What does a Sourcing Analyst do?
Published 3 min read
A sourcing analyst is responsible for conducting research and analysis on potential suppliers, negotiating prices, and overseeing the procurement process. They work closely with buyers and other stakeholders to ensure that the products or services purchased meet all quality and cost requirements.
Sourcing Analyst job duties include:
- Conduct cost analysis and develop cost models to support sourcing decisions
- Identify opportunities for cost reduction and process improvement
- Analyze supplier proposals and make recommendations to management
- Negotiate pricing and contract terms with suppliers
- Manage supplier performance to ensure delivery of quality goods and services at the agreed upon price
- Monitor trends in the marketplace to identify potential new sources of supply
- Develop and maintain positive relationships with key suppliers
- Prepare reports and presentations for management on sourcing activities and results
- Perform other duties as assigned
Sourcing Analyst Job Requirements
A Sourcing Analyst is responsible for conducting research and analysis on potential vendors, as well as negotiating contracts with vendors. A Sourcing Analyst typically has a bachelor's degree in business administration or a related field, and experience working in procurement, supply chain management, or a similar field. In some cases, a Sourcing Analyst may also be required to have certification from the American Purchasing Society or the Institute for Supply Management.
Sourcing Analyst Skills
- Strong analytical skills
- Excellent communication skills
- Ability to work independently
- Strong attention to detail
- Ability to multitask
- Strong organizational skills
- Ability to meet deadlines
- Flexibility
- Research skills
- Negotiation skills
- Supplier management
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How to become a Sourcing Analyst
A sourcing analyst is responsible for the procurement of goods and services for an organization. They work with suppliers to negotiate contracts, select vendors, and manage inventory. To become a sourcing analyst, you will need a combination of education and experience in business, supply chain management, and data analysis.
Most sourcing analysts have a bachelor’s degree in business or a related field. However, some employers may prefer candidates with a master’s degree in business administration (MBA) or supply chain management. In addition to formal education, you will also need to have strong analytical and problem-solving skills. Experience working with databases and spreadsheet software is also helpful.
If you are interested in becoming a sourcing analyst, start by pursuing a degree in business or a related field. Once you have completed your degree, look for entry-level jobs in supply chain management or procurement. As you gain experience, you can move into more senior positions with more responsibility.
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