Sourcing Analyst
A Sourcing Analyst is responsible for identifying and evaluating suppliers, negotiating contracts, and purchasing materials or services to meet a company's requirements.
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Sample Job Descriptions for Sourcing Analyst
Below are the some sample job descriptions for the different experience levels, where you can find the summary of the role, required skills, qualifications, and responsibilities.
Junior (0-2 years of experience)
Summary of the Role
The Sourcing Analyst is an entry-level position responsible for supporting the procurement team by analyzing sourcing markets, evaluating suppliers, and assisting in negotiation strategies to secure the best terms and prices for materials and services. The candidate should be a problem solver with strong analytical skills who can effectively collaborate with stakeholders and vendors to optimize the sourcing process.
Required Skills
- Analytical thinking and problem-solving
- Strong numerical and data analysis capabilities
- Effective communication and interpersonal skills
- Time management and ability to prioritize tasks
- Familiarity with procurement software and tools
- Attention to detail and accuracy in work
Qualifications
- Bachelor's degree in Business, Supply Chain Management, or a related field.
- Experience in data analysis or a related field is preferred but not required.
- Understanding of procurement and supply chain processes.
- Proficiency in Microsoft Office Suite, particularly Excel.
- Strong communication skills and the ability to work in a team environment.
Responsibilities
- Conduct data analysis to identify sourcing opportunities and optimizations.
- Support the development and implementation of sourcing strategies for specific categories.
- Assist senior procurement team members in managing supplier relationships and performance.
- Collaborate with cross-functional teams to understand material and service requirements.
- Participate in supplier negotiations and help secure favorable terms.
- Monitor market trends and supplier developments to inform sourcing decisions.
- Maintain accurate records of sourcing activities and supplier information.
- Prepare reports and presentations for stakeholder updates on sourcing initiatives.
Intermediate (2-5 years of experience)
Summary of the Role
The Sourcing Analyst is responsible for the collection, analysis, and management of procurement data to support the organization's strategic sourcing initiatives and procurement operations. This position requires strong analytical skills and knowledge of procurement practices.
Required Skills
- Data analysis
- Strategic thinking
- Supplier relationship management
- Contract negotiation
- Market research
- Project management
- Procurement software proficiency
- Excellent verbal and written communication
Qualifications
- Bachelor's degree in business, supply chain management, or a related field.
- 2-5 years of experience in sourcing, procurement, or a similar analytical role.
- Strong analytical and problem-solving abilities.
- Familiarity with procurement software and tools.
- Excellent negotiation and communication skills.
- Ability to manage multiple projects simultaneously with a detail-oriented approach.
Responsibilities
- Analyze procurement data to identify trends and opportunities for cost savings.
- Develop and maintain relationships with suppliers and internal stakeholders.
- Support the development of sourcing strategies for various categories of spend.
- Assist in the negotiation of contracts and agreements with suppliers.
- Conduct market research to stay informed of industry trends and best practices.
- Prepare and present reports on sourcing activities and outcomes to management.
- Collaborate with cross-functional teams to ensure sourcing strategies align with company goals.
- Monitor supplier performance and ensure compliance with contractual agreements.
Senior (5+ years of experience)
Summary of the Role
The Sourcing Analyst is responsible for strategic analysis and procurement activities within the organization. This role involves conducting detailed market and financial analyses, developing sourcing strategies, driving cost savings, and fostering supplier relationships to ensure the supply chain's efficiency and cost-effectiveness.
Required Skills
- Exceptional analytical and strategic thinking skills.
- Excellent communication and negotiation abilities.
- Proficient in data analysis software and procurement platforms.
- Strong project management and organizational skills.
- Ability to work independently and in a team environment.
- Adaptability and willingness to embrace change in a dynamic business landscape.
Qualifications
- Bachelor's degree in Business, Economics, Supply Chain Management, or related field.
- Minimum 5 years experience in sourcing, procurement, or a similar analytical role.
- Proven track record of successful negotiations and cost-saving initiatives.
- Solid understanding of procurement processes and supply chain management fundamentals.
- Experience in vendor management and supplier evaluation.
- Proficient in advanced analytical tools and software.
- Strong financial acumen with the ability to analyze complex data sets.
Responsibilities
- Conduct comprehensive market research to uncover industry trends and gather insights for procurement strategies.
- Analyze spend data and supply market conditions to identify potential cost reduction opportunities.
- Develop and maintain strong relationships with key suppliers, negotiating contracts to secure favorable terms.
- Monitor supplier performance to ensure compliance with service level agreements.
- Work closely with cross-functional teams to align sourcing strategies with business objectives.
- Lead the supplier selection process and conduct business reviews to assess risk and performance.
- Drive process improvements in the procurement cycle to enhance efficiency and cost savings.
- Prepare and present analytical reports and recommendations to senior management.
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