Vendor Management Specialist

Voya Financial, Inc   •  

Windsor, CT

Industry: Accounting, Finance & Insurance

  •  

5 - 7 years

Posted 73 days ago

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Position Summary:

Under the direction of the Vendor Management Office Lead, the Vendor Management Specialist develops and maintains strategic Partner and Vendor/Supplier relationships, responsible for the implementation, execution, and evaluation of strategies and methods that underpin either the Vendor Management operating model or Partnership Strategy. He/She manages all aspects of the business relationship with Strategic Partners/Vendors, to ensure delivery of key objectives and optimal effectiveness, working with other stakeholder functions as appropriate. Responsible for the management of vendor processes. Provide insights and analytics to the business teams regarding improvements in vendor profitability. Strong communication and collaboration skills are necessary to influence the various groups that interact with Vendor Operations and Strategy. Collaboration with multiple team members across functional and departmental boundaries. This role will leverage knowledge and experience to enable the business teams to make effective business decisions and efficiently utilize vendor management process.

Position Description:

  • Develops and maintains vendor performance management materials such as metrics and scorecards
  • Analyzes vendor performance in order to assure compliance with Service Level Agreements and continuous improvements of services
  • Conducts vendor customer satisfaction surveys and leads corrective action planning efforts
  • Ultimately responsible for the quality and cost effectiveness of vendor's products or services
  • Conducts marketplace research and manages the vendor inquiry system
  • Identifies possible replacement vendors and prepares exit transition strategies
  • Develops improvement priorities and cost savings initializes with strategic sources
  • Provide guidance for procurement and contract activities for assigned categories.
  • Other duties as assigned.

Knowledge & Experience:

  • Strong interpersonal skills are essential for this job.

  • Vendor relationship managers must be able to negotiate and collaborate with vendors at many different levels. This requires good presentation and communication skills to ensure vendors understand their contractual requirements. Vendor relationship managers also need good analytical qualities to monitor and review vendors’ financial and operational performances.

  • Must be good team players, working closely with colleagues in purchasing, quality, manufacturing and logistics to understand and meet their requirements and expectations of vendor performance
    Bachelor’s degree or equivalent required. Advanced degree (MBA/JD) preferred.

  • Minimum 6 years extensive, broad based experience in contracting and strategic procurement of high complexity commodities and/or projects.
  • Previous leadership experience desired.
  • Previous strategic sourcing experience for assigned commodities is highly desired.
  • Comprehensive knowledge of business principles such as purchasing, consulting services, business and contract law, licensing, intellectual property, financing and accounting.
  • Strong technology skills i.e. PC, internet/intranet, e-procurement.
  • This individual must be able to effectively negotiate pricing, legal, business terms and conditions with suppliers, financing institutions, consultants and service companies primarily on a domestic basis. By virtue of breadth and/or depth of experience, is recognized as a key technical adviser highly capable of translating business objectives into finite project management plans with clearly defined roles, responsibilities, and completion targets for their team. Demonstrates knowledge of cost and price analysis techniques, proposal/contracting skills, project management, business management and strategic commodity management techniques.
  • Strong team building skills are essential.

JR0020274