Sourcing Analyst

Sourcing Analyst
Onsite/Hybrid in Chicago, IL
Contract to Hire
Pay Rate:- $28 - $31.07
Job Description:

• This position is responsible for participating in, supporting and performing the sourcing and procurement activities related to business-critical initiatives, Clienting the best value through appropriate and rapid supplier competition for Client.
• These initiatives may include specialized health insurance products, services, Business Process Outsourcing (BPO), Information Technology categories such as services/software/equipment/telecom, and other commodity categories.
• Also responsible for making recommendations to the Sourcing management team based on data analysis leveraging both internal and external resources.
• This position is a key team member in the procurement organization and, as such, contributes to product and service quality and cost savings captured through strategic sourcing, demand management, and process improvements.

ESSENTIAL FUNCTIONS:

• Perform negotiation, strategic sourcing and contracting activities for the acquisition of goods and services - cross-categories and lines of business.
• Prepare reports, perform spend analysis, and benchmark category spend.
• Perform sourcing events, negotiation and contracting processes by analyzing key data from various sources, including, but not limited to, purchase orders, RFx events, and legal documents.
• Ability to manage heavy workload and prioritize based on business impact
• Perform negotiation, strategic sourcing and contracting activities with focusing on - 1) increasing throughput / volume; 2) driving consistent / competitive supplier tension; 3) enhancing speed / cycle time to enable the business; and 4) gathering supplier data & market intelligence to feed back to Category areas.
• Gather 3rd party secondary research for the purposes of sourcing events.
• Participate in Supplier Relationship Management (SRM) meetings with suppliers and internal stakeholders/business owners - as required.
• Generate supplier performance reports for established metrics and overall program monitoring.
• Participate in the analysis of internal and external market data to develop risk assessments, competitive intelligence, best practices, etc., related to sourcing events.
• Research fact-based inquiries.
• Maintain Corporate Strategic Sourcing databases.
• Perform interviews of key internal stakeholders / business owners to define specifications and requirements.
• Develop financial models to support the sourcing process.
• Prepare documentation of workflows associated with total cost of ownership analysis in support of sourcing strategies.
• Assist in the development of financial and/or analytical models to support the sourcing function.
• Support the negotiation and preparation of standard legal documents.
• Participate in the implementation and transition processes upon completion of a sourcing event - as required.
• Make suggestions to management regarding the continuous improvement of the procurement organization.
• Support vendor rationalization and demand management activities.
• Participate in the development and documentation of strategic sourcing policies and procedures.
• Maintain effective communication with management.
• Comply with HIPAA, Diversity Principles, Corporate Integrity, and Compliance Program policies.
• Maintain complete confidentiality of company-related business.
• Maintain effective communication with management regarding developments within areas of assigned responsibilities and perform special projects as required or requested.

JOB REQUIREMENTS:

• Bachelor's degree with 2 years' experience in financial analysis, business, supply chain / supply chain management, strategic sourcing, negotiation and / or contracting 2 years' experience in financial analysis
• Research and analytical skills
• Ability to function in ambiguous and/or time-sensitive situations
• PC skills with off-the-shelf analytical tools and software (e.g. MS products - Outlook, Excel, Word, Access, PowerPoint)
• Verbal and written communication skills, including correct grammar, clear, concise, and appropriate word choice and tone
• Listening and interpersonal skills
• Experience working in teams

PREFERRED REQUIREMENTS:

• Medical Management (Med Mgmt) / Information Technology (IT) / Business Processing Outsourcing (BPO) experience and/or sourcing experience, including the use of electronic sourcing tools in a fast paced, rapidly changing environment
• Project management and/or negotiation experience
• Bachelor's degree in business, finance or technology
• Presentation skills
• Ability to create and utilize leverage with Suppliers
• Knowledge of Client organization