Strategic Sourcing and Procurement Specialist

Job Title: Strategic Sourcing and Procurement Specialist

Location: Toronto ON (Hybrid)

Job Summary: We are seeking an experienced and results-oriented Strategic Sourcing and Procurement Specialist to join our team. The successful candidate will have a strong background in strategic sourcing, supplier management, and procurement, with a focus on IT infrastructure, software, and SaaS solutions. This role requires expertise in supplier contract management, market research, cost savings initiatives, and negotiation skills to drive business value.

You will be responsible for leading end-to-end procurement processes and mitigating legal and business risks associated with supplier contracts.

Key Responsibilities:

• Strategic Sourcing & Procurement: Lead strategic sourcing initiatives, conducting market research and running end-to-end RFX processes to identify cost-saving opportunities.
• Supplier Contract Management: Utilize extensive knowledge of supplier contractual terms and conditions to mitigate legal and business risks. Perform redlining of contracts, ensuring all legal and business terms are favorable and compliant.
• IT Infrastructure & Software Procurement: Source IT infrastructure and software solutions, including SaaS products, ensuring that procurement aligns with the organization’s technical and business needs.
• Licensing & P*Q Knowledge: Leverage your expertise in IT software licensing models and P*Q (Price and Quality) analysis to ensure effective procurement of IT solutions.
• Procurement Systems & Tools: Utilize sourcing and procurement systems and tools to manage procurement activities, ensuring efficiency and compliance.
• Analytical Skills: Perform complex P*Q analysis using Excel and other analytical tools to support decision-making and cost optimization.
• Cost Savings: Drive cost-saving initiatives throughout the sourcing and procurement lifecycle, ensuring value optimization for the organization.

Skills and Qualifications:

Must-Have Skills:

1. 6+ years of progressive business experience in Strategic Sourcing and/or Procurement, with a strong focus on conducting market research, running end-to-end RFX processes, and driving cost savings.
2. 6+ years of experience and expertise in supplier contractual terms and conditions, including the ability to redline contracts and mitigate legal and business risks.
3. 3+ years of experience in IT Infrastructure and Software Procurement/Sourcing.
4. 3+ years of extensive knowledge of IT software/SaaS solutions, licensing models, and P*Q analysis.
5. Solid understanding of sourcing and procurement principles, as well as industry best practices.
6. Proficiency with sourcing and procurement systems and tools.
7. Strong analytical skills with the ability to conduct complex P*Q analysis using Excel.

Nice-to-Have Skills:

1. Graduate degree (preferably in business or a related field).
2. Knowledge of relevant legislative and regulatory requirements related to third-party outsourcing management.
3. Familiarity with financial, actuarial, and insurance systems.
4. Familiarity with the organization’s business operations, strategies, and financial environment.

Education:

• Undergraduate degree in business or a related field.
• Certifications: CPSM (Certified Professional in Supply Management) certification is a plus.

Ideal Candidate: The ideal candidate will possess a strong blend of analytical skills, supplier management expertise, and a deep understanding of IT procurement and contract management. You will be able to work collaboratively with internal stakeholders and suppliers to drive value, mitigate risks, and optimize procurement processes.

Your proactive approach, problem-solving skills, and ability to handle complex procurement challenges will be essential to your success in this role.