What this job involves - The Sourcing Specialist is responsible for managing sourcing activities, vendor relationships, and contract negotiations specifically for the account. This role requires strong negotiation skills, supplier management expertise, and the ability to collaborate with cross-functional teams, clients, and stakeholders. The Sourcing Specialist will play a critical role in ensuring cost-effective procurement, mitigating risks, and delivering value-added solutions to support the account's objectives.
Responsibilities:
- Manage end-to-end sourcing activities for the account, including vendor selection, evaluation, and contract negotiations.
- Collaborate with stakeholders to understand procurement needs and provide guidance on sourcing strategies aligned with the account's goals.
- Conduct market research and analysis to identify potential suppliers, evaluating their capabilities, and assessing risks.
- Lead the supplier evaluation, selection, and qualification processes, considering factors such as cost, quality, sustainability, and service level agreements.
- Negotiate contracts, terms, and pricing with suppliers to maximize cost savings and establish favorable terms for the account.
- Establish and maintain strong relationships with suppliers, ensuring effective communication, performance monitoring, and issue resolution.
- Collaborate with cross-functional teams to ensure procurement needs are met, aligning with operational requirements and budget constraints.
- Monitor supplier performance and conduct regular reviews and audits to assess adherence to contractual obligations.
- Stay informed about industry trends, supplier capabilities, market dynamics, and best practices in sourcing and procurement.
- Ensure compliance with procurement policies, procedures, and regulatory requirements for the account.
- Develop and maintain supplier databases, performance metrics, and documentation for the account.
- Identify opportunities for process improvements, cost savings, and efficiency gains in sourcing and procurement activities.
- Support contract management processes, including contract renewals, amendments, and terminations specific to the account.
- Foster positive working relationships with internal and external stakeholders associated with the account.
- Verify accuracy and integrity of sourcing data, ensuring appropriate documentation and controls are in place.
Qualifications:
- Bachelor's degree in Business, Supply Chain Management, or a related field.
- Proven experience as a sourcing specialist or similar role, with expertise in procurement and supplier management.
- Strong negotiation and influencing skills, with the ability to achieve cost savings and establish favorable terms.
- Excellent understanding of sourcing, procurement, and contract management principles and best practices
- Knowledge of supplier evaluation and selection methodologies, risk assessment, and supplier relationship management.
- Familiarity with procurement systems and tools (e.g., e-procurement, contract management software).
- Strong analytical and problem-solving skills, with the ability to conduct market research and analysis.
- Excellent communication and interpersonal skills, with the ability to collaborate effectively with diverse stakeholders.
- Detail-oriented with a focus on accuracy and data integrity.
- Ability to work independently and handle multiple tasks in a fast-paced environment.
- Knowledge of real estate or property management industry is a plus.
