Senior Sourcing Lead
Senior Sourcing Lead Interview Questions and Answers
Q1. Difference between commodity and specialized products?
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.
Q2. What are strategies in Procurement?
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
Q3. What is reverse auction?
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.
Q4. What is the difference between procurement and sourcing
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
Q5. Special savings project in previous organization
Implemented a special savings project by optimizing supplier contracts and consolidating spend.
Analyzed supplier contracts to identify cost-saving opportunities
Consolidated spend across business units to negotiate better pricing
Implemented new procurement policies to ensure ongoing savings
Achieved $2M in annual cost savings
Collaborated with cross-functional teams to ensure project success
Q6. What sourcing tools have you used
I have experience using tools such as SAP Ariba, Oracle Procurement Cloud, and Jaggaer for sourcing.
SAP Ariba
Oracle Procurement Cloud
Jaggaer
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Q7. Have you done e-sourcing
Yes, I have experience with e-sourcing tools and platforms.
Utilized e-sourcing tools to streamline procurement processes
Managed RFx processes through e-sourcing platforms
Analyzed supplier data and conducted negotiations online
Implemented e-sourcing strategies to drive cost savings
Trained team members on e-sourcing best practices
Q8. Explain the sourcing process
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
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