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Key Responsibilities and Required Skills for Acquisition Specialist

💰 $55,000 - $120,000

ProcurementSourcingVendor ManagementOperationsFinance

🎯 Role Definition

An Acquisition Specialist manages the full lifecycle of acquiring goods and services for an organization, combining strategic sourcing, supplier relationship management, and contract administration to deliver cost-effective, compliant supplier solutions. The role balances strategic category planning with hands-on RFx execution, vendor negotiation, and operational purchasing, and requires strong stakeholder management, analytical capabilities, and familiarity with procurement systems and compliance requirements.

📈 Career Progression

Typical Career Path

Entry Point From:

  • Procurement Coordinator / Purchasing Assistant
  • Sourcing Analyst / Junior Buyer
  • Vendor Onboarding Specialist

Advancement To:

  • Senior Acquisition Specialist / Senior Buyer
  • Sourcing Manager / Category Manager
  • Procurement Lead / Head of Strategic Sourcing

Lateral Moves:

  • Supplier Relationship Manager
  • Contract Manager / Commercial Analyst
  • Vendor Risk & Compliance Analyst

Core Responsibilities

Primary Functions

  • Lead the end-to-end acquisition lifecycle for assigned categories, from requirements gathering and market research through supplier selection, contracting, and purchase order issuance, ensuring timely delivery and compliance with company policies.
  • Develop and execute category-specific sourcing strategies that align with corporate objectives, increase value capture, and reduce total cost of ownership while mitigating supplier and market risk.
  • Prepare, issue and manage RFIs, RFQs, and RFPs; design evaluation criteria, lead cross-functional bid evaluations, score supplier proposals, and create recommendation materials for procurement decisions.
  • Negotiate commercial terms, pricing structures, service-level agreements (SLAs), and master service agreements (MSAs) to secure favorable contractual outcomes and measurable cost savings.
  • Draft, review and maintain contracts, statements of work (SOWs), amendments and purchase agreements in coordination with Legal and Compliance teams to ensure clarity, enforceability, and regulatory adherence.
  • Conduct supplier due diligence, onboarding and qualification (financial, technical, regulatory), including background checks, insurance verification, and adherence to corporate supplier requirements and codes of conduct.
  • Manage supplier performance and relationships through KPIs, scorecards, periodic business reviews, escalation processes, and continuous improvement plans to drive accountability and service excellence.
  • Perform spend analysis and market benchmarking using spend data, price indices, and industry reports to identify consolidation opportunities, negotiate volume discounts, and optimize sourcing decisions.
  • Partner with internal stakeholders (engineering, finance, legal, operations, product, IT) to translate business requirements into procurement strategies, prioritize sourcing initiatives, and provide timely procurement guidance.
  • Create and maintain accurate procurement documentation, playbooks, and contract repositories; ensure searchable, auditable records to support internal controls and external audits.
  • Utilize procurement and ERP systems (e.g., SAP Ariba, Coupa, Oracle, NetSuite) to execute sourcing events, manage catalogs, process purchase orders, and reconcile invoices; drive system adoption and data hygiene.
  • Monitor supplier risk (financial stability, compliance, cybersecurity, geopolitical exposure) and implement mitigation strategies such as multi-sourcing, safety stock, and alternative supplier identification.
  • Drive cost-reduction initiatives and realization tracking by developing savings capture plans, reporting realized vs. target savings, and embedding cost avoidance into sourcing decisions.
  • Support strategic supplier selection and onboarding for complex or enterprise-level contracts including software-as-a-service (SaaS), professional services, hardware, logistics and manufacturing procurement.
  • Lead cross-functional sourcing projects and continuous improvement efforts such as vendor consolidation, category rationalization, process automation, and procurement policy updates.
  • Maintain up-to-date knowledge of market trends, supply chain disruptions, regulatory changes, and innovative supplier models that could impact sourcing strategy or introduce new sourcing opportunities.
  • Coordinate procurement approvals, internal governance, and spend compliance; escalate procurement exceptions and non-standard terms for executive approval when necessary.
  • Prepare executive-level summaries, sourcing recommendations, and procurement forecasts for leadership, highlighting supplier risk, key milestones, and financial impact.
  • Ensure procurement processes incorporate ESG and sustainability considerations where applicable, including supplier diversity initiatives, environmental impact, and ethical sourcing policies.
  • Facilitate issue resolution for supplier disputes, delivery delays, contract breaches and invoice discrepancies; act as primary escalation point and coordinate corrective action with stakeholders.
  • Implement vendor onboarding training and enablement programs to reduce time-to-value, ensure contractual compliance, and streamline post-contract operations across finance, legal, and operations.
  • Track and report procurement KPIs (cycle time, savings, supplier performance, contract compliance) and use analytics to recommend process and policy enhancements.
  • Manage contingent labor and professional services acquisition processes including SOW development, rate negotiations, compliance with worker classification, and vendor management.
  • Maintain awareness and compliance with relevant laws, trade regulations, customs, and export controls that affect sourcing and supplier selection in domestic and international contexts.

Secondary Functions

  • Support ad-hoc data requests and exploratory data analysis to identify sourcing opportunities and validate supplier performance trends.
  • Contribute to the organization's data strategy and roadmap by recommending procurement metrics, dashboards, and reporting improvements.
  • Collaborate with business units to translate data needs into engineering requirements for procurement systems and integrations.
  • Participate in sprint planning and agile ceremonies within the data engineering team to deliver procurement analytics and automation initiatives.
  • Assist in internal and external procurement audits by compiling required documentation, explaining sourcing decisions, and implementing audit recommendations.
  • Coordinate supplier enablement events, webinars and training sessions to onboard new vendors and educate internal stakeholders on sourcing tools and policies.
  • Support pilot programs for new procurement tools (catalog management, e-sourcing, contract lifecycle management) and provide feedback for vendor selection.
  • Help develop supplier risk mitigation playbooks and contingency plans, including alternate supplier lists and emergency procurement procedures.
  • Produce procurement playbooks and how-to guides for end-users to improve self-service purchasing and reduce non-compliant spend.
  • Assist in creating RFP templates, evaluation scorecards, and procurement governance materials to standardize sourcing processes and accelerate time-to-award.

Required Skills & Competencies

Hard Skills (Technical)

  • Strategic sourcing and category management experience, including developing sourcing strategies and supplier segmentation.
  • Contract negotiation and drafting expertise, including MSAs, SLAs, NDAs, SOWs, and change orders.
  • Proficiency with e-sourcing and procurement platforms (SAP Ariba, Coupa, Oracle Procurement Cloud, Jaggaer) and basic ERP integration knowledge.
  • Strong spend analysis, cost modelling, and benchmarking skills using Excel, Power BI, Tableau, or similar analytics tools.
  • Experience running RFx processes (RFI, RFQ, RFP), evaluation matrices, supplier scoring, and procurement event management.
  • Supplier risk assessment and mitigation capabilities, including financial risk, compliance checks, and continuity planning.
  • Familiarity with procurement policies, internal controls, SOX compliance, and vendor due diligence best practices.
  • Knowledge of procurement KPIs and performance management frameworks; ability to build and maintain supplier scorecards.
  • Experience with contract lifecycle management (CLM) tools and maintaining contract repositories.
  • Understanding of TCO (total cost of ownership), landed cost, tariffs, customs, and trade compliance for international procurement.
  • Ability to manage budgets, deliver savings targets, and produce procurement forecasts and executive reporting.
  • Technical literacy with APIs, SSO, and basic integration points between procurement systems and corporate data stacks (preferred).

Soft Skills

  • Excellent negotiation, persuasion and commercial acumen to secure favorable terms while maintaining supplier relationships.
  • Strong stakeholder management and cross-functional collaboration skills to influence without direct authority.
  • Analytical mindset with attention to detail; able to interpret spend data and transform insights into actionable sourcing plans.
  • Clear written and verbal communication, capable of creating executive summaries and leading supplier presentations.
  • Project management skills to lead sourcing initiatives and manage multiple procurements concurrently.
  • Problem-solving orientation, able to triage supplier issues and drive resolution through collaboration and escalation.
  • Adaptability and resilience in dynamic markets; ability to pivot sourcing strategies under short timelines and supply disruptions.
  • Time management and prioritization skills to balance tactical procurement tasks with strategic initiatives.
  • Ethical judgment and integrity to enforce procurement policies and manage confidential commercial information.
  • Facilitation and training skills to run sourcing workshops, supplier onboarding sessions, and internal procurement training.

Education & Experience

Educational Background

Minimum Education:

  • Bachelor's degree in Business Administration, Supply Chain Management, Finance, Economics, Engineering, or related field.

Preferred Education:

  • Master’s degree (MBA, MSc Supply Chain) or relevant procurement certifications such as CPSM, CIPS, CPP, or ISM certifications.

Relevant Fields of Study:

  • Supply Chain Management
  • Procurement / Purchasing
  • Business Administration
  • Finance / Economics
  • Industrial Engineering

Experience Requirements

Typical Experience Range:

  • 3–7 years of progressive procurement, sourcing, buying, or vendor management experience, including exposure to strategic sourcing and contract negotiation.

Preferred:

  • 5+ years of experience in corporate procurement or sourcing roles, demonstrated track record of driving cost savings, experience with global vendors, and hands-on use of procurement technology (Ariba, Coupa, Oracle). Experience in specific categories (IT/SaaS, professional services, manufacturing, logistics) is a strong plus.
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