Is procurement a high paying field?
The average salary for a junior procurement specialist is about $62,000 per year, but experienced professionals in high-demand industries may earn $100,000 or more. The estimated average salary for a Procurement Specialist at Deloitte is €54,000 per year or €26 per hour, but some professionals have reported earning up to roughly €85,800 per year (90th percentile).
Is procurement a good job?
Job security: Nearly all businesses rely on a supply chain to support the sales of their products. That puts the procurement job sector in very high demand. Travel opportunities: If you like to travel, procurement is a great career choice. Organizations are no longer viewing procurement as a cost-cutting function but as a strategic enabler of growth, resilience, and sustainability. The increasing integration of AI, automation, and data-driven decision-making is reshaping procurement practices, making them more efficient, agile, and future-ready.A procurement career is a dead end unlike popular belief, a career in procurement is not a dead-end street. With the right attitude, skills, and knowledge, procurement professionals can advance in their careers and have a significant impact on their organizations.Procurement is a vital business function that, when well executed, can help increase a business’s profitability. It involves sourcing raw materials and services, negotiating terms, tracking when supplies are received, and maintaining records.The future of procurement is not about replacing people with AI — it’s about replacing outdated processes and augmenting human roles with smarter, faster tools. For procurement professionals, this is a critical moment to upskill, rethink value creation, and embrace AI as a partner in transformation.
What is the highest position in procurement?
Chief procurement officer The CPO’s primary objectives are cost reduction and quality improvement. Ultimately, they oversee all procurement activities, initiatives and roles within the business. Chief Procurement Officer (CPO) The highest procurement role within an organization, tasked with setting the vision and direction for all procurement and supply chain strategies. CPOs play a key role in risk management, cost control, and ensuring the ethical sourcing of goods and services.Also known as a purchasing manager or procurement manager, a procurement officer is someone who is accountable for procuring goods and services for their organization.Chief Procurement Officer The CPO will lead the sourcing process, develop the organisation’s procurement strategy, identify potential suppliers, conduct negotiations, and manage short and long-term goals. Most importantly, the CPO must have the authority to talk at the right level with the right people.Procurement process involves several elements, including requirements determination, supplier research, value analysis, raising a purchase request, reviewal phase, conversion to purchase order, contract administration, monitoring/evaluation of received order, three-way matching, payment fulfilment, and record keeping.
Is procurement a stressful job?
Procurement professionals operate in a high-pressure environment characterized by aggressive goals, tight deadlines, and complex supply chains. The intensity of their responsibilities can lead to burnout, impacting both individual well-being and organizational success. Procurement, then, for HR, is the function of their job that makes them the expert in finding and obtaining this resource. This part of HR usually falls under recruitment, with recruiters focusing their time and skills in this area.Procurement challenges vary depending on a business’s size, type and industry, but they commonly include excessive spending, ineffective vendor communication, compliance requirements, and risk management.Today, procurement as we know it is not fit for purpose in 2030. We can expect every corner of procurement to change with tech, AI, data, new talent, a new operating model, the sustainability imperative, and new expectations from the business, customers and the supply base all driving what will be a step change.Procurement engineers utilize their industry-specific technical knowledge to procure equipment such as hardware and machinery parts, enabling companies to function efficiently and avoid operational interruptions.Working in procurement is a global profession. You may buy things from the global market or work with a global company. You can easily move around the world working in different positions and companies, still within the procurement profession. The great thing about procurement is that it is the same all over the world.
What degree is good for procurement?
Earn a bachelor’s degree Most procurement specialists have at least a bachelor’s degree in disciplines such as economics, engineering, business administration or supply chain management. Procurement Specialists often navigate complex negotiations, tight deadlines, and cost management, which can be inherently stressful.A role as a procurement advisor is an excellent career for those who enjoy working with companies to find the best products and goods for the best value.Procurement Analysts often navigate complex negotiations, manage supplier relationships, and analyze market trends to secure the best value for their organizations. This multifaceted role can be demanding, as it requires balancing cost-saving objectives with maintaining quality and ensuring timely delivery.Similar professions and job titles to a Procurement Specialist are Strategic Sourcing Manager, Purchasing Manager, Purchasing Representative, Supply Chain Specialist, Strategic Sourcing Specialist, Sourcing Manager, Supply Chain Analyst and Sourcing Specialist.The four main roles of procurement are sourcing, negotiation, contract management and supplier relationship management. These activities require a strong understanding of market trends, organizational objectives and supplier capabilities to ensure success.
What is the salary of procurement specialist in TCS?
The estimated total pay range for a Procurement Specialist at Tata Consultancy Services is ₹3L–₹7L per year, which includes base salary and additional pay. The average Procurement Specialist base salary at Tata Consultancy Services is ₹7L per year. Employees as Procurement Manager earn an average of ₹20. The top 10% of employees earn more than ₹34.The average salary of a Senior Procurement Consultant at Ernst & Young in India typically ranges from ₹13. Lakhs to ₹25. Lakhs per year, depending on experience (from 6 years to 10 years).