Job Description:
Some responsibilities of a sourcing analyst include:
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Analyzing costs: Analyzing material, labor costs, and rates applied in a company's supply chain
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Predicting needs: Using statistical models to predict procurement needs
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Monitoring market trends: Monitoring market trends and pricing
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Developing strategies: Developing strategies to minimize the effects of market changes on the company
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Researching new ways to procure materials: Researching new ways to procure materials
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Presenting information: Presenting information to different groups, including people who are not part of the same company
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Providing analytical data: Providing analytical data and information to support procurement initiatives
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Performing market research: Performing market research to identify potential suppliers
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Providing analytics to aid in contract negotiations: Providing analytics to aid in contract negotiations
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Making recommendations: Making recommendations to stakeholders and leadership teams
Sourcing is a subset of the procurement process and happens before a company makes purchases.
Some skills that are useful for a sourcing analyst include:
- Excellent oral and written communication skills
- Problem solving
- Organizational and logistical skills
- Ability to accurately process significant amounts of detail
- Advanced skill level and working knowledge of Microsoft Office Suite of products
- Strong ability to analyze and organize data