Written by Marijn Overvest | Reviewed by Sjoerd Goedhart | Fact Checked by Ruud Emonds | Our editorial policy

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, which are the following:

• 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

Conclusion

In delving into the intricacies of the sourcing specialist’s role, we uncover a profession that extends beyond mere procurement. Whether sourcing materials or manpower, the crux lies in the ability to negotiate effectively, employing strategic tactics to secure optimal prices.

The sourcing specialist navigates responsibilities ranging from maintaining supplier relationships to implementing inventory optimization strategies. Aspiring individuals eyeing this career path must meet specific criteria—a Bachelor’s degree in administration, logistics, or a related field, coupled with proven experience and proficiency in essential tools.

In essence, the role of a sourcing specialist stands as a dynamic and lucrative venture, attracting those with a keen eye for negotiation and a strategic mindset. For those contemplating a career shift, the path of a sourcing specialist beckons with promise and potential.

Explore this realm further and consider enhancing your skills through our Negotiation Course for Procurement Professionals. The journey toward becoming a sourcing specialist awaits, promising not just a job but a fulfilling and rewarding career.