Procurement Specialist

About the Job

Responsible for supporting key categories within the Field, Wealth, and Institutional Investment lines of business through supporting strategic sourcing initiatives. This role will participate in efforts to optimize the supply base, generate cost savings and support digital transformation initiatives. In this role, you will develop/manage new and ongoing relationships with business partners and suppliers to build long-term business alignment; influence those interacting with suppliers on management and assessment of supplier performance; develop sourcing and negotiation strategy; actively engage in the supplier negotiation process to achieve optimum results (i.e. cost, quality, terms, etc.); responds to client needs and recommend options that align with strategic direction; support strategic sourcing strategies to achieve return on investment and build longer term relationships; and support ongoing innovation and process improvement, identifying efficiencies in supplier-related processes and practices. May provide consultation and guidance to business units around strategic sourcing and supplier management.

What You'll Do

• Demonstrated knowledge of the Intake to Pay process and systems
• Support/educate business stakeholders with Sourcing and Procurement process questions.
• Support sourcing strategies, contracting and governance to achieve return on investment and build longer term relationships. Draft supplier briefs to summarize supplier investments, risks, and opportunities.
• Understand the business, its competitive environment, and appropriate benchmarks; participate in forecasting process and analyze trends.
• Experience and understanding of the indirect spend categories and remain up to date on industry trends.
• Support/lead RFx process. Applies procurement/sourcing strategies, standardization of processes and procedures, supplier selection processes and ongoing supplier management.
• Assist/Develop negotiation strategies using cost/benefit analysis, should-cost modeling, market research, etc. Participate in negotiation efforts on purchase agreements and supplier contracts with cross-functional teams to achieve optimum results (i.e., costs, quality, terms).
• Support, manage, review, negotiate and approve contracts for assigned categories or business areas.
• Oversee contract planning, terms and conditions, renewals, and compliance and ensure payments align with contract terms.
• Perform contractual reviews to ensure all agreed upon terms and conditions are included. Ensure contract compliance, perform due diligence in preventing and managing risk to ensure supplier management compliance.
• Build strong working relationships with various cross functional groups (such as Law, Risk, Tech, etc.) across the enterprise, monitor stakeholder satisfaction, and establish partner relationships to create synergies across accounts.
• May provide insight for placing supplier solutions within NM in ways that are cost optimized and risk appropriate being mindful of the constantly evolving supplier solutions.
• Support ongoing innovation, process improvement and identify cost optimization opportunities to deliver increasing efficiency in supplier related processes.

What You'll Bring to the Role

• Bachelor's Degree with an emphasis in Business, Accounting/Finance, MIS, Engineering or related field, or an equivalent combination of education and work experience.

• 1-3 years of relevant category management, strategic sourcing, and supplier management experience. Strong knowledge and understanding of business needs, with the ability to establish and maintain a high level of customer trust and confidence required.
• Demonstrated flexibility to adjust and respond to changing business needs by effectively managing and prioritizing concurrent assignments.
• Demonstrated strong analytical abilities in decision making and effective problem solving; ability to exercise judgment and discretion when making decisions in a timely manner, with limited information and guidance.
• Advanced proficiency with Microsoft Office applications (Work, Excel, PowerPoint, and Outlook). Proficiency with information systems and applications.
• Strong research, analytical, problem solving, planning and organization skills required as well as a high degree of personal initiative and motivation
• Previous contract negotiation, contract development, and risk mitigation experience preferred.
• Direct knowledge and/or training in formal strategic sourcing processes preferred.

Skills You Have

• Business Acumen: Applies knowledge of both general and organization-specific business issues/financial implications for the organization to problem solve.
• Contract Administration: Ensures the accuracy of the accounting generated by numerous contract administration systems as well as any necessary manual accounting. Researches and resolves complex reconciliation issues, imbalances and open suspense items. Analyzes product accounting and related administration systems to identify potential enhancements to improve accuracy and efficiency.
• Cross Functional Partnering & Planning: Facilitates collaboration, communication, coordination, and planning with individuals and teams from different functions within the organization, and who have different areas of expertise, to achieve common goals.
• Decision Making: Makes timely, data-driven decisions by understanding the probability of success, identifying risks, gathering business requirements, and developing value statements.
• Vendor Management: Manages third partner vendors/outsourcing relationships, search agencies, and departmental budgets to deliver business objectives. Ability to negotiate vendor contracts, communicate internal stakeholder needs to the vendor, and evaluate potential vendors as needed.

Compensation Range:

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We believe in fairness and transparency. It's why we share the salary range for most of our roles. However, final salaries are based on a number of factors, including the skills and experience of the candidate; the current market; location of the candidate; and other factors uncovered in the hiring process. The standard pay structure is listed but if you're living in California, New York City or other eligible location, geographic specific pay structures, compensation and benefits could be applicable, click here to learn more.

Grow your career with a best-in-class company that puts our clients' interests at the center of all we do. Get started now!

Northwestern Mutual is an equal opportunity employer who welcomes and encourages diversity in the workforce. We are committed to creating and maintaining an environment in which each employee can contribute creative ideas, seek challenges, assume leadership and continue to focus on meeting and exceeding business and personal objectives.

Process Improvement (NM) - Beginner, Change Management (NM) - Beginner, Vendor Management (NM) - Beginner, Technical & Digital Acumen (NM) - Intermediate, Vendor Solutions (NM) - Beginner, Strategic Thinking (NM) - Beginner, Business Acumen (NM) - Beginner, Customer Service Mindset (NM) - Beginner, Cross Functional Partnering & Planning (NM) - Beginner, Contract Administration (NM) - Beginner, Data Analytics (NM) - Beginner, Storytelling through Data (NM) - Beginner, Business Automation (NM) - Beginner, Learning Agility & Critical Thinking (NM) - Beginner, Decision Making (NM) - Beginner, Financial Planning Methodology (NM) - Beginner, Organizational & Political Savvy (NM) - Beginner, Attention to Detail (NM) - Intermediate, Compliance Metrics, Monitoring & Reporting (NM) - Beginner, Project Management (NM) - Beginner, Governance (NM) - Beginner, Interpersonal Savvy (NM) - Beginner, Financial Acumen (NM) - Intermediate, Competitive Benchmarking (NM) - Beginner

We're excited about the potential people bring to Northwestern Mutual. You can grow your career here while enjoying first-class perks, benefits, and our commitment to a culture of belonging.

• Flexible work schedules
• Concierge service
• Comprehensive benefits
• Employee resource groups