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Strategic Sourcing Specialist
3 weeks ago
The Strategic Sourcing Specialist plays a key role in managing the full lifecycle of sourcing activities across designated commodities. This position focuses on executing sourcing initiatives that align with organizational goals, analyzing procurement data, and fostering supplier relationships to drive cost efficiencies and operational improvements.
Key Responsibilities:
Sourcing Strategy & Planning:
- Design and implement sourcing approaches that support business objectives, budget constraints, and operational needs while mitigating risk.
- Utilize spend analysis, stakeholder feedback, and supplier market insights to shape sourcing strategies.
- Conduct comprehensive spend reviews across various organizational levels to uncover savings opportunities and identify overlapping purchases.
- Research market trends and emerging technologies to inform sourcing decisions.
- Develop negotiation frameworks and secure agreements with favorable terms.
- Lead RFx processes and coordinate sourcing events from initiation to completion.
- Collaborate with internal teams to negotiate and finalize contracts that reflect strategic sourcing goals.
- Draft and manage contract terms that reduce institutional risk and align with service expectations and scope of work.
- Prepare and circulate contract documentation for approval.
- Evaluate potential suppliers for capability, financial health, and market reputation.
- Determine the most effective supplier selection methods for new sourcing opportunities.
- Facilitate cross-functional collaboration between suppliers and internal departments.
- Build strong relationships with internal clients through regular meetings to understand evolving procurement needs.
- Serve as a trusted advisor and problem solver within the organization.
- Gain insight into supplier offerings and future innovations that may impact pricing and contract terms.
- Collect performance data to inform future sourcing decisions and supplier evaluations.
- Create and pursue an annual development plan to deepen expertise in healthcare procurement and industry trends.
Qualifications:
Required Skills & Experience:
- 4-7 years of experience in strategic sourcing or procurement.
- Proven ability to manage projects, define deliverables, and meet critical milestones.
- Strong contract negotiation and supplier engagement skills.
- Experience leading sourcing initiatives and cross-functional meetings with stakeholders and vendors.
- Background in healthcare procurement is highly desirable.
Education:
- Required: Bachelor's degree in Business, Finance, or a related field.
- Preferred: Master's degree in Business, Finance, or Supply Chain Management.
