How to Become an Expert in Procurement?

Table of Contents:

• Introduction
• Gaining Formal Training & Academic Credentials
• Building the Right Skillset  
• Growing as a Professional  
• Embracing Technology 
• Conclusion
• Bonus Points

Introduction

Procurement Professionals are an integral organ of any well-oiled Supply Chain. BLS reports that the demand for Procurement professionals (Purchasing Managers, Agents, and so on) is expected to rise by 7% by 2033, which is a faster rate of growth than average. 

The Procurement Specialist’s role is to source raw materials, products, and services for the best possible price, without compromising on quality. The job involves identifying the right suppliers, negotiating the best deals, and maintaining industry relationships. This blog outlines the procurement skills, knowledge, and practices you need to become a Procurement Expert.

Gaining Formal Training & Academic Credentials

Professionals interested in pursuing a procurement career path can consider earning a degree in Procurement and/or Supply Chain Management. As the Supply Chain is the broader industry in which Procurement functions, developing a strong SCM background will empower your skillset. Learning about related fields like Contract Management and Material Management will also be useful. 

You can choose between a Bachelor's, Master’s, or Postgraduate Degree, depending on your budget, existing knowledge, and career goals. UniAthena offers several procurement professional certifications, including a Master in Procurement & Contract Management. This course is delivered online, is self-paced, and features personal tutor support for maximum convenience. If a Master's program is not your cup of tea, UniAthena also offers a Postgraduate Certificate and a Postgraduate Diploma in the same specialty, with the same learner benefits and a significantly shorter learning duration. 

If you are a Fresher, or a seasoned professional looking to make the switch to Procurement, then you might be interested in a course with a lower time and money commitment. UniAthena’s Executive Diploma in Procurement & Contract Management is free to learn, delivered 100% online, and self-paced – meaning you can learn when you want, where you want. The topics covered by this comprehensive short course include:

• Supply Chain Management Fundamentals & Digital SCM
• Procurement Management & Purchasing Management
• Procurement & Supply Chain Integration
• Procurement Measurement

And more! Complete the course quizzes to qualify for an impressive blockchain-verified Certification.

Building the Right Skillset

If you want to carry out procurement roles and responsibilities perfectly, then earning a specialized degree is just step one. You will still need to complement your academic background with the relevant hard and soft procurement skills.

Hard Skills are technical proficiencies. Here are some of the Hard Skills you need to build:

• Research: Procurement Professionals will spend a lot of time researching potential suppliers, market conditions, existing products, industry trends, and more. You should be research-oriented and ready to dive deep into complex topics. 
• Financial Management: As Procurement professionals must negotiate the best possible prices for their products and materials, it is important to have critical bookkeeping, budgeting, and accounting skills. 
• Risk Management: Professionals must be able to leverage data to identify risks, like an inefficient supply chain, unreliable supplies, logistical difficulties, and so on. They must prepare for these risks in advance through backup plans. 
• Cost Analysis: This skill will allow Specialists to manage costs effectively, negotiate the best prices, forecast pricing trends, and mainly utilize company finances in the most efficient and cost-effective manner possible. 
• Forecasting Market Trends: With the power of Predictive Analytics, professionals can forecast market trends with remarkable accuracy and take the steps necessary to get ahead of the curve. 
• Change Management: The Supply Chain world is fast-paced and innovative, so you must be ready to welcome change wherever it occurs. This includes identifying the need for change and taking the appropriate measures to implement it effectively. 

While you can develop a lot of these proficiencies through internships and work experience, soft skills are a different story. These psychosocial skills will give you an edge over even experienced Procurement professionals. They include:

• Relationship Management: As a Procurement professional, your relationship with vendors and suppliers is a critical part of the success of your career. Ensuring that you keep a transparent and mutually beneficial relationship with vendors is key. 
• Negotiation Skills: The main concern of a Procurement specialist is to secure the best terms, contracts, and pricing possible for their raw materials and products, which can be done with masterful negotiation and persuasion skills. 
• Problem-Solving Skills: Procurement, and Supply Chain in general, is prone to unforeseen disruptions and problems. It is important to have a solution-oriented, resilient, and optimistic approach to issues that may arise. 
• Continuous Learning Mindset: Like most industries, Procurement is evolving on a daily basis. With the Digital Supply Chain rising and more sectors adopting AI, Predictive Analytics, and Machine Learning, adopting and mastering the latest tech is key.
• Managerial Skills: Growth in most sectors is hierarchical, so developing leadership abilities will help you qualify for and thrive as a Procurement Team Leader, Manager, or even Chief Procurement Officer. 

While there will be more hard and soft skills to build when pursuing career opportunities in procurement, these are the fundamental abilities that you cannot skip. 

Growing as a Professional 

While earning a degree, getting practical experience, and developing your skills are the way to go, don’t minimize the importance of professional networking. By attending Procurement or Supply Chain Conferences, Industry Events, Discussion Panels, and Networking Events, you can meet vendors & suppliers, develop meaningful connections, access new perspectives, and even unlock new opportunities! 

Embracing Technology

Artificial Intelligence and Machine Learning are entering every sector – including Procurement. In this field, AI can be used for a wide range of tasks, including:

• Automating routine tasks like taking meeting notes, so more manpower and attention can be devoted to the more important tasks. 
• Identifying critical data points and patterns to guide strategic Procurement decision-making, anomaly detection, and more. 
• Predictive Analytics, which can be used to forecast trends using existing market conditions, allows professionals to identify opportunities in advance.
• Risk Analysis, which can be used to identify key risks, while developing measures against the risk and future plans of address.

AI is still developing and growing as a technology, so this list is not exhaustive. Nonetheless, Deloitte found that proactive Chief Procurement Officers also used AI tools for tasks, ranging from contract management to strategic sourcing. 

Blockchain Technology, another innovation that is rapidly gaining popularity, is perfect for contract management as it is fraud-proof and transparent. The takeaway here is that embracing up-and-coming technologies, even on a small scale, will take you a long way in optimizing your performance. 

Conclusion

This blog answers the questions, ‘Is procurement a good career?’ and ‘What does a procurement specialist do?’, while offering insights into building a successful career in the field. The importance of earning the appropriate credentials and degrees is highlighted, along with our recommendations for busy Professionals on a budget. We addressed the procurement skills and competencies that must be developed, including the need to embrace technology as a future-forward procurement expert. 

Bonus Points:

• Sustainability has now entered the Procurement field! Sustainable Procurement involves including Corporate Social Responsibility (CSR) in Procurement processes. 
• Maintaining strong supplier relationships is key to achieving procurement goals.