Senior Sourcing Analyst

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Senior Sourcing Analyst Interview Questions and Answers

Updated 6 Aug 2024

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Q1. What parameters use for Negotiation?

Ans.

Parameters for negotiation include price, quality, delivery terms, payment terms, and volume.

  • Price: Negotiating the best price for the goods or services being sourced.

  • Quality: Ensuring that the quality of the products meets the required standards.

  • Delivery terms: Agreeing on the timeline for delivery and any associated costs.

  • Payment terms: Negotiating the terms of payment, such as discounts for early payment or penalties for late payment.

  • Volume: Discussing the quantity of good...read more

Q2. What is the strength?

Ans.

My strength lies in my ability to analyze complex data, identify cost-saving opportunities, and negotiate favorable contracts.

  • Strong analytical skills to evaluate sourcing options and cost-saving opportunities

  • Effective negotiation skills to secure favorable contracts with suppliers

  • Ability to work collaboratively with cross-functional teams to achieve sourcing goals

Q3. What is the weakness?

Ans.

One weakness is my tendency to get overly focused on details, which can sometimes slow down decision-making processes.

  • I tend to be a perfectionist and may spend too much time on minor details

  • I am working on improving my ability to delegate tasks to others

  • I sometimes struggle with prioritizing tasks effectively

Q4. Sourcing steps n process in detail

Ans.

Sourcing steps involve identifying needs, researching suppliers, negotiating contracts, and managing relationships.

  • Identify sourcing needs based on requirements and specifications

  • Research potential suppliers to assess capabilities and quality

  • Negotiate contracts to secure favorable terms and pricing

  • Manage supplier relationships to ensure timely delivery and quality

  • Monitor supplier performance and make improvements as needed

Are these interview questions helpful?

Q5. Journal entries for return outward

Ans.

Journal entries for return outward involve recording the return of goods to suppliers.

  • Return outward is recorded as a credit entry in the purchases returns account.

  • The corresponding debit entry is made in the accounts payable account.

  • The journal entry reduces the amount owed to the supplier for the returned goods.

  • Example: Debit Accounts Payable, Credit Purchases Returns.

Q6. Explain procure to pay process

Ans.

Procure to pay process is the series of steps involved in purchasing goods or services from a supplier and paying for them.

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

  • Next, a purchase requisition is created and approved.

  • A purchase order is then issued to the supplier.

  • Goods or services are received and inspected.

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

  • Payment is made to the supplier.

  • Finally, the transaction is record...read more

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