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Become A Senior Sourcing Analyst

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Working As A Senior Sourcing Analyst

  • Getting Information
  • Communicating with Supervisors, Peers, or Subordinates
  • Interacting With Computers
  • Communicating with Persons Outside Organization
  • Establishing and Maintaining Interpersonal Relationships
  • Mostly Sitting

  • Make Decisions

  • Stressful

  • $124,880

    Average Salary

What Does A Senior Sourcing Analyst Do

Buyers and purchasing agents buy products and services for organizations to use or resell. They evaluate suppliers, negotiate contracts, and review the quality of products.

Duties

Buyers and purchasing agents typically do the following:

  • Evaluate suppliers on the basis of the price, quality, and speed of delivery of their products and services
  • Interview vendors and visit suppliers’ plants and distribution centers to examine and learn about products, services, and prices
  • Attend meetings, trade shows, and conferences to learn about new industry trends and make contacts with suppliers
  • Analyze price proposals, financial reports, and other information to determine reasonable prices
  • Negotiate contracts on behalf of their organization
  • Work out agreements with suppliers, such as when products will be delivered
  • Meet with staff and vendors to discuss defective or unacceptable goods or services and determine corrective action
  • Evaluate and monitor contracts to be sure that vendors and supplies comply with the terms and conditions of the contract and to determine the need for changes
  • Maintain and review records of items bought, costs, deliveries, product performance, and inventories

Buyers and purchasing agents buy farm products, durable and nondurable goods, and services for organizations and institutions. They try to get the best deal for their organization: the highest quality goods and services at the lowest cost. They do this by studying sales records and inventory levels of current stock, identifying foreign and domestic suppliers, and keeping up to date with changes affecting both the supply of, and demand for, products and materials.

Purchasing agents and buyers consider price, quality, availability, reliability, and technical support when choosing suppliers and merchandise. To be effective, purchasing agents and buyers must have a working technical knowledge of the goods or services they are purchasing.

Evaluating suppliers is one of the most critical functions of a buyer or purchasing agent. Many organizations run on a lean manufacturing schedule and use just-in-time inventories, so any delays in the supply chain can shut down production and cause the organization to lose customers.

Buyers and purchasing agents use many resources to find out all they can about potential suppliers. They attend meetings, trade shows, and conferences to learn about new industry trends and make contacts with suppliers.

They often interview prospective suppliers and visit their plants and distribution centers to assess their capabilities. For example, they may discuss the design of products with design engineers, quality concerns with production supervisors, or shipping issues with managers in the receiving department.

Buyers and purchasing agents must make certain that the supplier can deliver the desired goods or services on time, in the correct quantities, and without sacrificing quality. Once they have gathered information on suppliers, they sign contracts with suppliers who meet the organization’s needs and they place orders.

Buyers who purchase items to resell to customers may determine which products their organization will sell. They need to be able to predict what will appeal to their customers. If they are wrong, they could jeopardize the profits and reputation of their organization.

Buyers who work for large organizations often specialize in purchasing one or two categories of products or services. Buyers who work for smaller businesses or government agencies may be responsible for making a greater variety of purchases.

Wholesale and retail buyers purchase goods for resale to consumers. Examples of these goods are clothing and electronics. Purchasing specialists who buy finished goods for resale are commonly known as buyers or merchandise managers.

Purchasing agents and buyers of farm products buy agricultural products for further processing or resale. Examples of these products are grain, cotton, and tobacco.

Purchasing agents, except wholesale, retail, and farm products buy items for the operation of an organization. Examples of these items are chemicals and industrial equipment needed for a manufacturing establishment, and office supplies.

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How To Become A Senior Sourcing Analyst

Although a high school diploma may be sufficient for some positions, many employers require buyers and purchasing agents to have a bachelor’s degree. Most entry-level positions require some form of on-the-job training.

Education

Educational requirements usually vary with the size of the organization. Although a high school diploma may be enough at some organizations, many businesses require applicants to have a bachelor’s degree. For many positions, a degree in business, finance, or supply management is sufficient.

For those interested in a career as a buyer or purchasing agent of farm products, a degree in agriculture, agriculture production, or animal science is often beneficial.

Training

Buyers and purchasing agents typically get on-the-job training for more than 1 year. During this time, they learn how to perform their basic duties, including monitoring inventory levels and negotiating with suppliers.

Licenses, Certifications, and Registrations

There are several certifications available for buyers and purchasing agents. Although some employers require certification, many do not.

Most of these certifications involve oral or written exams and have education and work experience requirements.

The Institute for Supply Management offers the Certified Professional in Supply Management (CPSM) credential, which covers a wide scope of purchasing professional duties. To receive the CPSM credential, candidates must pass three exams and those with a bachelor’s degree must possess at least 3 years of relevant work experience while those without a bachelor’s degree must have at least 5 years of relevant work experience.

The American Purchasing Society offers the Certified Purchasing Professional (CPP) certification. The CPP certification is valid for 5 years. Candidates must earn a certain number of professional development “points” to renew their certification. Candidates initially become eligible and can renew their certification through a combination of purchasing-related experience, education, and professional contributions (such as published articles or delivered speeches).

APICS offers the Certified Supply Chain Professional (CSCP) credential. Applicants must have 3 years of relevant business experience or a bachelor’s degree in order to be eligible for the CSCP credential. The credential is valid for 5 years. Candidates must also earn a certain number of professional development points to renew their certification.

The Next Level Purchasing Association offers the Senior Professional in Supply Management (SPSM) Certification. Although there are no education or work experience requirements, applicants must complete six online courses and pass an SPSM exam. Certification is valid for 4 years. Candidates must complete 32 continuing education hours in procurement-related topics to recertify for an additional four-year period.

The Universal Public Procurement Certification Council (UPPCC) offers two certifications for workers in federal, state, and local government. The Certified Professional Public Buyer (CPPB) credential requires applicants to have earned at least an associate’s degree, possess at least 3 years of public procurement experience, and complete relevant training courses. The Certified Public Purchasing Officer (CPPO) requires applicants to have earned a bachelor’s degree, possess at least 5 years of public procurement experience, and complete additional training courses.

Those with the CPPB or the CPPO designation must renew their certification every 5 years by completing continuing education courses or attending procurement-related conferences or events.

The National Institute of Government Purchasing (NIGP), Institute for Public Procurement offers preparation courses for the UPPCC certification exams.

Advancement

An experienced purchasing agent or buyer may become an assistant purchasing manager before advancing to purchasing manager, supply manager, or director of materials management. Buyers and purchasing agents with extensive work experience can also advance to become the Chief Procurement Officer (CPO) for an organization.

Important Qualities

Analytical skills. When evaluating suppliers, buyers and purchasing agents must analyze their options and choose a supplier with the best combination of price, quality, delivery, or service. 

Decisionmaking skills. Buyers and purchasing agents must have the ability to make informed and timely decisions, choosing products that they think will sell.

Math skills. Buyers and purchasing agents must possess basic math skills. They must be able to compare prices from different suppliers to ensure that their organization is getting the best deal. 

Negotiating skills. Buyers and purchasing agents often must negotiate the terms of a contract with a supplier. Interpersonal skills and self-confidence, in addition to knowledge of the product, can help lead to successful negotiations.

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Senior Sourcing Analyst jobs

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Senior Sourcing Analyst Demographics

Gender

Male

63.3%

Female

32.5%

Unknown

4.2%
Ethnicity

White

78.6%

Hispanic or Latino

10.5%

Asian

8.9%

Unknown

1.3%

Black or African American

0.7%
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Languages Spoken

Spanish

34.5%

Portuguese

10.3%

Arabic

10.3%

Korean

6.9%

Chinese

3.4%

German

3.4%

Marathi

3.4%

Cantonese

3.4%

Japanese

3.4%

French

3.4%

Kannada

3.4%

Mandarin

3.4%

Carrier

3.4%

Hindi

3.4%

Russian

3.4%
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Senior Sourcing Analyst Education

Schools

American University

15.2%

Pennsylvania State University

10.6%

University of Texas at El Paso

7.6%

Ashford University

6.1%

Arizona State University

4.5%

San Jose State University

4.5%

Troy University

4.5%

University of Phoenix

4.5%

Michigan State University

4.5%

American InterContinental University

4.5%

Southern New Hampshire University

4.5%

Georgia College and State University

4.5%

University of Maryland - University College

3.0%

University of St. Thomas (Minnesota)

3.0%

Defense Language Institute

3.0%

Webster University

3.0%

Georgetown University

3.0%

Wayland Baptist University

3.0%

University of Nebraska - Lincoln

3.0%

University of Minnesota - Twin Cities

3.0%
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Majors

Business

26.5%

Supply Chain Management

10.3%

Finance

8.1%

Management

7.0%

Intelligence Operations

6.5%

Political Science

3.8%

Psychology

3.8%

International Relations

3.8%

Criminal Justice

3.8%

Marketing

3.2%

Law

3.2%

Management Science

2.7%

Social Sciences

2.7%

Project Management

2.7%

Accounting

2.7%

Computer Science

2.2%

Information Technology

2.2%

Sociology

1.6%

Economics

1.6%

Journalism

1.6%
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Degrees

Bachelors

39.5%

Masters

33.6%

Other

11.7%

Associate

7.4%

Certificate

3.9%

Doctorate

2.7%

Diploma

0.8%

License

0.4%
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Real Senior Sourcing Analyst Salaries

Job Title Company Location Start Date Salary
SR. Sourcing Analyst A.T. Kearney, Inc. New York, NY Aug 10, 2014 $95,000
SR. Sourcing Analyst A.T. Kearney, Inc. Chicago, IL Aug 10, 2014 $95,000
SR. Sourcing Analyst A.T. Kearney, Inc. Atlanta, GA Aug 10, 2014 $95,000
Senior Sourcing Analyst A.T. Kearney, Inc. Atlanta, GA Sep 01, 2013 $95,000
Senior Sourcing Analyst A.T. Kearney, Inc. Chicago, IL Sep 01, 2013 $95,000
Senior Sourcing Analyst A.T. Kearney, Inc. New York, NY Sep 01, 2013 $95,000
Senior Analyst M&A Sourcing Assurant, Inc. Atlanta, GA Nov 05, 2012 $95,000
SR. Sourcing Analyst Zimmer, Inc. Warsaw, IN Aug 26, 2016 $85,363
Senior Sourcing Analyst A.T. Kearney, Inc. Southfield, MI Sep 02, 2015 $85,000 -
$95,000
Senior Sourcing Analyst A.T. Kearney, Inc. Chicago, IL Sep 02, 2015 $85,000 -
$95,000
Senior Analyst Strategic Sourcing Illinois Tool Works Inc. Glenview, IL Aug 19, 2015 $78,312 -
$93,000
SR. Sourcing Analyst Meadwestvaco Corporation Richmond, VA Jan 17, 2015 $77,067
Sourcing Analyst-Senior Cummins Inc. Columbus, IN Aug 26, 2016 $75,600 -
$97,500
Sourcing Analyst-Senior Cummins Inc. Fridley, MN Jun 09, 2016 $75,600 -
$97,500
Sourcing Analyst-Senior Cummins Inc. Columbus, IN Sep 01, 2015 $75,600 -
$97,500
Senior Sourcing Analyst Alcoa, Inc. Pittsburgh, PA Oct 01, 2012 $75,000
Senior Sourcing Analyst Voltaix, Inc. Branchburg, NJ Apr 17, 2014 $74,888
Senior Sourcing Analyst Cummins Inc. Houston, TX Sep 14, 2015 $72,703 -
$84,700
Senior Sourcing Analyst, Business Analysis & Optimization Disney Worldwide Services, Inc. Kissimmee, FL Nov 30, 2014 $70,000
Strategic Sourcing Analyst SR. Baker Hughes Incorporated Houston, TX Aug 01, 2011 $70,000
Sourcing Analyst Senior Cummins Inc. Columbus, IN Jan 25, 2016 $69,014 -
$84,700
Sourcing Analyst-Senior Cummins Inc. Columbus, IN Aug 26, 2016 $69,014 -
$75,300
Sourcing Analyst-Senior Cummins Inc. Columbus, IN Sep 14, 2016 $69,014 -
$84,700
Senior Sourcing Analyst Georgia-Pacific LLC Atlanta, GA Aug 06, 2016 $65,000 -
$85,000
Senior Sourcing Analyst Denali Sourcing Services Pittsburgh, PA Apr 07, 2014 $60,000
Senior Sourcing Analyst Cummins Inc. Columbus, IN Mar 06, 2014 $59,620 -
$80,600
Senior Sourcing Analyst Cummins Inc. Columbus, IN Jun 03, 2014 $59,620 -
$80,600

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Top Skills for A Senior Sourcing Analyst

AnalyticalProductsSupplierPerformanceProceduresRFPAll-SourceIntelligenceProductsCategoryCostSavingsIntelligenceCommunityRFIHumintDODAribaInfrastructureCyberCellCostReductionContractManagementLogisticsAll-SourceIntelligenceAnalysisTotalCost

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Top Senior Sourcing Analyst Skills

  1. Analytical Products
  2. Supplier Performance
  3. Procedures
You can check out examples of real life uses of top skills on resumes here:
  • Authored open-source analytical products (media aids, intelligence reports).
  • Managed supplier performance that includes contract administration, utilizing scorecards and conducting business reviews.
  • Understand and appropriately apply principles, procedures, requirements, regulations and policies related to specialized expertise.
  • Lead a massive RFP for peanut butter, one of the main categories while spending $11M annually.
  • Planned, coordinated and synthesized research to produce and provide high quality analytic products including all-source intelligence products.

Top Senior Sourcing Analyst Employers

Senior Sourcing Analyst Videos

Purchasing Agent, Career Video from drkit.org

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