Sourcing Practice Exam

Sourcing refers to the process of finding, assessing and finalizing purchases of goods or services from external suppliers as per the needs of the company. The process involves shortlisting suppliers, negotiating terms and prices as well as manage relationships with suppliers. The process helps companies onboard effective and efficient suppliers and increase their profits.

A certification in Sourcing validates an individual’s expertise in sourcing tools and techniques.  This certification assess you in sourcing strategies, supplier management, market research, and negotiation skills.
Why is Sourcing certification important?

• Demonstrates expertise in sourcing methodologies and tools.
• Builds credibility with employers and clients.
• Improves strategic thinking and decision-making in procurement or recruitment.
• Enhances negotiation and supplier/vendor relationship management skills.
• Aligns professionals with industry best practices and global standards.
• Increases earning potential and career growth opportunities.
• Provides a competitive advantage in a highly specialized domain.
• Offers a comprehensive understanding of cost-saving strategies.

Who should take the Sourcing Exam?

• Procurement Specialists
• Sourcing Managers
• Supply Chain Analysts
• Vendor Managers
• Talent Acquisition Specialists
• Recruitment Consultants
• Purchasing Agents
• Category Managers
• Operations Managers
• Strategic Sourcing Analysts

Skills Evaluated

Candidates taking the certification exam on the Sourcing is evaluated for the following skills:

• Market research and supplier/vendor identification.
• Understanding procurement or recruitment strategies.
• Contract negotiation and management.
• Cost analysis and budgeting.
• Vendor evaluation and performance monitoring.
• Effective use of sourcing tools and technologies.
• Strategic thinking and risk management.
• Compliance with legal and ethical standards.
• Communication and stakeholder management.

Sourcing Certification Course Outline
The course outline for Sourcing certification is as below -

Domain 1. Introduction to Sourcing

• Definition and importance

• Sourcing vs procurement

Domain 2. Market Research and Analysis

• Identifying suppliers/vendors

• Conducting market research

• Competitive benchmarking

Domain 3. Procurement and Contract Management

• Creating RFPs (Request for Proposal)

• Supplier negotiations

• Contract development and compliance

Domain 4. Sourcing Strategies

• Strategic vs tactical sourcing

• Cost-saving approaches

• Leveraging technology in sourcing

Domain 5. Supplier/Vendor Management

• Evaluation and selection criteria

• Performance monitoring

• Building long-term vendor relationships

Domain 6. Financial and Risk Analysis

• Cost-benefit analysis

• Risk identification and mitigation

• Budgeting and cost control

Domain 7. Legal and Ethical Considerations

• Regulatory compliance

• Ethical sourcing practices

• Intellectual property protection

Domain 8. Tools and Technologies in Sourcing

• E-sourcing platforms

• Data analytics in sourcing

• Automation in procurement processes

Domain 9. Advanced Topics

• Global sourcing and outsourcing

• Sustainable and green sourcing

• Managing crises in sourcing