Sourcing Analyst

Sourcing AnalystOnsite/Hybrid in Chicago, IL Contract to HirePay Rate:- $28 – $31.07Job 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 impactPerform 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 analysisResearch and analytical skillsAbility to function in ambiguous and/or time-sensitive situationsPC 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 toneListening and interpersonal skillsExperience working in teamsPREFERRED 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 environmentProject management and/or negotiation experienceBachelor’s degree in business, finance or technologyPresentation skillsAbility to create and utilize leverage with SuppliersKnowledge of Client organization