Sourcing executives are engaged in all phases of sourcing. If you want to become a sourcing executive, you will need to be equipped with the skills necessary to identify cost saving opportunities, create competitive environments, negotiate, generate contracts and manage delivery of optimal solutions.
As an executive in sourcing, you will plan, direct, or coordinate the activities of buyers, purchasing officers, and related sourcing workers involved in purchasing materials, products, and services.
More specifically, sourcing executives typically perform the following tasks:
- Develop a negotiation strategy to deliver against business objectives and achieve sustainable relationships with suppliers
- Implement supplier contracts by working with cross-functional stakeholders and suppliers to reach agreement on contract terms and conditions
- Identify ways to reduce costs and help determine financial goals
- Ensure priorities are handled effectively by modifying plans and actions in your area of accountability
Senior executives in the sourcing field can expect salaries to vary according to the industry they work in and level of experience they have.The approximate annual salary is $107,000.
In addition to working in office settings within organizations, sourcing executives include wholesale and retail trade merchandising managers and procurement managers, so they may often conduct sourcing within warehouse and retail environment around the world.
Spring Arbor University Online offers an online MBA program that can lead to a position of sourcing executive. Learn more here.