Sr. Strategic Sourcing Specialist

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

• Identify and recommend opportunities to reduce costs and prepare for future growth
• Responsible for bid process including reviewing bid proposals, negotiating contracts and prices with suppliers
• Identify capacity gaps; recommend changes to sourcing; develop and maintain procurement/purchasing plans; submit and monitor purchase orders; prepare reorder point, out-of-stock, and other analyses to facilitate cost and service improvements
• Establish, develop, and maintain relationships with vendors, supplier, and team partners to ensure effective communication of strategic and tactical issues; serve as a liaison between company sales team for demand planning/forecasting and supply chain partners
• Initiate and lead cross-functional project teams; support timely project completion through performance measurement reports and forecasting process development and improvement
• Initiate and lead the development of short- and long-term supply plans to balance the demand forecast with cost, efficiency, and capacity constraints; optimize the flow of product through the supply chain
• Use planning system tools to effectively and efficiently create tactical and strategic inventory and supply solutions
• A very hands-on position that will require strong business acumen, excellent people skills, and an ability to improve processes on a continuous basis
• Requires in-depth MRP/ERP knowledge as well as demand planning and forecasting best practices with system limitations; experiences in developing and leading S&OP processes
• Strategic sourcing is highly focused on world-class cost management and is responsible for managing costs through "could be" and "should be" cost structures, benchmarks, and supply chain/commodity analysis
• Interact frequently with Engineering, Sales, Marketing, Manufacturing, Promotion and Events, and Product Development, providing cross-functional cost analysis in various worldwide locations, engineering resources, various suppliers, and supplier factories
• Manage, identify, and solve supply chain issues
• Follow globally developed standard supply chain work processes and best practices
• Interact regularly with all departments of the company as required to identify, communicate, and help resolve accounting and operational issues
• Negotiate value from multiple perspectives; e.g., purchase price and contractual terms and conditions, total acquisition cost, prioritization and timing considerations, alternative solutions and/or materials
• Implement and measure supplier contracts and agreements to assure all suppliers are accountable
• Help maintain inventories ensuring that Company funds are used efficiently, and adequate inventory is maintained to prevent product outages
• Perform all other duties and special projects as assigned

Key Skills and Knowledge

• Experience with cGMP regulations and dietary supplement/cosmetic/pharmaceutical supply chain is preferred.
• Specialist knowledge of procurement concepts, global supply chain processes, activities, and trends
• Work with custom brokers, U.S. Customs and FDA to clear imports
• Experience with working with botanical farmers and collectors
• Excellent negotiation skills with both large and small suppliers globally
• Advanced analytical interpretation and problem-solving skills
• Unimpeachable ethics
• Leadership: a demonstrated ability to lead people and get results through others
• Management: the ability to organize and manage multiple priorities
• Excellent mastery of Excel, Access, Word, and other MS Office applications
• MRP/ERP experience
• Excellent organizational skills
• Ability to communicate professionally with people at all levels of the organization and external contacts
• Solid decision-making skills
• Ability to provide technical leadership, coupled with people and project management skills
• Business, communication, change management, and customer service skills
• Great Plains experience or like systems a real plus
• ISM membership/certification or APICS membership/certification preferred but not required

Performance Metrics

• Risk Management
• Total Cost of Ownership (TCO): baseline and target
• Supplier performance via Supplier Management Program Scorecards

Additional Code of Conduct Competencies

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

• Attitude - Demonstrate a positive "can do" attitude; show motivation; must be goal oriented and a self-starter; be "solution-minded" rather than "problem-minded"
• Work Ethics - Must be dedicated, responsible, hard-working, and a team player
• Oral Communication - Speak clearly with customers and employees in all situations; listen and get clarification; respond well to questions; demonstrate positive response to others
• Written Communication - Write clearly and informatively; edit work for spelling and grammar; vary writing style to meet needs; able to read and interpret written information

• Professionalism - Approach others in a tactful manner; react well under pressure; treat others with respect and consideration, regardless of their status or position; accept responsibility for own actions; follow through on commitments
• Safety and Security - Observe safety and security procedures; determine appropriate action beyond guidelines; report potentially unsafe conditions; use equipment and materials properly
• Attendance, Punctuality, Dependability - Be consistently at work and on time; ensure work responsibilities are covered when absent; arrive at meetings and appointments on time, follow instructions, respond to management direction; take responsibility for own actions; keep commitments; commit to long hours of work when necessary to reach goals

Job Requirements:

• Bachelor's degree in business, supply chain management, engineering, botany or related field or its equivalent
• Master's degree preferred
• Requires a minimum of five to ten years of experience in supply chain or related field, and relevant experience in a logistics/supply chain role is required
• Must have a track record of continuous improvement, reducing cost while improving quality and customer service metrics
• Excellent knowledge of Lean and Six Sigma strategies
• Sitting for long periods of time
• Occasionally standing for long periods of time
• Regularly lift and/or move up to 10 pounds and occasionally lift and/or move up to 25 pounds
• Collaboration in an open office setting