In a world that has seen the worst possible effects of a derailed global supply chain system, Sourcing Managers orchestrate the sourcing of quality materials and services, build sustainable relationships with suppliers, and guarantee seamless business operations. Continue Reading
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In a world that has seen the worst possible effects of a derailed global supply chain system, Sourcing Managers orchestrate the sourcing of quality materials and services, build sustainable relationships with suppliers, and guarantee seamless business operations.
What are the typical responsibilities of a Sourcing Manager?
A Sourcing Manager would typically need to:
Sourcing Managers work in clean, comfortable, fast-paced, dynamic offices. Most of their duties that entail close interaction with in-house teams, executives, suppliers, and vendors may be discharged online or on the phone.
Although the nature of the job often makes it imperative that they work as part of a procurement team within the finance and operations department, the business size may have them working alone or managing a team of direct reports.
Audits, conferences, and meetings with suppliers may occasion travel, which can be more intense if one’s employer has national or worldwide business operations.
Full-time Sourcing Managers have regular schedules comprising 40-45 hour work weeks. They may have to work evenings, weekends, and holidays depending on deadlines and organisational needs.
Research suggests that flexible hours and generous telework policies appeal more than salary to the younger generation. There has been an incremental increase in employers willing to give promising employees a chance to adjust their schedules per the job demands.
Finding a new job may be challenging. Sourcing Managers can boost their job search by asking their network for referrals, contacting companies directly, using job search platforms, going to job fairs, leveraging social media, and inquiring at staffing agencies.
Sourcing Managers are generally employed by:
Professional associations and organisations, such as the Global Sourcing Association (GSA), are crucial for Sourcing Managers interested in pursuing professional development or connecting with like-minded professionals in their industry or occupation.
Professional associations provide members with continuing education, networking opportunities, and mentorship services. Membership in one or more adds value to your resume while bolstering your credentials and qualifications.
Sourcing and negotiating for cost-effective quality goods and services
Handling several suppliers across diverse locations and time zones
Inability to navigate market volatility and price fluctuations leading to loss of a competitive edge in the marketplace
Supply chain disruptions caused by natural disasters, geopolitical events, and economic downturns
Successful adoption of evolving technology to optimise supplier sourcing and cost efficiency
The negative impact of conflicting priorities and resistance to change on collaboration with internal teams and alignment with business goals
Lack of access to real-time supplier data resulting in workflow delays and disruptions, overspending, compliance issues, and inventory stagnation
Reliance on ERPs (Enterprise Resource Planning) for supply chain data management
Adverse health effects of a largely passive role involving occasional walking and standing
Failure to align supplier objectives with organisational values and market demands
Enforcement of industry standards, environmental regulations, and moral ethics while ensuring procured goods and services maintain quality and cost-effectiveness
Enrollment in an academic programme comprising real-time experience in procurement, supply chain management, and business skills would help you realise your ambition to become a well-established Sourcing Manager.
Most aspirants may begin their careers as interns, apprentices, or entry-level sourcing executives - all highly coveted opportunities - in procurement, logistics, or supply chain management firms to gain valuable insight into the world of sourcing management and improve one’s prospects of getting a permanent position.
Three or more years of experience in global sourcing, purchasing, category management, product and brand development, and project management in the industry of their choice would prove advantageous, especially if incumbents inculcate supervisory and managerial skills crucial to leading specific teams in future and a deeper understanding of pertinent business practices and models.
Some Sourcing Managers may amass at least four years of experience as category managers, procurement managers, sourcing specialists, or supply chain managers before advancing to the strategic sourcing role.
Besides the many commercial sectors that may interest potential Sourcing Managers, non-profit organisations can offer innumerable opportunities to manage limited resources and liaise with suppliers or donors.
The experience may also help determine whether the public, private or voluntary sector is best suited to realise one’s ambitions. Your educational provider’s career service department can provide information about viable work placements, internships and voluntary work opportunities in diverse sectors.
Even while in high school, you can check with a teacher or counsellor about relevant work-based learning opportunities available in your school or community that can help you connect your school experiences with real-life work.
Active engagement in your school’s student government or MUN (Model United Nations) and debate clubs will prove beneficial in developing key communication, leadership, organisational, critical thinking, and negotiation skills.
Membership in clubs geared toward economics or entrepreneurship can further your knowledge of the world of commerce and sourcing, while technology-related clubs can familiarise prospective Sourcing Managers with critical technology and data analysis.
Enter local or regional competitions related to supply chain management, logistics, or procurement to gain practical knowledge and hone problem-solving skills. In addition, workshops or seminars on the abovementioned concepts offer many networking opportunities.
Read about the profession and interview or job shadow experts in sourcing management to prove your commitment to course providers and prospective employers.
Shrewd Sourcing Managers help companies identify, evaluate, and select suppliers, negotiate contracts, manage business relations, and ensure the prompt and cost-effective delivery of essential goods and services.
An accredited bachelor’s degree in supply chain management, logistics, business administration and management, international business, or economics may help acquire the foundational knowledge needed for this role.
Ideal academic programmes should instruct students on international business and trade, finance, accounting, statistics, data analysis, project management, and operations research, in addition to developing negotiation and communication skills along with ethics and corporate social responsibility to foster a well-rounded approach.
Although not widely mandated, some employers may prefer an MBA (Master of Business Administration) with a concentration in supply chain management that can equip the candidate with an in-depth understanding of management and corporate strategy supported by a more practical commercial perspective.
Recommended high school courses include mathematics, business studies, economics, computer science, statistics, and accounting. English and speech classes can help you with your writing, research and communication skills. Fluency in a popular foreign language may be beneficial when engaging with international suppliers, considering the global nature of business operations.
Remember that completing a particular academic course does not guarantee entry into the profession. Be that as it may, professional qualifications and transferable skills may open up more than one door.
Do your homework and look into all available options for education and employment before enrolling in a specific programme. Reliable sources that help you make an educated decision include associations and employers in your field.
Certification demonstrates a Sourcing Manager’s competence in a skill set, typically through work experience, training, and passing an examination. Successful certification programs protect public welfare by incorporating a Code of Ethics.
Certifications in procurement and supply, supply chain management, purchasing management, supplier diversity, and project management from an objective and reputed organisation can help you stand out in a competitive job market and carry a significant salary premium of up to 18 per cent.
Specialised sectors such as government procurement and highly regulated industries, including pharmaceuticals, automotive, and nuclear equipment, may mandate licensure from authorised bodies.
Individual government entities conduct the licensing process. It typically requires passing an examination after meeting eligibility requirements. Establish industry and regional requirements to determine the prerequisites to obtain a licence.
Sourcing Managers may also need to undergo an employment background check, including but not limited to a person’s work history, education, credit history, motor vehicle reports (MVRs), criminal record, medical history, use of social media, and drug screening.
Performance, experience, and the acquisition of professional qualifications drive the career progression of Sourcing Managers, which may vary depending on their work location. Regardless, enduring success in planning and executing projects is vital to sustainably showcasing the ability to lead teams.
Competent Sourcing Managers have the potential to lead their company’s sourcing departments or transition into more elevated management roles, including Director or Vice President of Procurement, Supply Chain Director, or Chief Procurement Officer.
They could be entrusted with managing a larger team or more complex projects. Yet another option is to establish your own sourcing consultancy, enabling you to work with diverse clients while enjoying a more flexible schedule.
The desire to accelerate career growth and personal development has an increasing number of millennials choosing to job hop and build a scattershot resume that showcases ambition, motivation, and the desire to learn a broad range of skills.
Studies prove that job hopping, earlier dismissed as “flaky” behaviour, can lead to greater job fulfilment. Employees searching for a positive culture and exciting work are willing to try out various roles and workplaces and learn valuable, transferable skills along the way.
Candidates with the necessary leadership and management skills, sourcing experience, and mastery of business concepts have the best job prospects for becoming Sourcing Managers.
Continuing professional development (CPD) will help an active Sourcing Manager build personal skills and proficiency through work-based learning, a professional activity,
formal education, or self-directed learning.
It is commonplace for new hires to receive on-the-job training, which may encompass a comprehensive understanding of the company’s policies, procedures, and technology under the supervision of an experienced colleague.
Pursue additional education in supply chain management or a related field to qualify for taking on senior roles. Similarly, increased responsibilities and a consistent track record of achievements can propel your career forward.
Select a specific area of expertise to excel in after zeroing in on your area of interest and concern. Certifications in supply chain management, procurement and supply chain, supplier diversity, and Six Sigma will go a long way in realising your career goals.
Likewise, proficiency in supply chain management software, ERP (Enterprise Resource Planning) systems, and data analytics tools will help streamline sourcing processes and ensure a Sourcing Manager remains competitive in a predominantly dynamic work situation.
Where your employer deems it necessary, you may acquire essential knowledge of sourcing tools, including Fraxion Spend Management and Promena e-Sourcing. Complex projects may require deep insight into the intricacies of planning, executing and controlling sourcing initiatives.
Since professional networking often plays a crucial role in securing high-level positions, joining relevant professional organisations can offer an incomparable perspective into available job opportunities. Industry-specific conferences, workshops, and seminars provide further options for networking and insights into industry trends and best practices.
In addition to offering the opportunity to continually upskill, regardless of one’s age, job, or level of knowledge, CPD also enables the periodic renewal of desirable certifications, which increase your chances of advancement and becoming an independent consultant.
Sourcing vs Purchasing vs Procurement
Although the three terms are used interchangeably, a lack of appreciation for the role of procurement in growing business can prove confusing. Procurement encompasses the entire process, while sourcing and purchasing are components of procurement. However, the focus must be on the smooth flow of data between the three mechanisms rather than on vocabulary.
Sourcing Manager vs Procurement Manager
Sourcing Managers are distinct from procurement managers, hinging on a company’s size and the maturity of its procurement team.
Mid-management level sourcing roles are more prevalent in large enterprises, primarily overseeing indirect spending, processes, and policies and guiding procurement managers’ tasks.
However, in smaller businesses, the term is increasingly used interchangeably with the traditional procurement manager title, indicating the organisation's procurement philosophy. This shift could also reflect an industry-wide trend, emphasising the transition from tactical to strategic sourcing approaches.
Which Would You Choose?
Outsourcing involves delegating supply chain and procurement functions to third parties, while insourcing relies on internal resources to meet regular supply chain needs. Near-sourcing locates operations close to the target market, and global vendor sourcing relates to purchasing from vendors in different countries, offering broader access to products but also facing challenges such as language barriers and transportation costs.
Current Scenario
The employment outlook of a particular profession may be impacted by diverse factors, such as the time of year, location, employment turnover, occupational growth, size of the occupation, and industry-specific trends and events that affect overall employment.
Sourcing Managers can anticipate a favourable employment forecast in the coming decade, surpassing the average for other occupations. This rise is primarily driven by the rising demand from businesses for global sourcing solutions as they aim to cut down costs.
In times to come, sourcing may witness further expansion and a prominent role in business as companies emphasise establishing more significant partnerships with vendors and aim for enduring value.
Potential Pros & Cons of Freelancing vs Full-Time Employment
Freelancing Sourcing Managers have more flexible work schedules and locations. They fully own the business and can select their projects and clients. However, they experience inconsistent work and cash flow, which means more responsibility, effort and risk.
On the other hand, full-time Sourcing Managers have company-sponsored health benefits, insurance, and retirement plans. They have job security with a fixed, reliable source of income and guidance from their bosses. Yet, they may experience boredom due to a lack of flexibility, ownership, and variety.
When deciding between freelancing or being a full-time employee, consider the pros and cons to see what works best for you.
Sourcing Managers unlock the power of strategic sourcing fuelled by sophisticated software solutions and sustainable vendor alliances to propel organisational success in the face of daunting competition in the marketplace.
Understand worldwide market trends and industry dynamics to spot promising suppliers, negotiate advantageous contracts, and maintain a dependable supply chain while optimising organisational costs and quality.
A driving force behind the rise of sourcing technology, AI can help Sourcing Managers compile a colossal volume of supply chain data and communicate effectively with their entire supply base.
What do Sourcing Managers do?
A Sourcing Manager would typically need to:
Accredited
$59,439
