Explore the critical requirements, core duties, primary responsibilities, and key skills that should be included in a comprehensive Strategic Sourcing Manager job description.
What does a Strategic Sourcing Manager do?
A Strategic Sourcing Manager is responsible for managing procurement spending, sourcing supply partners, and negotiating contracts to ensure fair and cost-effective procurement for a company.
Job Description
We are looking for a resourceful Strategic Sourcing Manager to develop and implement improved sourcing policies. Your responsibilities will include creating cost estimates and forecasts, negotiating contracts with key suppliers, and overseeing the sourcing team.
To be successful in this role, you should have a strong knowledge of negotiation strategies and previous experience in a similar position. A skilled Strategic Sourcing Manager can help a company increase profits and gain a competitive advantage.
Job Duties and Responsibilities
- Evaluating current sourcing procedures and suggesting improvements to senior management.
- Analyzing procurement costs and developing strategies to reduce them.
- Making purchasing decisions based on cost analysis and market trends.
- Negotiating contracts with suppliers for costs, services, and quality.
- Collaborating with the procurement department to identify new supplier opportunities.
- Conducting market research and creating cost estimates and forecasts.
- Hiring, training, and managing procurement department employees.
- Evaluating risks and negotiating contracts that comply with industry regulations.
- Maintaining strategic sourcing relationships and building strong partnerships.
Requirements and Qualifications
- Bachelor's degree in business, economics, finance, logistics, or a related field.
- Master's degree in business or specialization in advanced procurement management (preferred).
- At least four years of procurement experience in a related industry.
- Proficiency in sourcing software, such as Fraxion Spend Management and Promena e-Sourcing.
- Strong leadership and communication skills.
- Advanced collaboration and negotiation abilities.
- Excellent organizational and time management skills.
- Exceptional analytical and strategic thinking abilities.
- Willingness to travel to develop, promote, and maintain strategic sourcing relationships.
Alternate Job Titles
- Strategic Supplier Sourcing Manager
Strategic Sourcing Manager Salary
The earning potential of a Strategic Sourcing Manager can vary significantly based on factors such as geographic location, industry, professional experience, educational background, and the specific employer. On average, the annual salary for an Strategic Sourcing Manager in the United States is approximately $137507.