Strategic sourcing managers analyze indirect procurement expenditures by sourcing strategic supply partners, developing sourcing policies, and creating cost estimates and forecasts while simultaneously negotiating equitable and cost-effective supply contracts. They evaluate sourcing procedures and present potential improvement strategies to senior management for review and, ultimately, approval. They analyze and calculate procurement costs and develop cost-reduction strategy proposals. They drive purchasing decisions based on cost and scenario analysis and market trends and negotiate contracts with key suppliers keeping cost, terms of service, supply, and quality in mind.
Strategic sourcing managers collaborate with procurement departments to identify and pursue new suppliers or vendors’ opportunities and conduct market research, cost estimates, and forecasts. Strategic sourcing managers hire, train, and manage procurement department employees to estimate risk while applying risk management techniques and ensuring contracts comply with industry regulations. They maintain strategic sourcing relationships and develop strong partnerships with suppliers. Strategic sourcing managers need a bachelor's degree in business, economics, finance, or related fields.
Average Years of Experience