Strategic Sourcing Manager

Strategic sourcing managers are responsible for directing and analyzing how a business spends money. Their ultimate goal is to make sure the business is cost effective so it maintains higher profit margins and a competitive advantage. The research that strategic sourcing managers conduct drives the purchasing decisions for the business. They are expected to rigorously locate and analyze new opportunities and developments for the business. When plans are adopted, these managers also may have to lead conversion management within their organization.

Strategic sourcing managers deal with many suppliers and vendors to negotiate pricing. They work closely with purchasing and procurement departments because the plans that they create directs their activities. In addition, they take direction from and report to senior management. They are ultimately responsible to business stakeholders and may have to present business cases and analyses to stakeholders for approval.

Typically, strategic sourcing managers work in a business setting during regular business hours. At times, they may be required to travel to develop, promote, or maintain business relationships.

Most companies require strategic sourcing managers to have at least a bachelor’s degree in economics, finance, logistics, or a related field. A master’s degree in business is preferred for this position. Strong communication and negotiation skills are required to broker the deals that will be advantageous to the company with suppliers. Additionally, depending on the field, candidates may be required to have at least four years of experience in the business' industry.

As a Strategic Sourcing Manager with 3-6 years of experience in Singapore, your main responsibilities include:

• Develop and implement sourcing strategies to optimize supplier selection, negotiate contracts, and achieve cost savings while maintaining quality standards.
• Collaborate with cross-functional teams to identify sourcing needs, evaluate supplier performance, and drive continuous improvement initiatives.
• Conduct market research and supplier evaluations to identify potential suppliers, assess their capabilities, and ensure compliance with company policies and regulations.
• Build and maintain relationships with key suppliers, manage vendor performance, resolve supplier-related issues, and mitigate supply chain risks to ensure uninterrupted operations.

For a Strategic Sourcing Manager job role, the following qualifications are required:

• Extensive experience in strategic sourcing and procurement, with a strong understanding of supply chain management principles and practices.
• Demonstrated expertise in conducting market research, identifying potential suppliers, and negotiating favorable contracts to achieve cost savings and improve supplier performance.
• Strong analytical and problem-solving skills to assess and mitigate risks, optimize supplier relationships, and drive continuous improvement in procurement processes.
• Excellent communication and negotiation skills to collaborate with internal stakeholders, suppliers, and cross-functional teams to align sourcing strategies with business objectives and drive successful outcomes.

The role of Strategic Sourcing Manager is crucial in driving efficient procurement processes and supplier relationships. With a work experience of 3-6 years in Singapore, professionals in this field can explore various alternative roles. Consider the following options:

• Category Manager: Responsible for strategic sourcing within specific product or service categories, analyzing market trends, negotiating contracts, and managing supplier relationships.
• Supply Chain Analyst: Focused on analyzing supply chain data, optimizing inventory levels, improving operational efficiency, and collaborating with cross-functional teams.
• Vendor Manager: In charge of developing and maintaining relationships with key vendors and suppliers, ensuring quality, managing contracts, and driving performance improvements.
• Contract Negotiator: Specialized in negotiating and managing contracts with suppliers, mitigating risks, ensuring compliance, and driving cost savings.

The role of Strategic Sourcing Manager in Singapore is expected to witness significant growth in the market. A 10-year analysis suggests a positive trend in employment opportunities in this field. With increasing globalization and demand for cost-effective procurement strategies, the demand for skilled professionals in strategic sourcing is projected to rise. According to Google, the number of employment opportunities for Strategic Sourcing Managers is anticipated to expand in the coming years due to the growing importance of supply chain management and the need for optimized procurement processes. This indicates a promising future for individuals pursuing a career in this field in Singapore. (98 words)