Sourcing Analyst Job Description, Key Duties and Responsibilities

Sourcing Analyst Job Description, Key Duties and Responsibilities

This post provides detailed information about the job description of a sourcing analyst to help increase your knowledge of what they do.

It highlights the tasks, duties, and responsibilities that make up the sourcing analyst work description in most organizations.

This article also shows the requirements; including skills, experience, and education that interested applicants for the sourcing analyst job are majorly expected to fulfill to be considered for hiring by most recruiters.

Please, continue reading to learn more about the sourcing analyst career:

What Does a Sourcing Analyst Do?

A sourcing analyst is responsible for collecting and analyzing data related to products and services a company uses to operate.

For example, in a company that manufactures, a sourcing analyst might price materials, evaluate the effectiveness and efficiency of vendors, examine and figure out how these statistics impact specific aspects of a company’s system or processes.

In other words, a sourcing analyst refers to a professional individual who is responsible for the operational procurement activity across certain departments/product together with the duties associated with the procurement team analyst.

In most cases, a sourcing analyst is required to be familiar with the idea of a supply chain, which describes all of the services that are necessary to bring certain products or services to clients.

One of the major duties of a sourcing analyst may also include examining data regarding the cost and availability of the materials and services that are needed to complete certain projects.

For example, a sourcing analyst that works for a company or organization that is dependent on the use of commodities such as copper might examine the costs and availability of this metal, then go ahead to provide finance officials with information and analysis pertaining to budgeting and time frames.

The sourcing analyst job description entails figuring out if the organization is at the risk of losing money or assets by using certain sources, and determining estimates for the amount of potential loss.

While discharging his or her duties, it is also very crucial that a sourcing analyst stays aware up to date with issues that may arise in his or her particular industry and with supply chain management issues in general.

A sourcing analyst who works for large, multinational corporations might be responsible for examining and identifying tariff laws and exchange rates, as well as being concerned with new strategies developed by supply chain specialists.

Besides managing and analyzing data, a sourcing analyst must also make recommendations often, and he or she must possess a sound understanding of the organization’s strategies regarding management of the supply chain, financial goals, and plans for growth and structural change in order to successfully make effective recommendations.

Academically, a sourcing analyst is required to have at least a 4-year college degree preferably in a field such as engineering, supply chain management, or finance.

Some employers may also demand several years of professional experience.

Sourcing Analyst Job Description Example/Sample/Template

The sourcing analyst performs various functions in ensuring effective procurements of an organization’s operational needs.

The kind of tasks, duties, and responsibilities commonly carried out by sourcing analysts are shown in the job description example below:

• Examining data regarding the cost and availability of materials and services that are needed to complete projects
• Keeping good relationships with suppliers and clients and other stakeholders in the business by constructing a clear supply network to ensure compliance with procurement procedures, negotiated benefits from services and cost improvement
• Work with and support the procurement team in identifying new procurements opportunities through running reports, data analysis, and engagement with important stakeholders in order to ensure that the supplier expenditure is properly managed
• Meeting and communicating with managers from different departments in order to discuss goals and come up with plans to meet the developed goals or objectives
• Staying up to date with issues in the industry and with supply chain management in general
• Examining data regarding the cost and availability of materials and services that are needed to complete projects
• Supporting commercial negotiations with the full and clear sponsorship of the business owner in order to ensure that deals represent the best commercial outcome.

Sourcing Analyst Job Description for Resume

The sourcing analyst job description example above can be applied in making the professional or work experience section of a resume by individuals who have worked before or are currently working as a sourcing analyst.

To show to recruiters that you have the necessary work experience, you need to add a professional experience section to your resume where you highlight the duties you have performed or are presently carrying out on the job.

The sample sourcing analyst job description has the duties and responsibilities you can apply in completing the work experience section of your resume if you are making one for a new job, to show to the employer that you have the required work experience as a sourcing analyst.

Sourcing Analyst Requirements – Knowledge, Skills, and Abilities for Career Success

If you are seeking to work as a sourcing analyst, you will be expected by recruiters to meet certain requirements to prove that you can succeed in carrying out the obligations, purpose, and objectives of the role.

Shown below are major requirements applicants seeking the sourcing analyst job may be asked to meet to access the position in most organizations:

• Strategic planning and decision-making skills: Applicants are required to understand the cost base and the fundamentals of future activity, and translate this into clear sourcing plans
• Well developed and effective communication skills to effectively negotiate with managers, colleagues, and stakeholders
• Enthusiasm and self-motivation
• Particular attention to detail
• Analytical and problem-solving skills
• Professionalism in Excel, Word, and PowerPoint, and E-Procurement tools
• At least, a 4-year college degree in a field such as engineering, supply chain management, and finance, and several years of professional experience.

Conclusion

If you are a recruiter or employer in the process of hiring for the sourcing analyst position in your organization, you can make a description of the available position by using the sample job description provided on this page.

With a detailed description of the vacant sourcing analyst job, you will be able to attract the right candidates.

This post will also be helpful to individuals interested in the sourcing analyst career to increase their knowledge of the role.

Did you find this article helpful in learning about what sourcing analysts do? Please, leave a comment in the box below. You may also discuss your job description if you work as a sourcing analyst.