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Purchasing Officer
What is a purchasing officer?
A purchasing officer is responsible for sourcing and buying goods or materials that are later resold or used as part of a business's daily operations. When they work for retail businesses, procurement officers primarily source products that the business then sells to make aprofit. In contrast, when they work for businesses that make their own products, procurement officers source materials that the business later uses in the manufacturing process.Depending on the size of the organisation, procurement officers may specialise in a particular type of product or a certain aspect of the buying process. Here are some of a procurement officer's primary duties:Related:What does a purchasing manager do?
Sourcing products
The first aspect of purchasing involves sourcing products. Procurement officers liaise with sales, marketing, product development,manufacturingand warehouse departments to establish their purchasing needs. Then, they research and evaluate vendors to find the most suitable products and prices. Sometimes, this research involves visiting potential vendors' offices or warehouses.
Negotiating purchasing terms
After sourcing suitable inventory, procurement officers negotiate with vendors to achieve the best possible prices and terms. It's usually possible to negotiate price breaks and bulk discounts, but factors like dispatch times and return policies also play a key role in these negotiations. Once procurement officers agree on suitable terms with avendor, they can then prepare a contract and formally make purchases.Related:How to write a purchaser cover letter (With examples)
Receiving products
Procurement officers are also responsible for tracking orders and monitoring deliveries to ensure that their employer receives products correctly. They check the quality of the materials or goods and communicate with the vendor if problems occur. Moreover, they update stock databases after receiving the goods and coordinate with warehouse staff to ensure that these goods are correctly stored.
Monitoring stock and costs
Many procurement officers monitor stock levels so they can easily and quickly make future orders. Sometimes, they prepare reports to help them understand the stock's movement in and out of the business to optimise order size and frequency. Additionally, they may perform routine cost analyses to help the business calculate profit margins and make improvements.
Newmarket is a market town in the English county of Suffolk, approximately 65 miles (105 kilometres) north of London. It is generally considered the birthplace and global centre of thoroughbred horse racing[2] and a potential World Heritage Site.[3] It is a major local business cluster, with annual investment rivalling that of the Cambridge Science Park, the other major cluster in the region.[4] It is the largest racehorse training centre in Britain,[5] the largest racehorse breeding centre in the country, home to most major British horseracing institutions, and a key global centre for horse health. Two Classic races, and an additional three British Champions Series races are held at Newmarket every year. The town has had close royal connections since the time of James I, who built a palace there, and was also a base for Charles I, Charles II, and most monarchs since. The current monarch, Queen Elizabeth II, visits the town often to see her horses in training.
Newmarket has over fifty horse training stables, two large racetracks, the Rowley Mile and the July Course, and one of the most extensive and prestigious horse training grounds in the world.[6] The town is home to over 3,500 racehorses, and it is estimated that one in every three local jobs is related to horse racing. Palace House, the National Heritage Centre for Horseracing and Sporting Art, the National Horseracing Museum, Tattersalls racehorse auctioneers, and two of the world's foremost equine hospitals for horse health, are in the town, which is surrounded by over sixty horse breeding studs. On account of its leading position in the multibillion-pound horse racing and breeding industry, it is also a major export centre.
