The primary role of a strategic sourcing manager is to manage the procurement department and provide training to the employees of the department to estimate the risks involved in the production process using various risk management techniques. The detailed roles and responsibilities of an SSM are mentioned below:
• Analyzing and directing the procurement expenditure incurred by the firm and suggesting improvements in the process.
• Developing cost reduction strategies after a thorough understanding of current strategies.
• Developing cost and scenario analysis and taking well-informed purchase decisions based on the same.
• Undertaking market research in order to create cost forecasts and estimates.
• Applying risk mitigation techniques and ensuring that the production does not face any unforeseen loss due to risks.
• Managing the vendor selection process for the process and maintaining relations with the current list of vendors.
• Conducting regular reviews of the current procurement process to ensure a dynamic procurement process.
• Using data analytics tools to solve complex problems related to sourcing and procurement.