Strategic Sourcing Analyst

Role Overview

• Supports strategic sourcing best practices for enterprise across assigned categories
• Supports sourcing strategies such as analyzing market fundamentals, industry data, price benchmarks, cost drivers and trends, key cost variances, and economic forecasting in assigned categories
• Categorizes and analyzes spend categories and assesses market and sourcing options to prioritize areas for maximizing value and cost synergies
• Assist with the end-to-end sourcing process, including supplier identification, qualification, selection, negotiation, and contracting
• Ensure compliance with relevant policies, procedures, and regulations
• Assist in strategies to bring non-contracted products and services under contract, assuring best contract coverage for assigned categories
• Consults with Legal on contractual issues concerning proper legal terms and conditions
• Ensuring all other relevant departments’ evaluations of contracts are triggered (IT, Data Security, etc.) which can vary by contract type
• Supports cost-saving opportunities through comprehensive analysis of utilization, pricing, and contracting
• Aids in cost containment strategies, such as standardization, utilization controls, and value-based purchasing
• Assists in the attainment of maximum savings in total delivered cost of supplies, pharmaceuticals, services, and equipment in assigned categories
• Aid in monitoring supplier performance
• Collaborate with cross-functional teams to address supplier-related issues and ensure timely resolution
• Work closely with sourcing leaders and other relevant stakeholders to understand their needs and priorities
• Collaborate with sourcing leadership to ensure the seamless integration of value analysis
• Assist in production of metrics and performance indicators to measure the impact of strategic sourcing initiatives on cost savings, quality improvement, and patient outcomes
• Assist in analyzing data to identify trends, monitor progress, and generate actionable insights
• Prepare regular reports and presentations for leadership, highlighting key findings, achievements, and recommendations
• Stay updated on industry trends, emerging technologies, and best practices
• Supports a culture of continuous improvement, leveraging data analytics, technology tools, and industry collaborations to enhance the strategic sourcing process and drive ongoing improvement in patient care delivery
• Supports risk mitigation associated with the sourcing process, including supply chain disruptions, quality issues, regulatory compliance, and geopolitical factors related to assigned categories
• Aids in contingency plans to minimize potential impact on the organization
• Assists in developing Requests for Proposal (RFP), Request for Information (RFI), and Invitations for Bid (IFB) in accordance with directives and program requirements
• Ensures contracting process engages end-users to define service and product attributes through facilitated pre-contracting initiatives
• Supports a rolling three-year plan for supplies, implants, pharmaceuticals, purchased services and capital categories as assigned

Requirements

• Bachelor’s Degree in Supply Chain, Business or related field preferred
• Typically requires 2 years of demonstrated work experience in healthcare supply chain/procurement.
• Knowledge in system-wide purchasing strategies, processes, and programs which support a service focused, cost effective, and centralized model
• Demonstrated successful contract negotiation skills and ability to establish and administer complex contracts for products and services
• Sound knowledge of inventory management and related accounting processes
• Interchange and internet-based procurement transaction processes knowledge with exposure to broader issues such as Continuous Replenishment Processes or Vendor Managed Inventories
• Skills developing strategic and tactical plans to meet business objectives in a large healthcare system
• Knowledge of contract law and related legal and financial policies
• Basic knowledge of analytical/mathematical/statistical methods, data analysis and presentation
• Excellent communication skills necessary to communicate effectively with senior administrators, department leaders, physicians, vendors, and clinical staff to support Advocate Health’s acquisition goals
• Knowledge of healthcare accreditation standards (i.e., DNV, JCAHO), Occupational Safety and Health Administration, and National Fire Protection Organization requirements
• Excellent analytical, quantitative, and qualitative skills.
• Ability to identify and solve problems creatively.

Benefits

• Paid Time Off programs
• Health and welfare benefits such as medical, dental, vision, life, and Short
• and Long-Term Disability
• Flexible Spending Accounts for eligible health care and dependent care expenses
• Family benefits such as adoption assistance and paid parental leave
• Defined contribution retirement plans with employer match and other financial wellness programs
• Educational Assistance Program