When a CPO is looking to hire a new procurement professional to join their team, they want someone who has the right skills, experience and attitude to compliment the rest of their department. So what exactly do CPOs look for in an employee?
- The Ability To Analyse Data
There is a high level of data gathered constantly across the source-to-settle process. This data needs to be analysed in a way that can reap actionable information for the department to make use of. These patterns and intelligence can’t be found by simply using traditional data analysis methods/tools.
Data analysis is a highly sought after skill that many procurement professionals lack. It can be easy learned and will help you stand out in the eyes of the CPO as an above average candidate.
- The Ability To Analyse Financials
Another area that many procurement professionals are lacking in is financial analysis abilities. Number crunching skills can influence the way you view a business decision and help you to come to more intelligent conclusions rather than making rash business decisions.
Being able to demonstrate a skill for financial analysis as well as being able to communicate this to those above you will help you to stand out as a smart, on the ball procurement professional.
- An Understanding of Strategic Sourcing
Strategic sourcing is the process of determining, negotiating and putting into place the best mix of goods and services in line with the company’s goals.
Sourcing is seen as the organisation’s main tool for delivering savings via procurement and therefore skilled strategic sourcing professionals are highly in demand across industries. Getting the right mix and delivering optimum savings is a mixture of art and science; it can be learned but also will also improve with experience and on the job knowledge.
- Knowledge of the Supply Market
Being an expert on specific supply markets keeps you in demand as a supply chain professional. CPOs are always in need of someone who can interpret the supply market and ensure the company is getting the best price for the goods/services they offer based on a number of factors.
Becoming a supply market expert requires gaining specific skills and experience within your chosen category, but it can reap ample reward and is worthwhile.
- Contract Management Skills
Contract management involves monitoring the development, signing off and implementation of contracts as part of the foundation for a successful supplier relationship. These skills are vital for procurement professionals as they allow you to ensure the initial benefits agreed in the contract are maintained throughout the contract life.
These skills can be learned through the right training and on the job development, securing your future as an in demand procurement professional.
If you would like to develop your skills and knowledge in any of the above areas and more, then take a look at CIPS procurement qualifications. They are recognised across the procurement and supply chain sectors in all industries, boosting your status as an in demand procurement professional and enhancing your employability. Many employers offer funding for CIPS training for their staff or you can choose to self-fund or apply for a scholarship to help forward your career. To find out more call us on 01865 404900 or visit our website.