There are four different tasks that a price analyst is responsible for: research, creating comparators, analyzing results, and completing a cost accounting process. A price analyst can find employment opportunities in a wide range of industries, but are most commonly found in manufacturing, marketing, and advertising companies. The role requires a combination of analytical and communication skills.
People who enjoy working with numbers and get satisfaction from finding value and savings are happiest when they become a price analyst. The analytical skills required include an affinity for numbers, ability to spot patterns quickly, and the computation of various scenarios. Oral and written communication, presentation, and listening skills are all very valuable in this role.
Research skills are very important for a price analyst. They are responsible for accurately reporting the price charged by the competition for substitute and complementary products. In addition, they also need to make sure the firm is getting the best possible prices when purchasing items, supplies, and services.
As part of price analyst duties, she is responsible for creating a master list of key items central to the product created by the company. This list is used to quickly check the prices on a regular basis and determine if further negotiations or adjustments are necessary. Timeliness and attention to detail are critical to this role.
Analyzing the results of purchasing and product pricing decisions forms a major part of a price analyst’s day. This work requires computer software skills and mental focus. Analysis of the impact of decisions is central to determining if further adjustments are required.
Cost accounting is the process of carefully tracking the costs associated with every stage of product development. The price analyst has a very important role in this process. While not responsible for data entry, an analyst is expected to interpret the data and make the necessary arrangements to ensure that expenses are minimized.
The skills required to become a price analyst allow a great deal of career flexibility. Many people transition from this role into a purchasing analyst or agent. The basic requirements of the job are very similar, but the tasks are focused on purchasing activity, and not a combination of purchasing and revenue. When thinking about a career as a price analyst, take the time and complete further education in statistics, accounting, or purchasing. All these courses add to your value and knowledge, providing you with advanced skills that can result in a higher salary.