Strategic Sourcing Analyst II (Remote)

M&T Bank; United States; Remote; USD 60,000 - 102,000; Full time

Job summary

An established industry player seeks a strategic sourcing professional to optimize vendor selection and contract negotiations. In this vital role, you will collaborate with management and cross-functional teams to ensure effective sourcing strategies that drive cost savings and operational efficiency. Your expertise in procurement processes and strong communication skills will be key in guiding teams through complex negotiations and vendor assessments. This position is crucial for controlling expenses and enhancing profitability across the organization. If you have a passion for strategic sourcing and a desire to make a significant impact, this opportunity is perfect for you.

Qualifications

• Bachelor’s degree with 2 years of financial/business experience or 6 years of combined experience.
• Proficiency in procurement systems and strong communication skills required.

Responsibilities

• Work with management to identify project teams for sourcing initiatives.
• Negotiate contracts and prepare documentation for recommendations.

Skills

Verbal Communication

Written Communication

Presentation Skills

Contract Negotiation

Financial Analysis

Vendor Management

Education

Bachelor's Degree

MBA

Tools

Spreadsheet Software

Database Software

Procurement Software

Job description

Overview:

Works with business and support units to help source most suitable vendors at the best price to meet requirements. Carries out the Strategic Sourcing process designed to maximize competition and leverage when selecting and contracting with chosen vendors. Negotiates contracts generally between $1 m and $10 m in value.

Primary Responsibilities:

1. For major sourcing initiatives, work with management to identify an Executive Sponsor and a cross-functional project team to ensure appropriate buy-in, support and participation throughout the project.
2. Guide the Project Team through the Strategic Sourcing process and keep the Executive Sponsor and relevant senior managers informed of progress, setbacks and obstacles. Lead a kick-off meeting with the Project Team to clarify the objectives, strategy and proposed timeline of the sourcing initiative. Develop and execute Requests for Proposals (RFPs), Requests for Quotes (RFQs) and/or Requests for Information (RFIs) based on identified business needs, market conditions and corporate standards. Facilitate analysis, evaluation and scoring of vendor proposals against criteria established and agreed on by the Team. Conduct multiple rounds of bids and coordinate activities such as vendor demonstrations, reference calls and on-site visits to short-list vendors. Lead contract negotiations in conjunction with the Project Team and Legal to ensure we obtain the most competitive pricing and favorable terms possible.
3. Prepare sufficient documentation to inform Executive Sponsor and senior managers of recommendations and results of the sourcing initiative, including any achieved savings, customer implications and impacts to business operations.
4. Guide business and support units through the Third-Party Risk Management Program in conjunction with the Third-Party Risk Management team to ensure selected vendors are properly risk tiered, vetted and approved before executing a contract.
5. Research and analyze procurement trend data at the Bank and recommend savings opportunities to associated business lines and support functions.
6. Understand and adhere to the Company’s risk and regulatory standards, policies and controls in accordance with the Company’s Risk Appetite. Identify risk-related issues needing escalation to management.
7. Maintain M&T internal control standards, including timely implementation of internal and external audit points together with any issues raised by external regulators as applicable.
8. Complete other related duties as assigned.

Scope of Responsibilities:

Strategic Sourcing is a structured process for selecting the most suitable vendors at the best price. Strategic Sourcing includes a six step process that ensures we are maximizing competition and leverage when choosing vendors. As such, this position is critical to expense control at the Bank. The position is responsible for one or more categories of spending that occur at the Bank and has overall responsibility for controlling expenses in the assigned category across the entire organization, inclusive of all subsidiaries, business units and cost centers. Typically, categories assigned to the position have at least $1 m - $10 m in annual spending. Consequently, a small percentage impact in these categories can have substantial impact on bottom line profitability of the Bank, stock price and shareholder return.

Education and Experience Required:

Bachelor’s degree and a minimum of 2 years’ proven financial and/or business experience, or in lieu of a degree, a combined minimum of 6 years’ higher education and/or work experience, including a minimum of 2 years’ proven financial and/or business experience.

Proficiency with personal computers as well as pertinent mainframe systems and software packages, including those specific to procurement, as well as spreadsheet, presentation and database software.

Strong verbal and written communication skills.

Experience interacting with all levels of management.

Strong presentation skills.

Experience writing Requests for Proposal (RFPs) and negotiating contracts.

Education and Experience Preferred:

MBA (Master’s degree in Business Administration).

Minimum of 3 years’ proven financial and/or business experience.

General familiarity with the Bank’s Accounts Payable process and general ledger.

Location: Clanton, Alabama, United States of America

M&T Bank is committed to fair, competitive, and market-informed pay for our employees. The pay range for this position is $60,890.34 - $101,483.90 Annual (USD). The successful candidate’s particular combination of knowledge, skills, and experience will inform their specific compensation. The range listed above corresponds to our national pay range for this role. The specific pay range applicable to you may vary based on your location.