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Career Definition of a Strategic Sourcing Analyst
Strategic sourcing analysts spend their careers reviewing information related to how their company manages their supply chain. They must gather relevant information related to how the company's supply chain operates. They then evaluate that information. They use analytical software to process data. This enables them to begin to identify trends and patterns and potential areas for improvement. Their objective is to find ways to reduce problems so that the company can improve efficiency. They want to ensure that the supply chain operates in a way that allows the company to provide exceptional service with minimal costs and without unnecessary delays or complications.
In order to facilitate improvement in supply chain operations, strategic sourcing analysts must also monitor industry trends and be aware of relevant economic and business factors. They assess the company's suppliers. They also interact with customers and people that their company does business with, such as vendors. Ultimately, they produce reports. This involves making decisions about the best way to improve operations. They may suggest new suppliers that can enable them to increase efficiency or they may make other recommendations about how to improve operations.
|Educational Requirements||Bachelor's degree|
|Job Skills||Research skills, analytical skills, communication skills, problem-solving skills, attention to detail, decision-making skills, computer skills, interpersonal skills|
|Mean Salary (2017)*||$64,374|
|Job Outlook (2016-2026)**||7% (logisticians)|
Sources: *Glassdoor; **U.S. Bureau of Labor Statistics
A bachelor's degree is required in order to pursue a career as a strategic sourcing analyst. Ideal fields of study include supply chain management, operations or industrial engineering. Individuals preparing to enter this field can distinguish themselves from other applicants by completing additional training. One way to do this is to earn a master certificate in their field; programs include supply chain management and global supply chain management. Another option is to take an exam through The International Society of Logistics (SOLE) and to become a Demonstrated Logistician and work towards becoming a Certified Master Logistician.
Strategic sourcing analysts need research skills in order to ensure that they have all the relevant information they need to consider when making recommendations. They need strong analytical skills to process data effectively, identify patterns and form conclusions; they also need to pay attention to details so that they can ensure the data they have is accurate and complete. Problem-solving and decision-making skills are important because they must be able to produce strategies to help improve operations. They also need computer skills to operate analytical software and produce reports. Communication skills are also important for producing reports and interacting with business contacts and employees.
Career Outlook and Salary
The work that strategic sourcing analysts do is very similar to the role of a logistician. The U.S. Bureau of Labor Statistics (BLS) reports that those employed in this field are expected to see a 7% increase in jobs from 2016 to 2026. This is the same growth rate expected for all occupations during that ten-year timeframe. Glassdoor reported that in 2017 the mean annual income for strategic sourcing analysts was $64,374.
Strategic sourcing analysts use their skills to help businesses make better operating decisions that can help them increase revenues and operate more effectively. Other careers that involve the same skills or similar objectives may also appeal to aspiring strategic sourcing analysts. Information about some of those careers can be found via the links below.