GEP Worldwide Sourcing Analyst Interview Questions and Answers

Negotiation involves preparation, active listening, clear communication, and finding common ground.

• Research and prepare beforehand

• Listen actively to the other party's needs and concerns

• Clearly communicate your own needs and goals

• Find common ground and explore creative solutions

• Be willing to compromise and make concessions

• Maintain a professional and respectful demeanor

• Document the agreement reached

Purchase is a transactional activity of buying goods or services, while procurement is a strategic process of acquiring goods or services.

• Purchase is a one-time activity, while procurement is a continuous process.

• Purchase is focused on obtaining goods or services at the best price, while procurement is focused on obtaining the right goods or services at the right time and quality.

• Purchase is a tactical function, while procurement is a strategic function that involves planning...read more

P2P cycle refers to the Procure-to-Pay cycle, which is the process of purchasing goods or services and paying for them.

• The cycle starts with identifying the need for a product or service.

• Next, a purchase requisition is created and approved.

• Then, a purchase order is issued to the supplier.

• Goods or services are received and inspected.

• An invoice is received and matched to the purchase order and receipt of goods.

• Finally, payment is made to the supplier.

• The P2P cycle is a critical...read more

Sourcing analysts are responsible for identifying, evaluating, and selecting suppliers for goods and services.

• Analyze supplier capabilities and financial stability

• Negotiate contracts and pricing terms

• Monitor supplier performance and address any issues

• Collaborate with internal stakeholders to understand sourcing needs

• Utilize data and market trends to make informed sourcing decisions

Sourcing involves finding suppliers and negotiating contracts, while procurement involves purchasing goods and services.

• Sourcing focuses on identifying and selecting suppliers based on quality, cost, and reliability.

• Procurement involves the actual purchasing of goods and services from chosen suppliers.

• Sourcing is more strategic and long-term, while procurement is more operational and short-term.

• Example: Sourcing would involve researching potential suppliers for a new product ...read more