Procurement - Strategic Sourcing Lead
Federal Reserve Bank of Boston
CompanyFederal Reserve Bank of BostonAs an employee of the Boston Fed, you will work to promote sound growth and financial stability in New England and the nation. You will contribute to communities, the region, and the nation by conducting economic research, participating in monetary policy-making, supervising certain financial institutions, providing financial services and payments, playing a leadership role in the payments industry, and supporting economic well-being in communities through a variety of efforts. The Boston Fed is one of 12 Reserve Banks and we serve all or parts of Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island, and Vermont. Our mission is accomplished through our Bank's values: diversity, equity and inclusion, innovation, integrity, and leadership.
This job is eligible for a hybrid schedule with some on-site work expected.
The Lead Strategic Sourcing Specialist is responsible for independently coordinating and administering large and complex sourcing events, supplier management and contract administration. The Lead Strategic Sourcing Specialist is responsible for coordinating bank-wide strategic sourcing efforts and delivering operational efficiencies that maximize benefits and reduce overall costs. Additionally, this role may be assigned responsibility for handling relationships with significant impact on the procurement operations and representing the Bank on System workgroups. The level of work is considered advanced, requiring minimal supervision, a high degree of experience, knowledge, professionalism, and administration.
- Collaborates with business areas’ management to understand departmental and bank-wide acquisition needs and is aware of upcoming opportunities to better meet customers’ needs.
- Provides effective and proactive upfront sourcing consultation including multiple sourcing strategies, options, negotiation opportunities, etc. to departments based on knowledge of their acquisition needs.
- Seeks to lower the cost of products and services through various strategies including consolidation of purchases, standardization, and value engineering; leverages existing supplier relationships and rationalizes the supplier base; utilizes supplier technology to shorten purchasing cycle.
- Demonstrates analytical skills and the ability to solve difficult problems with effective solutions.
- Utilize spend analysis to look for sourcing opportunities and efficiencies.
- Manages and develops strategies for the RFP process related to complex, long-term acquisitions looking for the best end to end solution to meet customers’ needs.
- Analyzes and synthesizes data supplied by business areas and translates that information into detailed requirements and acceptable bid specifications.
- Leads evaluation teams in evaluating bids ensuring adequate documentation and compliance with policies.
- Plays a critical role in the vendor selection process; influencing customers on sourcing opportunities, demonstrating the value delivered.
- Acts as intermediary between business areas, Legal and vendors in negotiating and administering contracts.
- Leads negotiations and develops strong business relationships with vendors to achieve cost savings and influence best possible commercial terms for the Bank.
- Implements plan to meet or exceed procurement cost savings and avoidance metrics.
- Reports on results. Researches and interprets broader contractual rights and obligations and communicates findings to user and/or vendor.
- Considers budget and discretionary implications when considering acquisitions.
- Meets with vendors for purpose of strategically sourcing individual department, Bank, or System needs, ensuring that vendors meet Bank standards according to the Model Acquisition Guidelines.
- Oversees the work of strategic sourcing staff and provides them with guidance, training, and development, as needed.
- Reviews and consults with staff on bid specifications and documents to ensure inclusion of terms most favorable to Bank.
- Demonstrates a high level of collaboration with all members of the staff and management.
- Provides negotiation, contract and supplier management advice to other procurement staff, management and business departments as required.
- Provides direction and oversight ensuring that daily operations are performed in a consistent and high-quality manner.
- Focuses on continuous process improvement taking a lead on upgrades to procurement information systems, purchasing processes, etc.
- Implement new technology solutions and leverage technology to its highest extent possible within the business processes.
- Establishes and maintains effective relationships with internal stakeholders and Legal.
- Provides training sessions for customers to develop a better understanding of the procurement process.
- Partners with departments to promote diversity and inclusion in the acquisition process to strengthen the Bank’s supplier diversity vision.
- Partner with the National Procurement Office (NPO) to leverage on its expertise and assist with related work as necessary.
- Contributes to teamwork within area of responsibility and across the department.
- Performs other duties as assigned.
Experience and Knowledge:
- Bachelor's Degree in business management, finance, operations or related field Procurement certification
- Certified Professional Purchasing Manager or similar credential preferred 7 to 10 years of related experience: strategic sourcing and contract negotiation; experience in design and implementation of procurement information systems; supplier management programs, etc.
- Ability to apply critical thinking in dealings with business areas and vendors
- Extensive and demonstrated knowledge of procurement, benchmarking methodologies and purchasing best practices Experience with competitive bidding processes
- Demonstrated purchasing expertise and knowledge in two or more distinct purchasing markets. such as information technology, building construction, office supplies, etc.
- Highly proficient use of computer software applications and a broad knowledge of computer databases.
- Required Competencies: Job knowledge and results; Project Management; Vendor Management; Negotiation skills; Strategic thinking; Group Leadership skills; Interpersonal and customer relations skills; Analysis and decision making; Communication; Self-Management
The Federal Reserve Bank is committed to a diverse, equitable and inclusive workplace and to provide equal employment opportunities to all persons without regard to race, color, religion, national origin, sex, sexual orientation, gender identity, age, genetic information, disability, or military service.
All employees assigned to this position will be subject to FBI fingerprint/ criminal background and Patriot Act/ Office of Foreign Assets Control (OFAC) watch list checks at least once every five years. All candidates must undergo an enhanced background check and comply with all applicable information handling rules.
The above statements are intended to describe the general nature and level of work required of this position. They are not intended to be an exhaustive list of all duties, responsibilities or skills associated with this position or the personnel so classified. While this job description is intended to be an accurate reflection of this position, management reserves the right to revise this or any job description at its discretion at any time.
Full Time / Part TimeFull time
Regular / TemporaryRegular
Job Exempt (Yes / No)Yes
Work ShiftFirst (United States of America)
The Federal Reserve Banks believe that diversity and inclusion among our employees is critical to our success as an organization, and we seek to recruit, develop and retain the most talented people from a diverse candidate pool. The Federal Reserve Banks are committed to equal employment opportunity for employees and job applicants in compliance with applicable law and to an environment where employees are valued for their differences.