Senior Sourcing Analyst Interview Questions and Answers

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

Effective negotiation involves preparation, clear communication, and strategic concessions to achieve mutually beneficial outcomes.

• Research: Understand the market and the supplier's position. For example, know their pricing history and competitors.

• Set clear objectives: Define what you want to achieve, such as cost reduction or improved service levels.

• Build rapport: Establish a positive relationship with the supplier to foster trust and open communication.

• Use active listening:...read more

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

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

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.

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