Vendor Management Specialist

Job Overview:

The Vendor Manager is responsible for overseeing the procurement of goods and services from external suppliers, ensuring quality, cost-effectiveness, and timely delivery. This role involves managing vendor relationships, negotiating contracts, ensuring compliance, and coordinating with internal teams to meet project and operational needs.

Key Responsibilities:

1. Vendor Sourcing and Selection:

• Identify and evaluate potential vendors based on quality, cost, and delivery capabilities.
• Conduct market research to identify new supplier opportunities.
• Participate in vendor selection and contract negotiations.

1. Contract Negotiation and Management:

• Draft, review, and negotiate contracts to ensure favorable terms.
• Manage vendor contracts, ensuring compliance with service-level agreements (SLAs), pricing, and delivery terms.
• Handle contract renewals, amendments, and terminations as necessary.

1. Vendor Relationship Management:

• Build and maintain strong relationships with key suppliers.
• Conduct regular performance reviews and address issues related to service quality, delivery times, and pricing.
• Serve as the main point of contact for vendors, ensuring clear communication and resolving conflicts.

1. Performance Monitoring and Reporting:

• Monitor vendor performance against KPIs and SLAs.
• Implement improvement plans for underperforming vendors and take corrective actions when necessary.
• Prepare regular reports for management on vendor performance, cost savings, and other procurement metrics.

1. Risk Management and Compliance:

• Identify risks associated with vendor relationships, including supply chain disruptions, compliance violations, and financial instability.
• Ensure that all vendors comply with relevant legal, regulatory, and internal policy requirements.
• Conduct regular audits and assessments of vendor practices.

1. Cost Optimization:

• Collaborate with internal teams to identify opportunities for cost savings and process improvements.
• Lead cost-reduction initiatives without compromising on quality or delivery timelines.
• Track and report cost savings achieved through vendor negotiations and process improvements.

1. Collaboration and Coordination:

• Work closely with internal teams such as procurement, finance, and project management to align vendor capabilities with organizational goals.
• Ensure timely procurement of goods and services to meet project schedules and operational needs.
• Coordinate with stakeholders to develop and update procurement policies and processes.

1. Continuous Improvement:

• Stay up-to-date with industry trends and vendor management best practices.
• Develop and implement strategies for vendor innovation and improvement.

Qualifications:

• Bachelor’s degree in business, Supply Chain Management, or a related field.
• Proven experience (3+ years) in vendor management, procurement, or supply chain management.
• Strong negotiation, contract management, and vendor relationship skills.
• Excellent communication, analytical, and problem-solving abilities.
• Proficiency in procurement and vendor management software (e.g., SAP Ariba, Oracle Procurement).

• Knowledge of relevant legal regulations, compliance standards, and market trends.

Preferred Skills:

• Experience with risk management and mitigation strategies.
• Familiarity with project management principles.
• Strong financial acumen and budgeting experience.

Key Competencies:

• Strategic thinking and planning
• Strong attention to detail
• Ability to work under pressure and manage multiple projects
• Collaborative mindset and interpersonal skills