Strategic Sourcing Manager

2 weeks ago

Chicago, Illinois, United States Northern Trust Full time

About Northern Trust:

Northern Trust, a prominent Fortune 500 organization, is a globally esteemed financial institution with a legacy of excellence since 1889.

We take pride in delivering innovative financial solutions and expert guidance to some of the world's most successful individuals, families, and institutions, grounded in our core values of service, expertise, and integrity. With over 130 years of experience and a workforce exceeding 22,000, we cater to the needs of the most sophisticated clients through cutting-edge technology and unparalleled service.

Role Overview:
As a Strategic Sourcing Manager, you will spearhead and oversee pivotal global strategic sourcing and procurement initiatives within the IT Software expenditure category, which encompasses approximately $200 million in annual spending.

  • Lead strategic sourcing initiatives by gathering, analyzing, and presenting data and recommendations to various management levels regarding opportunities, risks, and prioritization of software investments.
  • Oversee contract and pricing negotiations across the IT Software, Business Applications, and Banking and Financial Services sectors.
  • Serve as a thought leader with experience or interest in guiding IT Procurement teams.
  • Manage Category Management activities, including category spend analytics, multi-year strategic sourcing roadmaps, and educating the enterprise on market dynamics, suppliers, and trends.
  • Collaborate with suppliers to enhance value and drive innovation.
  • Influence and improve global policies, programs, and processes.
  • Lead and manage the RFx (e.g., Request for Proposal, Request for Information, Request for Quote) process, encompassing project management, RFx development, negotiations, and award procedures.
  • Oversee contract review, drafting, and creation of various agreements, including NDAs, Master Agreements (SaaS, Software License Agreements, etc.), Service Level Agreements, and Statements of Work, while facilitating all aspects of contract negotiations across multiple Risk Control Functions.
  • Support and monitor supplier compliance with contracts, manage supplier performance through activity reporting and business reviews, and conduct supplier scorecards and rationalization.
  • Manage and uphold regulatory and compliance obligations.
  • Assist in presenting Procurement performance metrics and projects to senior management.
  • Evaluate supplier fitness by analyzing the overall business and financial performance of potential and existing suppliers.
  • Establish and maintain relationships with key partners, providing education on policies and resolving purchasing-related issues.

Qualifications:

  • Bachelor's Degree in Business, Supply Chain Management, or Finance, with a minimum of 7 years of experience in Sourcing or Procurement, particularly in indirect sourcing, or an equivalent combination of education and experience.
  • An MBA or other advanced degree, along with a professional Procurement/Supply Chain Management certification (e.g., CSCP, CPM), is highly desirable. Comprehensive knowledge of supply chain management and procurement is essential.
  • Exceptional analytical, sourcing, negotiation, and communication skills. Proficient in basic application software; advanced skills in MS Office Suite, particularly Excel.
  • Experience with ERP systems/PeopleSoft and Source to Pay (Coupa) is advantageous.
  • Proven success in time management, superior project management capabilities, and meticulous attention to detail.

Working with Us:

As a partner at Northern Trust, you will be part of a flexible and collaborative work environment within an organization that values financial strength and stability, empowering us to explore innovative ideas.

We encourage movement within the organization, ensuring accessibility to senior leaders, and you can take pride in contributing to a company dedicated to supporting the communities we serve.

Join us in a workplace with a greater purpose, and let us discover how your interests and experience align with one of the world's most respected and sustainable companies.

Reasonable Accommodation:
Northern Trust is committed to working with and providing reasonable accommodations to individuals with disabilities. We value an inclusive workplace and recognize that flexibility means different things to different people.

We look forward to discussing your flexible working requirements and how we can achieve greater together.

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