Director of Strategic Sourcing

Job Summary The Director of Strategic Sourcing will lead the company's procurement strategy, focusing on maximizing value through quality sourcing and innovative procurement practices.This role involves overseeing the sourcing process, managing vendor relationships, and ensuring that the company meets its financial and operational goals through effective supply chain management.Key ResponsibilitiesStrategic Planning:Develop and implement a comprehensive strategic sourcing strategy that aligns with the company's overall objectives.Analyze market trends and supply chain structures to identify opportunities for cost savings and value creation.Vendor Management:Build and maintain strong relationships with suppliers and stakeholders.Negotiate contracts and agreements to secure favorable terms and conditions.Conduct regular performance evaluations of vendors to ensure compliance with contractual obligations.Team Leadership:Lead and mentor the sourcing team, fostering a culture of continuous improvement and professional development.Collaborate with cross-functional teams, including finance, operations, and marketing, to ensure cohesive sourcing strategies.Cost Management:Monitor and analyze spending to identify areas for cost reduction, working capital improvements and operational efficiency.Develop and manage budgets for sourcing initiatives, ensuring alignment with financial targets.Risk Management:Identify potential supply chain risks and develop strategies to mitigate them.Ensure compliance with industry regulations and company policies in all sourcing activities.Low-Cost Country Sourcing (LCCS):Global Sourcing Strategy:Develop and implement low-cost country sourcing strategies to leverage cost advantages while maintaining quality and compliance with industry standards.Identify and evaluate potential suppliers in low-cost regions, assessing their capabilities, reliability, and alignment with the company's values and goals.Market Research and AnalysisConduct comprehensive market research to understand economic conditions, supplier landscapes, and geopolitical factors in targeted low-cost countries.Analyze total landed costs to ensure that savings achieved through LCCS are realized in a tangible manner, accounting for logistics, tariffs, and other related costs.Quality Assurance and Compliance:Establish rigorous quality assurance processes to ensure that sourced materials and products meet the company's standards, regardless of geographic origin.Ensure compliance with international trade regulations, labor laws, and ethical sourcing practices, particularly in low-cost regions.Risk Assessment:Perform thorough risk assessments related to low-cost country sourcing, developing contingency plans to address potential supply chain disruptions or shifts in political or economic conditions.Monitor supplier performance and external factors continually to proactively manage risks associated with international sourcing.Collaboration and Stakeholder Engagement:Work closely with internal stakeholders to communicate the benefits and risks associated with low-cost country sourcing.Foster collaboration between the sourcing team and operational units to facilitate alignment on quality, delivery timelines, and inventory management.Performance Metrics:Establish key performance indicators (KPIs) to measure the effectiveness of sourcing strategies.Regularly report to senior management on sourcing performance, initiatives, and cost savings achieved.Key Skills and Competencies:Strategic Thinking:Ability to develop and execute long-term sourcing strategies that align with overall business objectives and market dynamics.Strong capability to evaluate complex issues and identify innovative solutions that drive competitive advantage.Analytical Proficiency:Expertise in analyzing data and market trends to inform sourcing decisions.Proficient in using analytical tools and software to assess supplier performance, cost structures, and market conditions.Negotiation Skills:Exceptional negotiation abilities, with a proven track record of securing favorable contracts and terms while maintaining strong supplier relationships.Adept at navigating complex negotiations with stakeholders at all levels, ensuring alignment and commitment to mutual goals.Financial Acumen:Strong understanding of financial principles related to procurement, including budgeting, cost analysis, and ROI evaluation.Experience in formulating and managing budgets related to sourcing initiatives to optimize overall company spending.Project Management:Excellent project management skills, with the ability to lead cross-functional initiatives, manage timelines, and ensure successful execution of sourcing projects.Proficient in leveraging project management tools to track progress and report on outcomes.Communication and Interpersonal Skills:Superior verbal and written communication skills, with the ability to convey complex information clearly and persuasively to diverse audiences.Strong interpersonal skills for building and nurturing relationships with internal stakeholders and external partners.Change Management:Ability to effectively lead and influence change within the organization, driving transformation initiatives related to sourcing practices.Experience in fostering a culture of continuous improvement and innovation within the sourcing team.Risk Management:Proficient in identifying and assessing risks associated with sourcing decisions, including geopolitical, economic, and supply chain factors.Ability to develop mitigation strategies to minimize potential disruptions and ensure continuity in the supply chain.Technical Proficiency:Familiarity with procurement software and e-sourcing tools to facilitate effective sourcing processes.Knowledge of data analytics and reporting tools to harness data for informed decision-making.Cultural Awareness:Understanding of cultural differences and diversity in global sourcing environments, and the ability to navigate and respect these nuances in supplier relationships.Commitment to ethical sourcing and corporate social responsibility, ensuring sustainable sourcing practices across global supply chains.Qualifications:Bachelor's degree in Business, Finance, Supply Chain Management, or a related field.MBA preferred.A minimum of 10 years of experience in strategic sourcing or procurementProven track record of implementing successful sourcing strategies and achieving cost reductions.Benefits:Competitive salary and performance bonuses.Comprehensive benefits package, including health, dental, and retirement plans.Opportunities for professional development and growth within the company.

Created: 2025-01-15