Strategic Sourcing Manager

The managers of strategic sourcing are accountable for directing and analyzing the way the company spends its money. Their objective is to ensure that the company is cost-effective to ensure greater profit margins and has an advantage in competition. The analysis that managers of strategic sourcing make is the basis for buying decisions of the company. They must rigorously identify and evaluate the latest opportunities and trends that will benefit the company. If plans are approved they might be required to oversee the management of conversion within their company.

Strategic sourcing managers work with a variety of vendors and suppliers to negotiate prices. They collaborate closely with procurement and purchasing departments as the plans they develop direct their actions. Additionally, they receive instructions from and report to the top management. They ultimately are accountable to the business stakeholder and could be required to present business plans and analysis to the those who are in charge for their approval.

Typically, strategic sourcing directors operate in a corporate setting during normal working hours. Sometimes, they will be required to travel in order to establish, develop, or keep business relationships.

The majority of firms require their strategic sourcing managers to possess a minimum bachelor's degree in finance, economics logistics, logistics, or a related area. A master's degree in business administration is highly recommended for this job. Excellent negotiation and communication skills are essential to negotiate deals that are beneficial for the business with suppliers. In addition, depending on the area of work, applicants might be required to possess at least four years ' working experience in the company's sector.

Within the context of the Strategic Sourcing Manager role, employees are expected to fulfill the following roles and responsibilities in order to make meaningful contributions towards organizational success.

• You are responsible for analyzing spend, identifying cost-saving opportunities, and developing and executing sourcing strategies to achieve the identified cost savings.
• You research and evaluate suppliers based on their industry experience, capabilities, and financial stability. Your goal is to ensure that the suppliers are reliable and provide quality goods and services to meet your organization's needs.
• You negotiate with suppliers to secure favorable contractual terms and conditions that support business requirements, protect the organization's interests, and mitigate risk.
• You manage supplier relationships, monitor supplier performance, and take corrective action when necessary to ensure that suppliers meet or exceed their contracted obligations.

Major educational qualifications required for Strategic Sourcing Manager are:

• Bachelor's degree in business, computer science or any other related area.
• Project Management Professional (PMP) certification is preferred.
• Experienced in solving problems with creativity.
• Experienced with tools for managing projects methods, best methods.
• Experience in managing projects throughout all phases of their life.
• Strong analytical abilities.
• Excellent interpersonal skills and efficient.
• Experienced in completing projects in accordance with the budget, scope, and timeframe.

Here are 4 alternative roles for an individual with 0-3 years of work experience in India who is interested in strategic sourcing:

• Procurement Manager: Responsible for identifying, sourcing, and obtaining quality goods and services at a reasonable cost.
• Supply Chain Analyst: Focuses on analyzing and improving supply chain processes to reduce costs and increase efficiency.
• Vendor Management Specialist: Works to improve relationships with key suppliers, ensuring timely delivery, quality, and pricing.
• Category Buyer: Concentrates on finding and buying goods and services to meet specific business needs and objectives in the most efficient and cost-effective way possible.

The role of a Strategic Sourcing Manager in India is projected to have a significant growth in the market as more companies are focusing on procurement and cost optimization. According to a report by ResearchandMarkets, the procurement outsourcing market is expected to grow at a CAGR of 11.3% from 2020 to 2027 in India. In the next 10 years, the trend of outsourcing procurement functions will increase, leading to a rise in the demand for Strategic Sourcing Managers. The employment opportunities for this role are estimated to increase by 9% in the next 5 years, as per data from Indeed. Overall, the future looks promising for the role of a Strategic Sourcing Manager in India.