Morningstar

Procurement Specialist, Technology

Morningstar • $74K — $109K *
Chicago, IL 60629In-Person
Enterprise Technology
8 - 10 years of experience
Reposted 5 days ago
Job Overview by Ladders

Qualifications

  • Bachelor's degree in Business, Finance, or related field; MBA preferred.
  • 8 years of experience in Market Data.
  • Operational knowledge of market data systems, processes, entitlements, and compliance audits.
  • In-depth knowledge of financial markets and data sources.
  • 6 years of negotiation and contract management experience, with examples of successful outcomes.
  • Familiarity with regulatory requirements related to market data.
  • Extremely strong relationship-building and communication skills.

Responsibilities

  • Identify, evaluate, and negotiate with market data vendors for procurement.
  • Stay informed about market trends to recommend innovative data sources.
  • Manage and implement procurement processes for Market Data and related services.
  • Lead negotiations to secure favorable contract terms with vendors.
  • Draft and review contracts for compliance with legal and financial standards.
  • Facilitate compliance with Third-Party Data licensing and internal policies.
  • Develop strategies for cost optimization in data procurement.

Benefits

  • Comprehensive health benefits including medical/dental/vision with HSA contributions.
  • 75% 401k match up to 7% and stock ownership potential.
  • Trust-Based Time Off and various paid leave options including sabbaticals.
  • Leadership coaching and formal mentorship opportunities.
  • Annual education stipend and tuition reimbursement.
  • Charitable matching gifts and dollars for doers volunteer program.
Full Job Description
What you'll do
  • Manage technology spend categories such as software, SaaS, hardware, telecom, networking, infrastructure, cloud, labor, and managed services suppliers.
  • Creates and manages category strategies, negotiations, RFPs, and contracts
  • Creates, negotiates, implements and manages long term contracts while effectively developing and promoting strategic partnerships with suppliers
  • Works closely with internal Morningstar clients and stakeholders to understand their business needs, objectives, product/service requirements and the broader operational processes
  • Effectively communicates with appropriate management levels both internally and externally
  • Identifies opportunities for improvement and makes constructive suggestions for change
  • Manage the full supplier lifecycle, including sourcing, procurement, negotiations, contract management, and supplier performance evaluation.
  • Develop, implement, and track comprehensive category strategies grounded in deep market analysis and aligned with company and stakeholder priorities; deliver measurable year-over-year cost reductions and working capital improvements.
  • Conduct supplier spend, forecasting, and consumption analytics in partnership with Finance to identify sourcing optimization opportunities, contract consolidation opportunities, and measurable cost savings initiatives.
  • Research and interpret the technology marketplace to understand supplier and market characteristics, identify sourcing trends, and uncover new opportunities for value creation.
  • Lead Quarterly Business Reviews focused on SLAs to drive supplier accountability, proactively identify improvement opportunities, and monitor progress throughout the contractual period.
  • Manage supplier performance by addressing conflict resolution, escalation, and resolution procedures promptly and effectively, ensuring issues are resolved and continuous improvement is maintained.
  • Partner with Legal and Sourcing/Procurement teams throughout the supplier lifecycle to ensure robust contract operations and governance.
  • Build strong partnerships and engagement with both existing and new strategic suppliers to enable high-quality, efficient support for internal stakeholders and business units.
  • Champion continuous improvement initiatives to enhance quality, efficiency, and cost savings across all sourcing activities.


Minimum Qualifications- Education & Prior Job Experience
  • Bachelor's degree in relevant field
  • 3+ years related work experience in Supply Chain, Finance, Economics, Business Administration, Computer Science, Information Systems Management, or another related field


Preferred Qualifications- Education & Prior Job Experience
  • Degree in Procurement, Supply Chain, Business Administration, Business Management, Finance, Accounting, or another related field
  • 5+ years related work experience in Technology Procurement, Technology role or another related field
  • Knowledge of Source to Pay systems, such as Coupa
  • Strong project management and procurement workflow management skills across Source-to-Pay platforms such as ServiceNow and Coupa
  • Supplier Risk Analysis and Supplier Relationship Management


Skills, Licenses & Certifications
  • Skilled in Microsoft Office (e.g. Word, Excel, PowerPoint)
  • A potential team leader with strong communication skills
  • Understanding of supply chain concepts, with work experience applying those concepts
  • Strong negotiating and influencing skills
  • Self-directed and resourceful with the ability to handle multiple, simultaneous tasks with exhibited follow through and initiative
  • Strong business and financial acumen, including project management, total cost management, budgeting, forecasting, savings realization, and supplier financial analysis
  • Experience leveraging reporting and analytical tools to support forecasting, procurement operations, supplier performance management, and continuous process improvement
  • Previous experience with Source to Pay systems, such as Coupa
  • Advanced Excel skills, including spend analysis, forecasting, budgeting support, savings tracking, and supplier financial analysis
  • High ethical standard


Compensation and Benefits

At Morningstar we believe people are at their best when they are at their healthiest. That's why we champion your wellness through a wide range of programs that support all stages of your personal and professional life. Here are some examples of the offerings we provide:
  • Financial Health
    • 100% 401k match up to 6% of salary
    • Stock Ownership Potential
    • Company provided life insurance - 1x salary + commission
  • Physical Health
    • Comprehensive health benefits (medical/dental/vision) including potential premium discounts and company-provided HSA contributions (up to $500-$2,000 annually) for specific plans and coverages
    • Additional medical Wellness Incentives - up to $300-$600 annual
    • Company-provided long- and short-term disability insurance
  • Emotional Health
    • Trust-Based Time Off
    • 6-week Paid Sabbatical Program
    • 6-Week Paid Family Caregiving Leave
    • Competitive 8-24 Week Paid Parental Leave
    • Adoption Assistance
    • Leadership Coaching & Formal Mentorship Opportunities
    • Annual Flex Stipend - $1000 annually to cover personal education & well-being expenses
    • Tuition Reimbursement
  • Social Health
    • Charitable Matching Gifts program
    • Dollars for Doers volunteer program
    • Paid volunteering days
    • 15+ Employee Resource & Affinity Groups


Total Cash Compensation Range
$74,325.00-109,008.33
Inclusive of annual base salary and target incentive

Morningstar's hybrid work environment gives you the opportunity to collaborate in-person each week as we've found that we're at our best when we're purposely together on a regular basis. In most of our locations, our hybrid work model is four days in-office each week. A range of other benefits are also available to enhance flexibility as needs change. No matter where you are, you'll have tools and resources to engage meaningfully with your global colleagues.

001_MstarInc Morningstar Inc. Legal Entity

About Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offers an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors. Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries, with more than $200 billion in assets under advisement and management as of December 31, 2020. The company has operations in 29 countries.
Learn more about Morningstar
Size
10,038 employees
Market Cap
$9 billion
Industry
Finance & Insurance
Net Income
$223.6 million
Founded
1984
5 Year Trend
+16.3%
Revenue
$1.3 billion
NASDAQ
MORN
* Ladders Estimates

Similar Jobs

Ad banner background

Get Ready For Your
Next Interview

More Jobs at Morningstar

More Enterprise Technology Jobs

Find similar Procurement Specialist, Technology jobs:

NationwideChicago, IL