In business terms, ‘sourcing’ refers to all of the operations associated with the acquisition of services and goods that are needed to sustain operations.
A Sourcing Manager is in charge of all the essential buying methods: selecting and dealing with suppliers to maintain optimal resource levels. The job also involves maintaining and creating new procurement strategies for business in areas like capital expenditures, professional services, marketing services, logistics services, MRO, etc.
The ideal candidate for this position is a logistics specialist who has intimate knowledge of cost-effective purchasing for goods and services. This person must oversee quality control of sourcing departments and conform to the company’s procedures regarding finances and logistics.
Furthermore, a person in this job is accountable for all phases of sourcing, which includes the ability to locate cost-saving opportunities, produce price-competitive environments, imaginatively negotiate, create contracts to guarantee easy availability of services and products to support business objectives.
The compensation for this position ranges from $70,000 to $100,000. The job also presents significant opportunities for career growth and advancement.
Although the job of a Sourcing Manager can vary from company to company, the job typically involves a few key responsibilities.
One of the most important duties is overseeing the organization’s portfolio of suppliers and providing transparency regarding all spending. This typically involves assessing and calculating procurement expenses, as well as recommending methods to improve return on investment. A sourcing manager is also accountable for the optimization of supply chain operations, with an eye towards optimal efficiency.
The job of a Sourcing Manager is highly interpersonal. Negotiation with suppliers is the main pillar of this position. A sourcing manager must also coordinate with key stakeholders to reach agreements terms and procedures. This job also involves a lot of networking, particularly when it comes to discovering new potential partners in the form of suppliers and vendors.
A Sourcing Manager must also be an efficient planner. She or he must produce and oversee management strategies related to supply chain operations. This involves significant research and requires knowledge of key supply chain factors and trends. This person must conduct cost and scenario assessments, calculate risk, and leverage risk-minimizing tactics.
To work as a sourcing manager, you must have a bachelor’s degree and two to five years of experience in supply chain operations. The ideal candidate for this position has robust communication skills, negotiating skills and leadership ability. Being able to work well with others is a must. A sourcing manager should also have good problem solving, analytical and quantitative skills. She or he should be comfortable working in-depth with data and making important decisions.
A sourcing manager should be comfortable working with the Microsoft Office Suite. Most positions also require the use of software and technology that is specific to the supply chain.
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