Sourcing Specialist

Job Description
This position will have global/regional/local responsibilities for developing and executing strategic sourcing strategies for assigned commodities and categories. Responsible for executing the sourcing strategies in accordance with the ITW 5 Step Sourcing Process helping to ensure delivery of highest quality and lowest total cost solutions. This role will forecast and report economic savings performance, negotiate price reductions or increases, drive long term agreements, market test, award new business to maximize leverage, and analyze various reports to identify and implement cost reduction opportunities. Additionally, the sourcing specialist will support special projects as necessary to assist in delivering commodity goals. This role is approximately 70% Strategic / 30% Operational focusing on Commodity Strategy, Benchmarking, Sourcing Council preparations, mid to upper management presentations, resourcing as needed, Technical Cost reductions, Warranty agreements, managing supplier financial distress, and coordination with global teams. Responsible for Supplier Relationship Management including addressing nonconformance and capacity constraints. Identify new opportunities while leveraging sourcing, strategic planning, commodity expertise, supplier selection, negotiation, and risk management skills. This position must have strong analytical, negotiation and relationship building skills in a fast-paced environment.
Develop &
execute category management strategies, based on organizational requirements to align with current and future market conditions to provide top-line value, improvement to the total cost of ownership model, decrease supply disruption risk, and improve supply chain agility. Manage the RFP process. Prepare the request, select participants, review proposals, negotiate contracts and prices with suppliers, and award the business based on Total Cost of Ownership analyses. Negotiates, implement, and manage LTA's (long term agreements) while achieving commercial savings and raw material recovery to meet or exceed parts cost and total cost reduction objectives and while supporting organizational initiatives. Facilitate supplier/engineering VA/VE activities to drive product cost savings and process improvement initiatives to achieve budget performance. Collaborate with and participate with colleagues across the Enterprise to ensure strategies are aligned with company goals and objectives. As requested, present category management strategies to department and senior leadership.
Develop market intelligence within assigned categories including industry trends, global pricing, lead times, technology and manufacturing capability of suppliers, supply/demand market volatility, cost drivers (raw material pricing, tariffs), material indexes, benchmarks, and mergers &
acquisitions in the industry to mitigate supply and cost risk. Research and understand shifts in the negotiating power of suppliers that may affect overall supplier performance and/or result in purchase price variance. Identify potential hedging opportunities and communicate potential opportunities and risks to Strategic Procurement Manager.
Develop and manage supplier relationships which deliver reliable product supply and total cost effectiveness while meeting or exceeding all customer service, compliance, product requirements, and key performance metrics. Manage supplier performance with feedback through monthly scorecards to mitigate risk, support performance improvement, and proactively identify issues. Act as a trusted business advisor by managing and driving resolution of supplier issues and escalating as needed. Effectively lead supplier business meetings with strategic partners and preferred suppliers to drive business value. Arrange and conduct regular Top2Top meetings with suppliers and stakeholders. Involve other functional partners to resolve issues and drive continued supplier development. Influence supplier segmentation within categories and develop risk mitigation plans. Develop strategic partners that will provide ITW Hobart Parts with additional resources, innovation, and a competitive edge.
Collaborate with Product Management team in support of new product launch initiatives to develop and implement cost reduction and sourcing strategies for service parts to meet program timing, cost, quality, delivery, and strategic objectives.