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Career compass: procurement manager

Let your multi-tasking skills shine

If you enjoy information analysis, decision-making and working with people both inside and outside an organization, you could make your career as a procurement manager.

Let your multi-tasking skills shine


Amit Goyal

If you enjoy information analysis, decision-making and working with people both inside and outside an organization, you could make your career as a procurement manager. You can become a shooting star in the banking and finance industry if you opt to become a procurement manager.

With around two-thirds of an organisation’s budget spent on buying products or services, the decisions made by procurement manager are pivotal. A procurement manager, also known as purchasing manager, is a multi-tasking individual who can work across a wide range of sectors in any organisation where goods and services are acquired from different organisation or firms. All organisations deal with this form of management at some point. Procurement/Purchasing manager is tasked with making acquisitions with economics, sustainability and company ethics at the forefront of their decision making. On the whole, procurement managers need to stay on top of new trends, regulation and technology as they often will be expected to lead on innovation and cost savings as these ultimately can create a competitive advantage for the business.

Role and responsibilities

Primarily, procurement manager will be responsible for leading the procurement team in getting the goods or services the business needs at the right time and achieving the best value. Besides, he's expected to implement processes that minimise the business waste while ensuring day-to-day operations of the business runs smoothly, source suppliers - often on an international basis -- negotiate and manage contracts and build key relationships with both suppliers and the internal teams and lead on innovation and cost savings as this can create a competitive advantage for the business.

Prospects

In order to become a procurement manager, one must possess experience in procurement and purchasing. Most purchasing managers start out as entry level buyers and work their way up to management as they gain experience. A career as a purchasing manager offers a lot of growth because most organisations need people for this position. One can find best opportunities in Banking and Financial Services Industry, Private Firms, Consulting Firms, Private Procurement Manager, Etc.

Remuneration

Due to high demand for a procurement manager in every industry, there is a huge increment in their salary as they gain experience. A procurement manager can earn up to Rs 45k depending on the size of the organisation and its location. It is enough to fulfil all your needs and live a stable and luxurious life.

—The Writer is Director of TKWs Institute of Banking and Finance


Qualification and courses

If you want to become a procurement manager, you need to have high self-confidence and leadership quality, the ability to motivate staff and shoulder accountability and responsibility for the outcome of projects and effectively evaluate suppliers and choose those offering the best combination of price and quality. The education required to become a procurement manager can vary based on the discretion of the employer. Unlike in finance and legal, there isn't a license to practice. Procurement professionals, therefore, often come from varied backgrounds. 

Mostly, companies prefer candidates who have earned a bachelor degree in a related area such as business or economics, logistics, supply chain management or purchasing. People who are interested in this position can also build their career as procurement manager by pursuing BTEC, HND/HNC, or NVQ certifications as well as a CIPS qualification.

Nature of work

While working within any organisation, procurement managers choose suppliers and the merchandise or services needed to meet customer needs. They use their expertise and negotiation skills to meet vendors, work out contract terms and their decisions have a major impact on company's operations. 

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