Strategic Sourcing Analyst Job Description [Updated for 2025]

In today’s competitive business world, the role of a Strategic Sourcing Analyst is becoming increasingly crucial.

As the global marketplace evolves, the demand for skilled professionals who can strategically source, negotiate, and manage supplier relationships is on the rise.

But let’s delve deeper: What’s truly expected from a Strategic Sourcing Analyst?

Whether you are:

• A job seeker trying to understand the core responsibilities of this role,
• A hiring manager aiming to find the perfect candidate,
• Or simply interested in the intricate dynamics of strategic sourcing,

You’ve come to the right place.

Today, we present to you a customizable Strategic Sourcing Analyst job description template, designed for effortless posting on job boards or career sites.

Let’s get started.

Strategic Sourcing Analyst Duties and Responsibilities

Strategic Sourcing Analysts implement sourcing plans and procedures that enhance the organization’s supply chain operations.

They work closely with vendors, suppliers, and internal teams to identify cost-saving opportunities and improve operational efficiency.

The primary responsibilities and duties include:

• Analyzing company’s spending patterns to identify cost-saving opportunities
• Developing and implementing strategic sourcing plans
• Evaluating suppliers and vendors based on quality, cost, service, and delivery speeds
• Negotiating contracts with suppliers to achieve optimal terms and pricing
• Monitoring and reporting on the performance and efficiency of supply chains
• Maintaining and updating supplier information in procurement databases
• Collaborating with cross-functional teams to ensure the successful implementation of sourcing strategies
• Staying up-to-date with market trends and advancements in sourcing practices
• Assisting in risk management for supply contracts and agreements
• Facilitating communication and resolving disputes between the company and its suppliers

 

Strategic Sourcing Analyst Job Description Template

Job Brief

We are seeking a detail-oriented, analytical Strategic Sourcing Analyst to streamline our procurement activities.

The Strategic Sourcing Analyst’s responsibilities include developing purchasing strategies, maintaining positive relationships with suppliers, coordinating with internal teams regarding their supply needs, and overseeing the procurement process.

A successful Strategic Sourcing Analyst should be proficient in analyzing data, negotiating contracts and able to foster strong relationships with key suppliers.

 

Responsibilities

• Analyze and calculate costs of procurement and suggest methods to decrease expenditure
• Invent negotiation strategies and secure profitable deals
• Optimize sourcing procedures to attain maximum efficiency
• Cooperate with stakeholders to guarantee agreement on terms and processes
• Research and anticipate shifts in the negotiating power of suppliers
• Perform cost and scenario analysis, and benchmarking
• Estimate risks and apply risk minimizing techniques
• Discover and partner with trustworthy vendors and suppliers
• Determine quantity and timing of deliveries

 

Qualifications

• Proven work experience as a sourcing analyst or procurement analyst
• Strong analytical skills, with the ability to create financial reports and conduct cost analyses
• Negotiation skills along with the ability to build and maintain relationships with suppliers
• Knowledge of sourcing and procurement techniques
• Understanding of market dynamics and sound business judgement
• Ability to gather and analyse data and to work with figures
• Solid judgement with ability to make good decisions
• BSc degree in supply chain management, logistics or business administration

 

Benefits

• 401(k)
• Health insurance
• Dental insurance
• Retirement plan
• Paid time off
• Professional development opportunities

 

Additional Information

• Job Title: Strategic Sourcing Analyst
• Work Environment: Office setting with options for remote work. Some travel may be required for supplier visits or industry conferences.
• Reporting Structure: Reports to the Procurement Manager or Director of Supply Chain.
• Salary: Salary is based upon candidate experience and qualifications, as well as market and business considerations.
• Pay Range: $70,000 minimum to $110,000 maximum
• Location: [City, State] (specify the location or indicate if remote)
• Employment Type: Full-time
• Equal Opportunity Statement: We are an equal opportunity employer and value diversity at our company. We do not discriminate on the basis of race, religion, color, national origin, gender, sexual orientation, age, marital status, veteran status, or disability status.
• Application Instructions: Please submit your resume and a cover letter outlining your qualifications and experience to [email address or application portal].

 

What Does a Strategic Sourcing Analyst Do?

A Strategic Sourcing Analyst typically works for corporations across various industries.

They are key players in the procurement department, helping the organization achieve its cost saving objectives.

Their main role is to analyze the company’s spending patterns and evaluate suppliers to find ways to reduce costs without sacrificing quality.

This involves conducting market research to understand trends, prices, and the overall supply market dynamics.

Strategic Sourcing Analysts closely collaborate with other stakeholders such as suppliers, procurement managers, and operations managers.

They negotiate contracts with suppliers to secure advantageous terms and conditions.

These professionals also manage supplier relationships and performance, ensuring that they meet the terms of their contract and deliver the expected goods or services on time.

Apart from this, a Strategic Sourcing Analyst may be tasked with identifying and implementing procurement best practices, streamlining procurement processes, and leading or participating in cross-functional project teams.

They are expected to maintain a comprehensive knowledge of the company’s procurement needs, market trends, and the latest procurement tools and technologies.

As such, they play a crucial role in shaping the company’s procurement strategy and influencing its bottom line.

 

Strategic Sourcing Analyst Qualifications and Skills

A Strategic Sourcing Analyst needs a blend of analytical skills, business acumen, and interpersonal skills to effectively identify and manage beneficial supplier relationships, including:

• Strong analytical skills to assess and interpret complex data, and to extract insights for sourcing strategies
• Business acumen to understand the organization’s needs and to negotiate effectively with suppliers
• Experience with sourcing and procurement practices and supply chain management
• Outstanding communication skills to manage relationships with suppliers, to clearly present analysis findings to stakeholders, and to collaborate with internal teams
• Problem-solving skills to identify and address potential issues in the supply chain
• Proficiency with procurement software and data analysis tools
• Detail-oriented approach to ensure all contract terms, pricing, and details are accurate and advantageous for the organization
• Project management skills to oversee multiple sourcing projects at a time, ensuring they stay on track and meet deadlines

 

Strategic Sourcing Analyst Experience Requirements

Entry-level Strategic Sourcing Analysts typically have 1 to 2 years of experience in roles related to procurement, supply chain, or business analysis.

This might be through internships, part-time roles, or even relevant coursework in their degree programs.

Those with 3 to 5 years of experience usually have expanded their knowledge base and developed specific skills in strategic sourcing or procurement.

They likely have a solid understanding of sourcing strategies, supplier analysis, and cost management.

Professionals with over 5 years of experience often have significant expertise in negotiating contracts, managing supplier relationships, and driving cost savings initiatives.

They may also have experience in leading cross-functional teams and projects, making them suitable for senior or managerial roles in strategic sourcing.

In addition, many Strategic Sourcing Analyst roles require relevant certifications such as Certified Professional in Supply Management (CPSM) or Certified Purchasing Manager (CPM), which demonstrate a candidate’s proficiency in the field.

 

Strategic Sourcing Analyst Education and Training Requirements

Strategic Sourcing Analysts often hold a bachelor’s degree in business administration, supply chain management, finance, or a related field.

They need a strong understanding of financial analytics, procurement processes, and supply chain management.

Some roles may require a Strategic Sourcing Analyst to have a master’s degree in business administration or a related field, with a focus on supply chain management or procurement.

Certification in procurement, supply chain management, or a related field can be advantageous.

Certifications such as Certified Professional in Supply Management (CPSM), Certified Purchasing Professional (CPP), or Certified Supply Chain Professional (CSCP) are often recognized and preferred.

Experience with procurement software and enterprise resource planning systems is also beneficial.

Continued education and staying updated on the latest strategic sourcing trends and regulations are important for the role.

A candidate with a master’s degree and/or certification may indicate their commitment to the field and capacity for leadership within the organization.

 

Strategic Sourcing Analyst Salary Expectations

A Strategic Sourcing Analyst earns an average salary of $71,253 (USD) per year.

However, the actual salary can vary greatly based on factors such as work experience, educational background, the company size, and the location of the job.

 

Strategic Sourcing Analyst Job Description FAQs

What skills does a Strategic Sourcing Analyst need?

Strategic Sourcing Analysts should possess strong analytical and problem-solving skills as they often deal with complex data and sourcing strategies.

They should have a strong understanding of supply chain management, procurement procedures, and market trends.

Proficiency in data analysis software and good negotiation skills are also essential.

 

Do Strategic Sourcing Analysts need a degree?

A bachelor’s degree in business, finance, economics, supply chain management or a related field is typically required for a Strategic Sourcing Analyst position.

Some employers may prefer candidates with a master’s degree or relevant certifications in procurement or supply chain management.

 

What should you look for in a Strategic Sourcing Analyst resume?

A Strategic Sourcing Analyst’s resume should highlight their analytical skills, experience with procurement and sourcing, and familiarity with data analysis software.

Proven experience in negotiating supplier contracts, identifying cost-saving opportunities and managing supplier relationships is a plus.

Any certification in procurement or supply chain management should also be clearly stated.

 

What qualities make a good Strategic Sourcing Analyst?

A good Strategic Sourcing Analyst is detail-oriented, analytical, and able to interpret complex data.

They are excellent communicators, able to negotiate with suppliers and explain their findings to non-technical colleagues.

They are proactive, continuously seeking cost-saving opportunities and ways to improve sourcing processes.

 

Is it difficult to hire a Strategic Sourcing Analyst?

Finding a qualified Strategic Sourcing Analyst can be challenging due to the specialized skills and knowledge required for the role.

However, offering a competitive salary, opportunities for professional development, and a clear career path can attract top talent.

 

Conclusion

And there you have it.

Today, we’ve demystified what it means to be a Strategic Sourcing Analyst.

Surprise, surprise!

It’s not just about managing suppliers and contracts.

It’s about shaping the strategic procurement roadmap, one deal at a time.

Armed with our comprehensive Strategic Sourcing Analyst job description template and real-world examples, you’re ready to take the leap.

But why end here?

Dive further into the specifics with our job description generator. It’s your ultimate tool for creating razor-sharp job listings or refining your resume to perfection.

Remember:

Every contract negotiated, every supplier managed contributes to the broader procurement strategy.

Let’s shape that future. Together.

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