Strategic Sourcing Specialist

Job Description

Job Description

Position Overview :

This role is responsible for the long-term development and management of key supplier relationships to optimize value through cost reduction, innovation, avoidance of supply disruption, risk mitigation and growth throughout supplier relationship life cycle. In-depth knowledge of raw material processing, such as plant cultivation, harvest seasons, and processing, along with finished good production processes is integral for sourcing, negotiating pricing, and establishing supply agreements. A strong working knowledge of cGMP regulatory requirements and Biovation Labs’ (BVL) technical manufacturing requirements is also necessary. This role includes assisting with Wellful Group’s R&D and Product Development Team in new product development and setting up the supply base to meet commercialization of new products. Domestic and international travel to supplier sites is required to assess their operations and perform supplier audits and reports, lock down long-term supply and to conduct face-to-face meetings to enhance relationship building, in addition to attending trade shows and other industry events. This role also includes ensuring that BVL suppliers meet and / or exceed regulations relating to Compliance, as well as the requirements defined in the Wellful Group’s Compliance Programs and Supplier Qualification Programs.

Job Duties & Responsibilities :

• Develop and manage assigned key supplier relationships to deliver reliable product supply and total cost effectiveness while meeting or exceeding all customer service, compliance, product requirements, and key performance metrics. This includes material and process selection for purchases, locating and selecting suppliers, negotiating supply agreements and measuring supplier performance metrics
• Communicate, monitor, and manage compliance with the sourcing strategy or business process
• Facilitate new vendor setup and vendor adherence to Company Compliance programs and initiatives, including providing annual Supplier Compliance Training and Certification and completing supplier risk assessments as needed
• Establish close working relationships with other functions, (e. g. Quality, Manufacturing, Regulatory, Inventory, Product Development, Technical Manufacturing, and Marketing) to ensure full understanding and support of strategic sourcing perspective to key processes and address technical needs and regulatory requirements
• Administer contracts for key suppliers
• Track and manage performance of suppliers and ensure that performance issues are quickly addressed
• Champion productivity improvements by leading internal and joint supplier teams pursuing cost reduction opportunities in alignment with sourcing strategy (e. g. lowering inventory levels, increasing yields, reduce material costs, operation improvement, etc.)
• Manage key sourcing process steps, including opportunity assessment, strategy development, data analysis, supplier negotiation, award recommendations, and supplier contract execution

Additional Duties and Responsibilities

Key Skills and Knowledge

Performance Metrics

Additional Code of Conduct Competencies

To perform the job successfully, this individual should demonstrate the following competencies :

Job Requirements :

Preferred Qualifications :