If you enjoy information analysis, decision-making and working with people both inside and outside an organisation, 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 in products or services, the decisions made by Procurement Manager are pivotal.

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A Procurement Manager and also known as Purchasing Manager is multi-tasking individual who can work across a wide range of sectors, in any organisation, where goods and services are acquired from a different organisation or firm.

All organisations deal with this form of management at some point in the life of their businesses. Procurement/Purchasing Manager is tasked with making acquisitions with economics, sustainability and company ethics at the forefront of their decision making and they also capitalise the planning of the process that will ensure the things run smoothly.

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.

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 with vendors, work out contract terms and their decisions have a major impact on the company’s operations.

They also provide some flexibility in the industries you can work in along with the ability to travel to attend industry events or meet with suppliers.

Qualification and courses: If you want to become a procurement manager, you first need to determine your skills like high level of self-confidence, interest in developing, motivating and leading staff, being accountable and responsible for the outcome of projects and able to effectively evaluate suppliers and choose those with 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 often therefore 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.

Duties of a procurement manager: Primarily, he/she 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. There are multiple duties that are assigned as well.

These are implementing processes that minimise the business waste while ensuring the 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 to lead on innovation and cost savings as these ultimately can create a competitive advantage for the business.

Opportunities and career aspects: 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 have a need for them. One can find best opportunities in banking and financial services industry, private firms, consulting firms, private procurement manager, etc.

Remuneration: Due to high demand in every industry, there is huge increment in the salary of the Procurement Manager as they gain experience in the related field. They can earn a huge amount depending on the size of the organisation and its location.

It is enough to fulfil all your needs and live a stable and luxuries life with zest and zeal.

(The writer is director, TKWs Institute of Banking and Finance)