Career Choice: All You Need to Know to Pursue a Career in Procurement

As your college graduation moves towards completions, you find yourself at the fork of the road where you have to decide where you want to go? Right, left, straight or across? The choice before you is not easy. You might even feel stunned at the thought of making the wrong career choice. The pressure is enervating. I know this because I was you. Well, whether you are recently graduated or are pursuing a new job opportunity, making the right decision can feel challenging. The right career choice will bring happiness and success in life, whereas the wrong career choice is like wreaking your future in a job, for which you will regret all the time.

Saying all this, I don’t wish to frighten you, but want you to make a perfect choice so that you can enjoy while working. You might have seen some careers like “pop star”, ‘astronaut’ or a ‘cricketer’ look more appealing than others like being a lawyer or a teacher. Have you ever tempted towards procurement as a career option? It is becoming a desirable long-term career choice as it offers a high salary, an opportunity for travel, and the chance to help to protect the planet by sourcing sustainable goods and services.

Since the last economic dip in 2008, procurement has become a crucial part of the organizational structure. As many businesses (Brick and mortar stores and online retail sites) require skilled procurement professionals who can implement cost savings through spend reduction techniques to achieve growth.

Let’s understand what is and how to start a career in procurement-

What is procurement?

In simple terms, procurement is an end-to-end process that includes value analysis, vendor compliance, market research, buying activities, negotiating price, inventory control, market research, receiving and storing for product or service. So, procurement professionals will ensure that the customer gets goods, services, or work at the best possible price while considering the quality, cost, service and risk.

What are the benefits of pursuing a career in procurement?

The procurement professionals are gaining recognition as many companies have realized that to get a competitive advantage over others, it is vital to reduce costs, add value, increase quality, guarantee service and this is only possible through proper procurement management. Procurement is an exciting and challenging job. It offers the opportunity to work on a wide variety of different projects, collaborates with individuals from various sectors, gaining a wealth of knowledge of other industries, travel to and gives exposure to senior-level stakeholders of the company.

What does it take to be a Procurement professional?

Procurement is not all about education and experience. You need to have below mentioned soft skills to become successful in this career.

  1. Communication- You may talk to people from different cultures and linguistic backgrounds.
  2. Strong ethics- As you may face fraud and bribery charges while closing deals with suppliers or other stakeholders.
  3. Presentation and analytical skills- You need to have the ability to analyze information and solve problems based on the information given.
  4. Time/ project management- Time is money. In procurement, it becomes more crucial to reduce cost and increase efficiency.
  5. Negotiation and relationship building- Negotiation and building relationships are part of the daily life of procurement professionals. It would be best if you mastered wrapping and closing the deal with internal customers and stakeholders.

How is compensation?

As far as salary is concerned,  procurement jobs pay well. However, compensation depends on the industry, procurement roles, responsibilities, and career paths.

Bottom Line

Procurement might not be a dream job for many. It is suitable for people who are looking for a high salary and challenging role. If you are looking for procurement opportunities, and want to make a career in that it is better to have an understanding of the different areas within procurement and how the career paths can vary in various industries.