Procurement and Sourcing Manager

Procurement and Sourcing Managers are invaluable to organizations of all sizes and across all industries. This career is ideal for individuals that are organized, detail-oriented, and possess a keen eye for negotiation. Those that excel at this position thrive under pressure and work well both independently and as part of a larger team.

What is a Procurement and Sourcing Manager?

Procurement and Sourcing Managers are responsible for the efficient and cost-effective procurement of goods and services for their organizations. They play a critical role in ensuring that their organizations have the resources they need, when they need them, and at the best possible price. To accomplish this, the Procurement and Sourcing Manager supervises the sourcing and purchasing of goods and services, manages supplier relationships, and develops and implements procurement strategies. Day-to-day tasks include soliciting bids, evaluating proposals, negotiating contracts, tracking orders, and managing inventory.

Education and Experience

Most Procurement and Sourcing Managers hold a bachelor's degree in business, supply chain management, or a related field. Some employers may prefer candidates with a master's degree. Experience in procurement or a related field is also typically required. There are many online learning opportunities, including courses, certificates, and degree programs that may help you break into this career or advance in your current role.

Skills and Qualities

Successful Procurement and Sourcing Managers possess a strong understanding of procurement and sourcing principles, as well as excellent negotiation, communication, and interpersonal skills. They are also typically proficient in the use of procurement software and systems. Through hands-on learning during employment and online courses that focus on these topics, you can develop the necessary skills for this career.

Career Growth

With experience, Procurement and Sourcing Managers can advance to more senior roles, such as Procurement Director or Vice President of Procurement.

Day-to-Day of a Procurement and Sourcing Manager

The day-to-day of a Procurement and Sourcing Manager may include:

• Soliciting bids from suppliers
• Evaluating proposals
• Negotiating contracts
• Tracking orders
• Managing inventory
• Managing supplier relationships
• Developing and implementing procurement strategies

Challenges

Challenges faced by Procurement and Sourcing Managers include:

• Keeping up with the latest procurement trends and technologies
• Managing supplier relationships
• Negotiating favorable contracts
• Ensuring compliance with all applicable laws and regulations

Projects

Projects that Procurement and Sourcing Managers may take on include:

• Developing and implementing a new procurement strategy
• Negotiating a major contract
• Managing a supplier relationship
• Implementing a new procurement software system

Personal Growth

Procurement and Sourcing Managers have the opportunity to develop their skills in the following areas:

• Procurement and sourcing principles
• Negotiation
• Communication
• Interpersonal skills
• Project management

Personality Traits and Interests

Individuals who are organized, detail-oriented, and possess a keen eye for negotiation are well-suited for a career as a Procurement and Sourcing Manager.

Self-Guided Projects

To better prepare for a career as a Procurement and Sourcing Manager, individuals can complete self-guided projects, such as:

• Researching procurement trends
• Developing a procurement plan
• Negotiating a mock contract
• Managing a supplier relationship

Online Courses

Online courses can be a great way to learn about procurement and sourcing. These courses can provide you with the knowledge and skills you need to succeed in this field. Online learning can give you access to lecture videos which help you visualize concepts, projects for hands-on experience, assignments and quizzes to test your knowledge, exams to reinforce learning, discussions that offer interaction with peers, and interactive labs. Whether you are looking to learn for the sake of learning or to supplement your resume, there are learning opportunities for you to take advantage of, whether you are just starting out or looking to advance in your current role.

Conclusion

Procurement and Sourcing Managers play a vital role in ensuring that their organizations have the resources they need, when they need them, and at the best possible price. If you are interested in a career that is challenging, rewarding, and offers opportunities for growth, then you should consider a career as a Procurement and Sourcing Manager.