Strategic Sourcing Specialist

2 weeks ago

Kochi, India NOV Inc Full time

As a Strategic Sourcing Specialist, you will have the opportunity to contribute to our organization's success by driving strategic initiatives, optimizing procurement processes, and fostering strong partnerships with suppliers and internal stakeholders. If you possess the requisite skills and experience and are eager to make a meaningful impact, we encourage you to apply for this exciting opportunity. Key Responsibilities: Identify and evaluate potential suppliers based on factors such as cost, quality, reliability, and alignment with company objectives. Develop and implement sourcing strategies to optimize supplier selection and mitigate supply chain risks. Continuously monitor market trends, supplier capabilities, and industry dynamics to identify opportunities for improvement. Lead negotiations with suppliers to secure favorable terms, including pricing, payment terms, and contractual agreements. Draft, review, and execute contracts and agreements with suppliers, ensuring compliance with legal and regulatory requirements. Establish and maintain strong relationships with key suppliers to foster collaboration and drive long-term value. Drive cost reduction initiatives through effective negotiation, supplier consolidation, and value engineering. Analyze pricing trends and market conditions to identify cost-saving opportunities and optimize procurement decisions. Track and report on cost savings and cost avoidance achieved through procurement activities. Monitor supplier performance against key performance indicators (KPIs) such as quality, delivery, and service levels. Implement performance improvement initiatives and address any issues or concerns with suppliers proactively. Conduct regular supplier audits and evaluations to ensure compliance with contractual agreements and quality standards. Collaborate closely with internal stakeholders, including operations, engineering, product line, finance, and supply chain teams, to align procurement activities with business objectives. Provide strategic guidance and recommendations to support decision-making processes related to procurement and supplier management. Identify opportunities to streamline procurement processes, improve efficiency, and enhance overall effectiveness. Implement best practices and leverage technology solutions to automate and optimize procurement workflows. Stay abreast of industry trends, emerging technologies, and best-in-class procurement practices to drive innovation and continuous improvement. Requirements: Bachelor's degree in engineering, supply chain management, business administration, or related field; advanced degree or professional certification from a US or UK institution is a plus. Proven experience in strategic sourcing, procurement, or supply chain management, preferably in a manufacturing or distribution environment. Strong negotiation skills with a demonstrated ability to achieve cost savings and favorable contract terms. Excellent analytical and problem-solving abilities, with a data-driven approach to decision-making. Proficiency in contract management, supplier relationship management, and supplier performance evaluation. Ability to communicate effectively and collaborate with internal stakeholders at all levels of the organization. Experience with procurement software or enterprise resource planning (ERP) systems is desirable. Knowledge of relevant regulations and compliance standards governing procurement activities.

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