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Sourcing Specialist – The Ultimate Guide for 2023
Understand the role of a sourcing specialist: driving cost savings and maximizing profitability.
Responsibilities include sourcing suppliers, negotiating, and implementing inventory optimization strategies.
Requirements: Bachelor’s degree, sourcing experience, proficiency in tools, strong negotiation skills, and organizational abilities.
For today’s article, it’s time to focus our attention on the sourcing specialist.
We’ve already talked about the procurement specialist, so for this article, we are going to dive deep into the role and the responsibilities of the sourcing specialist.
After reading this article, you’d probably be thinking of getting a career as a sourcing specialist as well. For that, you can consult our Negotiation Course For Procurement Professionals to improve your chances of getting hired!
The Sourcing Specialist Debunked.
We’ve mentioned that we already talked about the procurement specialist in one of our previous articles. As of 2023, those who are working in the procurement industry continue to get really good pay and more opportunities because the procurement industry will always be needed, even during these times of economic anxiety.
The sourcing specialist is unlike the procurement specialist. The sourcing specialist is someone who creates effective sourcing processes to help the company save costs and maximize profitability. Take note that the definition we gave is that of someone who works as a sole sourcing specialist for a procurement team. There are other positions often called sourcing specialists as well; those who are excellent in sourcing manpower to help a company grow and get the right people for the job or project is one such career.
However, if one really takes a deep dive into the role, it doesn’t really matter whether the person is sourcing supplies or people; the important part in the role is the ability to negotiate in obtaining goods or services at the best price using strategic sourcing tactics.
The Responsibilities of the Sourcing Specialist
As a sourcing specialist, you are expected to do the following responsibilities:
- Sourcing suppliers and maintaining long-lasting relationships with them as well as existing suppliers.
- Implementing inventory optimization strategies within the company.
- Obtaining quotes from different suppliers.
- Negotiating price, quantity, and delivery schedules with suppliers.
- Working with legal counsel to ensure that all contracts relating to product procurement contain all details of the negotiation.
- Assessing quotes and compiling a detailed assessment of cost breakdowns.
- Generating quote comparisons and contributing to internal supplier selection based on the quotes.
- Providing solutions to improve company spending and outsourcing.
What Requirements are Needed to Become a Sourcing Specialist?
If it were that easy to become a sourcing specialist, then everyone would’ve gone and gone back to school to pursue a degree with the said job title.
But as expected, only those who have the necessary requirements are fit to become sourcing specialists.
- You need to have a Bachelor’s degree in administration, logistics, supply chain, or related field.
- You have proven experience in sourcing processes.
- You are proficient in various documentation tools, such as Microsoft Word, Powerpoint, Excel, and Outlook.
- You have a thorough understanding of sourcing methodologies.
- You must have strong negotiation skills.
- You must have sound time-management and organizational skills.
How Much Do Sourcing Specialists Make?
Ah yes, we’ve come to the part where everyone is most interested when it comes to procurement careers.
As everyone knows, there may have been a lot of challenges in the procurement industry, but it continues to remain strong. Various procurement jobs are still raking in the dough, as we speak. This is because even if a global pandemic is raging all over the globe, there is no shortage of the need for supplies. Companies will remain to continue their procurement of highly-valued goods and/or services, especially if it helps with company growth or if it’s needed for the company to continue working.
As of January of 2022, the sourcing specialist in the United States makes as much as $64,280 per year. The top companies in the United States with the highest salary for a sourcing specialist go as high as $126,765 per year.
Meanwhile, the cities in the United States with the highest salary rates for sourcing specialists are in the following:
- Chicago, IL – $95,313 per year
- Atlanta, GA – $83,506 per year
- Houston, TX – $81,546 per year
- Seattle, WA – $77, 402 per year
- Indianapolis, IN – $72,422 per year
What is a sourcing specialist?
A sourcing specialist is someone who creates strategies on how a company can source products/services using the least resources possible.
Is it easy to become a sourcing specialist?
To become a sourcing specialist, you need a Bachelor’s degree in administration, as well as experience in sourcing processes.
How much do sourcing specialists make?
Sourcing specialists make as much as $64,200 per year.
About the author
My name is Marijn Overvest, I’m the founder of Procurement Tactics. I have a deep passion for procurement, and I’ve upskilled over 200 procurement teams from all over the world. When I’m not working, I love running and cycling.