What does a Senior Strategic Sourcing Manager do?
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.
- Improve the supply chain performance through improved supply chain planning practices.
- Manage competitive sourcing processes, RFPs, supplier selection, and contract processes.
- Understand the technology roadmap of critical suppliers and communicate throughout the organization with a formal commodity strategy.
- Manage supply base to ensure supply continuity, service, and quality.
- Personnel management skills to build team and individual skills and job satisfaction.
- Is a cornerstone of the organization, focusing on direct procurement support for vehicle related projects.
- Manage inventory to minimize risk and increase turn and cash flow.
- Provide leadership and direction for multiple operational units or disciplines through directors may manage managers.
- Comply with policies related to financial policies, procurement policies, confidentiality and risk management policies and communicate policies to suppliers and stakeholders to minimize risks.
- Partner with sales to improve economics and execution on deals and ongoing businesses.
- Identify new technologies and solutions for internal business partners.
- Establish relationships with suppliers to partner on strategy development and drive productivity, innovation, and continuous improvement.
- Bachelor's Degree or higher in business, computer science, or engineering.
- Skilled in sourcing, negotiation, market/product/supplier analysis, and contract formulation.
- Exemplary leadership, collaboration, and problem-solving capabilities.
- Strong time management skills.
Senior Strategic Sourcing Manager Salaries
Average Base Pay
Senior Strategic Sourcing Manager Career Path
Learn how to become a Senior Strategic Sourcing Manager, what skills and education you need to succeed, and what level of pay to expect at each step on your career path.
Average Years of Experience
Senior Strategic Sourcing Manager Insights
AMIT“Good and Friendly Enviroment to work.”
BlueModus“life balance is the best I've seen in any industry I've been a part of.”
Genpact“4. Good Place for career development and great learnings”
Guardian Industries“Salary and compensation package not competitive.”
Concentrix“It's the best place to work”
Oracle“Very limited career development opportunity in supply chain operations”
Philips“Limited opportunity for career development”
24 Hour Fitness“Little chance for promotion here”
Frequently asked questions about the role and responsibilities of a Senior Strategic Sourcing Manager
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