Why a Procurement Analyst + AI Is a Winning Combo for Contract Review

Date
February 15, 2022
Category
Date
February 15, 2022
Author
Gary Sangha | Founder & CEO
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Artificial intelligence (AI) technology has made the daily work for professionals across a variety of fields more efficient and even more enjoyable. In the past, job seekers may have avoided procurement analyst positions for fear of tedious and time-consuming contract review tasks. However, recent advances in AI-powered contract review and negotiation solutions have enabled procurement teams to streamline processes and eliminate process bottlenecks while ensuring playbook-compliant agreements. 

Artificial intelligence makes a procurement analyst’s job easier

By leveraging technologies like Natural Language Processing (NLP), AI contract solutions reduce risk and increase internal compliance while saving days, and sometimes weeks, in the contract approval process. Read on to learn more about procurement analyst duties, their earnings, how to become one—and how leveraging an AI solution can level up your performance.

What Do Procurement Analysts Do?

Procurement analyst job descriptions vary from company to company, but analysts generally are required as liaisons between companies and their suppliers. As the title suggests, this role involves analysis of potential suppliers, contract negotiation, and the preparation of monthly supply cost reports. 

Procurement analyst day-to-day tasks may include:

  • Determining supply needs
  • Researching and sourcing vendors and suppliers
  • Communicating budget and performance needs
  • Monitoring supply-and-demand to avoid shortages or waste
  • Documenting features and benefits offered by third-party partners
  • Preparing cost-benefit analysis reports
  • Drafting and negotiating favorable procurement contracts with vendors and suppliers.

Why Is Procurement a Good Career?

Although the Bureau of Labor Statistics predicts this field will decline 4% from 2020 to 2030, opportunities are available—with over 45,000 new openings each year. Additional, there is room for individual advancement, with most procurement analysts moving from a junior to a senior role after about five years. Procurement analysts enjoy close proximity to internal business operations and the opportunity to truly make a difference in a company’s success.

How Much Do Procurement Analysts Make?

A procurement analyst’s salary is based on geographic location, company size, education level, and experience. Most procurement analysts earn between $60,000 and $80,000 a year, but the range can include salaries from $30,000 to over $100,000 per year.

How Do I Become a Procurement Analyst?

Candidates will need to show proficiency in procurement, analytical, and contract negotiation skills. They should also display in-depth supply chain knowledge, excellent verbal and written communication skills, and exceptional negotiation abilities. 

Most procurement analysts have a bachelor’s degree in public business administration, finance, economics, communication studies, or accounting. Possessing a Master of Business Administration degree in supply chain management can be an asset. 

Regardless of educational background, the best procurement analyst candidates are organized multi-taskers with a knack for solving problems proactively. They work independently with minimal supervision and can prepare clear and concise reports and negotiate contracts under deadline pressures.  

How Can I Be a Leading-Edge Procurement Analyst?

Today, procurement analysts need to go the extra mile to competitively advance their company’s goals. Contract review and negotiation is a substantial part of the job — and an area that is advancing rapidly, thanks to AI-powered innovations.

If you’re working as a procurement analyst, consider how a platform like LexCheck can revolutionize your career and your company’s bottom line: 

  • Time-saving artificial intelligence: Instead of spending hours or days reviewing a contract, an AI-powered solution can automate contract redlining and offer context-based revision suggestions within five minutes.

  • Context-based compliance: Negotiations are streamlined and simpler with context-based recommendations based on an AI Digital Playbook, attorney-added notes, and internalized data from past successful contracts. 

  • Automation: Automation allows procurement analysts to track deadlines and changes with ease. Additionally, automation enables auto-correction for common agreement errors and contract auto-forwarding to pre-approved parties.

  • Contract risk analysis: AI can automate contract risk scoring to determine in minutes if a contract requires senior-level attorney review.

LexCheck’s AI-powered contract platform can help procurement analysts innovate and accelerate contact review and negotiation practices. Contact us at sales@lexcheck.com, or request a demo to experience the technology for yourself.

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