Senior Sourcing Lead Interview Questions and Answers

Commodity products are basic goods with little differentiation, while specialized products are unique and require specific expertise.

• Commodity products are often sold in large quantities and have low profit margins.

• Specialized products require specialized knowledge and skills to produce and sell.

• Commodity products include items like wheat, oil, and metals.

• Specialized products include items like medical equipment, aerospace components, and luxury goods.

Strategies in Procurement involve identifying cost-saving opportunities, building supplier relationships, and optimizing supply chain operations.

• Identifying cost-saving opportunities through negotiation and strategic sourcing

• Building strong supplier relationships through communication and collaboration

• Optimizing supply chain operations through inventory management and demand forecasting

• Implementing technology solutions to streamline procurement processes

• Developing sustainable...read more

Reverse auction is a procurement method where suppliers compete to win business by offering lower prices.

• Buyers set a maximum price they are willing to pay for a product or service.

• Suppliers then bid against each other, with the lowest bid winning the business.

• Reverse auctions are often used for commodities or standardized products.

• They can lead to cost savings for the buyer, but may not always result in the best quality or long-term supplier relationships.

Procurement focuses on purchasing goods and services, while sourcing involves finding suppliers and negotiating contracts.

• Procurement is the process of acquiring goods and services for a business or organization.

• Sourcing is the act of identifying, evaluating, and selecting suppliers to provide goods or services.

• Procurement involves the actual purchasing and payment for goods and services.

• Sourcing involves activities such as supplier research, negotiation, and contract managem...read more

I have experience using tools such as SAP Ariba, Oracle Procurement Cloud, and Jaggaer for sourcing.

• SAP Ariba

• Oracle Procurement Cloud

• Jaggaer

The sourcing process involves identifying, evaluating, and selecting suppliers to meet the needs of the organization.

• Identify the needs and requirements of the organization

• Research potential suppliers and evaluate their capabilities

• Negotiate terms and conditions with selected suppliers

• Finalize contracts and establish relationships with suppliers

• Monitor supplier performance and make adjustments as needed