. They must stay in contact with the vendors and stakeholders and build long-term relationships to keep abreast of all market trends. They must also attend product promotions, meetings, trade shows, and conferences.
Finalising contracts
Procurement managers also have to assist the legal and financial teams while drawing up the final contract. They must provide all necessary documentation and information to carry out the deal smoothly. They also have to submit a brief or a report of their findings and the whole decision-making process to the company to justify their choice of supplier or deal.
Managing technical systems
A procurement manager is responsible for tracking and monitoring product shipments, deliveries, and inventory stocking. To do this, they must be technologically sound and master the use of the systems involved in the process. They must also be in constant communication with the team, from delivery executives to the inventory staff.
How Do I Become a Procurement Manager?
To become a procurement manager, one must fulfill the following criteria
- a post-graduation degree in either Business Administration, Finance, or Economics
- Possess strong negotiation and decision-making skills with a keen eye for detail
Strong research and analytical skills are another aspect of a procurement manager’s personality. From looking into supplier details and records to studying contracts, a procurement manager’s job requires dealing with several intricate details. With these skills, one can excel in the role of a procurement manager.
Certification Courses to Help Build a Career as a Procurement Manager
There are several procurement management courses that seek to impart the necessary skills and knowledge to aspirants wanting to build their careers as procurement managers. Most courses also involve a brief training period with reputed organisations to gain more hands-on experience in the role. Some of these courses are:-
CIPS Diploma Course
The Chartered Institute of Purchasing and Supply (CIPS) Diploma offers six levels of certification for anyone seeking a career in procurement. These six levels are designed to start at the grassroots level- building the base of a beginner and go up to honing the skills of a seasoned professional in the domain. Working professionals who are looking to upskill also have the option of starting directly at the fourth level.
Certification in Supply Chain Management
A certification course in supply chain management involves learning about the different supply chain management topics and amassing the skillset to become a manager. It is a globally recognised certification highlighting your expertise in various procurement functions.
Certification in Strategic Procurement
In India, this course is provided by the Institute of Supply Chain Management to suit aspirants with a career choice in government procurement. It delves into the different strategies and concepts of purchasing management and involves studying legal frameworks to keep abreast of all the relevant laws and by-laws.
Future Prospects in Procurement Management
The future of procurement management is expected to undergo significant transformations due to various factors. Here are a few key trends shaping the procurement future:-
Technology integration
The integration of emerging technologies such as artificial intelligence (AI), machine learning (ML), robotic process automation (RPA), and blockchain is revolutionising procurement processes. These technologies enable better risk assessment, enhance data analysis, automate routine tasks, improve supplier management, and increase overall efficiency.
Data-driven decision-making
The increasing availability of data and advanced analytics capabilities enable procurement professionals to make data-driven decisions. By analysing vast amounts of data related to supplier performance, market trends, and customer demand, procurement managers can optimise sourcing strategies, negotiate better contracts, and identify cost-saving opportunities.
Sustainability and ethical sourcing
With growing awareness and concern for sustainability and ethical practises, procurement management is shifting towards responsible sourcing. Organisations are emphasising environmentally friendly procurement practices, reducing carbon footprints, ensuring fair trade, and promoting social responsibility throughout the supply chain.
Conclusion
Being a procurement manager is not easy. With recent technological innovations and businesses rapidly digitising themselves, the major top skills in demand for a procurement manager are business ethics, stakeholder and supply chain management, and communication skills.
A certified procurement management course not only helps you build these skills but also lays out a viable roadmap for you to achieve your career goals. To keep up with the recent trends in procurement, it is necessary to also learn about the various digital technologies and platforms that are relevant to the job role.
