Strategic Vendor Management Specialist - Consulting Category at Northern Trust

Chicago, Illinois, United States

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Not SpecifiedCompensation

Mid-level (3 to 4 years), Senior (5 to 8 years)Experience Level

Full TimeJob Type

UnknownVisa

Financial Services, BankingIndustries

Requirements

Well versed in vendor management
Experience presenting and advising to Executive Management teams
Previously worked with 3rd party consulting vendors
Confident communication, integrity, and authenticity to build strong, positive relationships based on trust
Strong analytical, problem-solving, and presentation skills
Ability to develop internal and external networks based on integrity and credibility through active listening and understanding
Business acumen around the consulting category, with proven ability to interact with all levels of the organization
Highly flexible and adaptable to change
Specialized depth and/or breadth of expertise in Strategy Sourcing and Category Management best practices
Ability to interpret internal/external business challenges and recommend best practices to improve productivity

Responsibilities

Optimize opportunities with strategic consulting vendors to increase buying power and reduce financial and non-financial risks
Deliver a lower total cost of ownership
Provide holistic vendor forecasting to enable strategic deal management
Enhance stronger business and Procurement engagement to optimize outcomes
Provide proactive monitoring of consulting statements of work through scorecards and quarterly business reviews
Create internal awareness of vendor sponsorships and donations that have potential commercial impacts on negotiations
Build win-win partnerships with select strategic consulting relationships, maintaining constant dialogue with vendors to allow stakeholders access to ongoing risks for informed purchasing decisions
Serve as single point of contact for vendor escalation, including corrective actions
Manage ongoing communication and feedback loop
Facilitate regular performance management discussions with internal stakeholders
Streamline financial approval process with finance stakeholders
Design and implement hub and spoke outreach model
Setup training and education program for internal and external stakeholders
Coordinate pipeline to enable strategic deal management
Manage internal escalations and procurement policy non-compliance
Design and lead QBR sessions
Design and implement vendor scorecards
Design and implement vendor performance metrics and dashboards
Facilitate regular performance management discussions with internal stakeholders and vendors to ensure issues are surfaced and mitigated real-time
Oversee reporting on vendor donations & sponsorships (request, commercial impacts)
Monitor total revenue generated from Northern Trust for deal consideration
Standup, own, and govern the vendor management function overseeing most strategic consulting vendors
Liaison with key stakeholders and supply chain to support the organization's consulting portfolio of suppliers
Design and monitor the key Consulting Supplier Program (i.e. Big 4)