Procurement Career Paths

Job Title: Sourcing Analyst

Location: [Insert location]

Reports to: [Insert name and title of supervisor]

As a sourcing analyst, you track market trends and pricing changes closely. Even minor fluctuations can significantly impact profitability and must be monitored diligently.

Key Responsibilities: 

• Lead and manage RFP processes and negotiations.
• Create and maintain PowerPoint presentations and category information repository.
• Balance source selection options to meet corporate goals.
• Facilitate timely development and commercialization of seasonal product categories.
• Drive costing process and collaborate with team and liaison offices.
• Engage stakeholders to understand business requirements and highlight Procurement’s value.
• Develop sourcing strategy options and implement approved strategies.
• Contribute to developing RFIs, RFPs, source plans, contracts, and agreements.
• Support continuous improvement projects with Category Managers.
• Map processes and conduct process cost analysis with Category Managers.

KPIs for this role

• Number of Suppliers: Sees the ability of the sourcing analyst to provide/maintain enough suppliers to ensure business continuity, including strategic redundancies as part of your plan to minimize or avoid disruptions.
• Quality Performance Rating: When a sourcing analyst ensures supplier product and service quality.
• On-Time Delivery: How the sourcing analyst ensures the timeliness of shipments.
• Supplier Lead Time: Effectiveness of sourcing analyst to measure the amount of time between an order being placed and its arrival at your dock or door.
• Compliance and Risk Assessment: The ability of the sourcing analyst to ensure the vendor complies with all industry standards and legal requirements as well as their contractual obligations.

Key Skills and Qualifications: 

• Strong desire to succeed and advance quickly within the company.
• Proven skills in negotiation and project planning.
• Bachelor’s degree in Business, Finance, Business/Administration, Engineering, Education, Supply Chain Management, Economics, Accounting, Management, Mathematics, Manufacturing, Apparel Merchandising, or Business Administration OR equivalent experience in Costing and Sourcing.
• Ability to thrive under pressure, meet tight deadlines, and handle multiple tasks simultaneously.
• Conduct benchmarking against peer companies and other industries.
• Ensure suppliers meet quality and regulatory requirements by taking appropriate action when deficiencies are identified.

• Lead and manage RFP processes and negotiations.
• Create and maintain PowerPoint presentations and category information repository.
• Balance source selection options to meet corporate goals.
• Facilitate timely development and commercialization of seasonal product categories.
• Drive costing process and collaborate with team and liaison offices.
• Engage stakeholders to understand business requirements and highlight Procurement’s value.
• Develop sourcing strategy options and implement approved strategies.
• Contribute to developing RFIs, RFPs, source plans, contracts, and agreements.
• Support continuous improvement projects with Category Managers.
• Map processes and conduct process cost analysis with Category Managers.

• Excel: Excel is essential for Sourcing Analysts as it helps organize and analyze data, enabling informed decision-making and strategy optimization in procurement.
• SQL: SQL (Structured Query Language) is a programming language used to manage and manipulate relational databases, allowing Sourcing Analysts to efficiently handle data for supplier analysis and procurement.
• Negotiation: Negotiation, for a Sourcing Analyst, involves strategic discussions with suppliers to reach agreements on pricing, terms, and conditions for the organization’s benefit.
• Market Analysis: Market analysis for Sourcing Analysts involves evaluating market trends, supplier capabilities, costs, and competition to inform procurement strategies and improve sourcing decisions.
• Supplier Evaluation: Sourcing Analysts conduct supplier evaluations to assess and select suppliers based on cost, quality, reliability, and service to meet the organization’s standards.
• Cost Reduction: Cost reduction in sourcing refers to strategically lowering expenses in acquiring goods and services without compromising quality, aiming to enhance a company’s profitability.
• Risk Management: Risk management for Sourcing Analysts involves identifying, assessing, and prioritizing potential risks in sourcing strategies and developing plans to minimize their impact on supply chains or vendor relations.

• Number of Suppliers: Sees the ability of the sourcing analyst to provide/maintain enough suppliers to ensure business continuity, including strategic redundancies as part of your plan to minimize or avoid disruptions.
• Quality Performance Rating: When a sourcing analyst ensures supplier product and service quality.
• On-Time Delivery: How the sourcing analyst ensures the timeliness of shipments.
• Supplier Lead Time: Effectiveness of sourcing analyst to measure the amount of time between an order being placed and its arrival at your dock or door.
• Compliance and Risk Assessment: The ability of the sourcing analyst to ensure the vendor complies with all industry standards and legal requirements as well as their contractual obligations.