The Senior VP, Strategic Procurement and Sourcing is responsible for managing the execution of strategic and innovative activities related to the procurement of all assigned categories, labor, technology, consulting and business services. Responsible for overseeing contracts negotiations for the procurement of supplies and services for Northern Trust spend.
This position involves working with management to develop fully integrated global sourcing programs including determining scope and objectives, driving demand management, ensuring administrative compliance, partnering with risk and audit, and interpreting broad best in class industry standard strategies and philosophies.
Consults on sourcing solutions, negotiates agreements, and manages relationships to optimize return and mitigate risk. Supports value generation sourcing and profitability improvement initiatives to enable business leaders to supplement the workforce, scale business operations, deliver operating efficiencies, and better serve our partners through global service providers. Serves as a sourcing and contracting expert in meeting client needs while adhering to the end-to-end procurement and third-party risk management lifecycle and applicable laws and regulations. Optimizes use of third parties and collaborates with appropriate personnel within Procurement and across the Enterprise to drive compliant sourcing and contract execution activities.
Will establish objectives for the spend categories along with developing the strategy for the short term and long term sourcing plans. This role will define procurement requirements and operational needs, implement enterprise wide strategic sourcing tools and systems as outlined in the Global Procurement long range plan. This position will be based in Chicago, Illinois with direct management and administration of >$1.5b category related spend.
Conducts the performance management process, identifies training and development needs, and establishes performance standards for the function. Develops, implements, and communicates the direction of the team's procurement global processes and strategies to meet both the function’s and the corporation’s strategic plan.
• Manages a Procurement unit or group. Conducts the performance management process, identifies training and development needs, and establishes performance standards for the function/group.
• Creates collaborative business plans with strategic suppliers, develops negotiation strategies, and directs the execution of strategic programs.
• Provides direction and oversees that Sourcing Managers develop and maintain positive supplier relationships.
• Approves Sourcing Manager supplier contract negotiations, guaranteeing the attainment of the most advantageous pricing, terms, discounts, allowances, quality, delivery, service and demand management
• Establishes and maintains the sourcing strategy for the enterprise including the shaping of supply chain strategies and metrics for assigned categories.
• Directs and approves the planning process with Sourcing Managers in developing and recommending sourcing solutions, distribution channels, and execution of best practices. Applies analytics to enable optimized cost savings and supply base. Collaborates closely with supply teams to establish inventory/replenishment metrics and drive supplier performance.
• Collaborates with internal and external resources and to champion enterprise wide cross-functional sourcing initiatives
• Contributes to the formation of budgets and effective P&L management by the business units supported.
• Directs and executes budgetary cost reduction programs and initiatives that facilitate business owners achieving their business unit goals and financial targets.
• Directly manages complex negotiations with key suppliers that require a detailed strategic plan and that have a direct correlation with Corporate operational needs and/or goals.
• Sets the example and conducts training sessions for negotiations, financial reviews, business analytics and general management, and is a role model of ethical behavior. Establishes and trains staff on methodologies for change management, contract reviews and supply base optimization.
• Provides continuous leadership to business units to assist in the achievement of their goals and the overall corporate strategies/targets across assigned categories. Consults and advises business unit senior leadership teams/executives on the impact of procurement activities on projects, budgets, and select sourced retail goods.
• Collaborates with APAC Regional Procurement for resource allocation, budgetary control, staff development and sets enterprise wide sourcing plans
• Manages capacity through effective demand planning and prioritization in collaboration with business stakeholders and sourcing team to ensure operational efficiency, drive value, and reduce cost.
• Acts as a change agent by proactively seeking voice of the client and acting on opportunities for improvement in the sourcing and contracting process, or within specific third-party relationship agreements.
Possesses an advanced, in depth knowledge of supply chain management, procurement, sourcing, contract management and supplier management. Excellent project management, facilitation, negotiation, analytical, change management and interpersonal skills. Must be an excellent motivator and communicator to manage staff and cross functional teams. Strategic as well as operational expertise is necessary to provide long term planning and execution in supply chain attributes to meet corporation and business unit profitability, efficiency and risk mitigation goals. Technically adept with basic application software; proficient in MS Office Suites with advanced Excel skills. Experience with ERP systems / Peoplesoft and contract management systems. Demonstrated success in people management; superior leadership skills. Candidate must have strong attention to detail and be well organized. Detailed knowledge of the strategic sourcing procurement lifecycle and procurement best practices and methods and can demonstrate how this knowledge has been applied to optimize category profitability and supplier performance. Experience in diagnosing, isolating, and resolving complex issues and recommending and implementing strategies to resolve problems. Experience coordinating and facilitating executive management meetings.
• Minimum of 10 years of experience in procurement/sourcing and managing project teams, or an equivalent combination of education and work experiences.
• Bachelor's degree in Business, Supply Chain Management, Finance, Computer Science or related discipline preferred. The preferred candidate will have an MBA or other advanced degree and a professional Procurement/ Supply Chain Management designation (e.g. CSCP, CPM).
• Must have led organizations in similar types of transformation in the past and have experience with strategic and highly complex business program/projects that may include client relationship management, strategy, planning, product management, consulting, strategic sourcing, or related work experience
• Effective human relations skills in order to direct, motivate and lead staff effectively.
• Ability to present professionally to executive-level management and contract providers and vendors.
• Experience managing multiple projects and/or vendors as project leader.
• Ability to work with diverse groups of internal and external management and associates, especially in times of conflict and pressure to adhere to project and contractual obligations.
• Demonstrated financial and business analysis skills at complex levels, while able to clearly communicate information from team member to senior executive. This includes written and spoken communication.
• Demonstrated excellence in managing and leading organizations of similar size and scope
• Demonstrated high level of alignment to our Core Values with unquestioned ethics and integrity.
About Northern Trust:
Northern Trust provides innovative financial services and guidance to corporations, institutions and affluent families and individuals globally. With 130 years of financial experience and nearly 20,000 partners, we serve the world’s most sophisticated clients using leading technology and exceptional service.
Working with Us:
As a Northern Trust partner, you will be part of a flexible and collaborative work culture, which has a strong history of financial strength and stability. Movement within the organization is encouraged, senior leaders are accessible, and you can take pride in working for a company that is committed to strengthening the communities we serve!
We recognize the value of inclusion and diversity in culture, in thought, and in experience, which is why Forbes ranked us the top employer for Diversity in 2018.
We’d love to learn more about how your interests and experience could be a fit with one of the world’s most admired and ethical companies. Build your career with us and apply today.