What are the skills and competencies required for supplier sourcing in different industries and sectors?

2 Negotiation and Communication

Another essential skill for supplier sourcing is to be able to negotiate and communicate effectively with both internal and external stakeholders. Negotiation and communication skills involve being able to articulate the business needs and expectations, listen and understand the supplier's perspective and capabilities, build rapport and trust, resolve conflicts and issues, and reach mutually beneficial agreements. Negotiation and communication skills are especially important in industries and sectors where the supplier relationships are complex, long-term, strategic, or collaborative.

3 Analytical and Critical Thinking

A third key skill for supplier sourcing is to be able to analyze and evaluate data and information from various sources and apply critical thinking to make informed and sound decisions. Analytical and critical thinking skills involve being able to collect, organize, interpret, and synthesize data and information, use relevant tools and methods, identify patterns and trends, compare and contrast alternatives, assess risks and benefits, and justify and communicate the rationale and outcomes of the decisions. Analytical and critical thinking skills are particularly important in industries and sectors where the supplier sourcing process is data-driven, dynamic, or uncertain.

4 Technical and Functional Expertise

A fourth important skill for supplier sourcing is to have the technical and functional expertise that is relevant to the goods or services that the business needs. Technical and functional expertise refers to the knowledge and skills that are specific to the product or service category, such as quality standards, specifications, features, performance, testing, certification, or compliance. Technical and functional expertise helps supplier sourcing professionals to evaluate the supplier's capabilities and quality, identify gaps and opportunities for improvement, and provide feedback and guidance. Technical and functional expertise is especially important in industries and sectors where the goods or services are complex, specialized, or regulated.

5 Creativity and Innovation

A fifth valuable skill for supplier sourcing is to be able to demonstrate creativity and innovation in finding and selecting suppliers that can meet the business needs and expectations. Creativity and innovation skills involve being able to think outside the box, explore new ideas and possibilities, challenge assumptions and norms, seek feedback and input, and experiment and learn from failures. Creativity and innovation skills are particularly important in industries and sectors where the market and industry are constantly changing, evolving, or disrupting, and where the business needs to differentiate itself from the competition.

6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?