IT Vendor Management Analyst

Hackensack Meridian Health•Edison, NJ

About The Position

The Information Technology (IT) Vendor Management Analyst supports the strategic objectives of the Information Technology Vendor Management Office (IT VMO) at Hackensack Meridian Health (HMH) by overseeing IT vendor relationships, contract negotiations, and performance management. Reporting to the IT VMO Leader, this role is instrumental in driving operational efficiency, cost savings, and strategic alignment between vendors and the organization's goals.

Requirements

Bachelor's degree in Business Management, Finance, Economics, or a related field.
Minimum of 5 years of progressive experience in IT vendor management, contract negotiation, process improvement, consulting, or strategic sourcing.
Proven experience negotiating XaaS, Software, Hardware, Network, and Managed Service agreements.
Strong problem-solving skills, with the ability to collaborate with senior leaders and cross-functional teams.
Strong written and verbal communication skills.
Analytical skills, including financial cost analysis and risk mitigation strategies.
Familiarity with contracting trends, licensing models, and vendor performance metrics.
Proficient computer skills that include but are not limited to Microsoft Office and/or Google Suite platforms.

Nice To Haves

Healthcare industry experience.

Responsibilities

Support the IT VMO Leader in aligning vendor management strategies with the strategic/operational HMH objectives.
Provide insights and recommendations to assist leadership in making strategic outsourcing and vendor selection decisions.
Highlight key risks in vendor relationships and propose mitigation strategies to ensure long-term success.
Manage the full vendor lifecycle, including Request For 'x' [RF(x)] events, stakeholder engagement, contract negotiation, and performance monitoring.
Oversee vendor compliance with contractual obligations, regulatory requirements, and internal policies.
Collaborate with internal stakeholders to identify opportunities for vendor consolidation, cost savings, and strategic partnerships.
Lead the review and negotiation of vendor agreements, focusing on favorable terms for cost optimization, service quality, and operational efficiency.
Ensure contracts are structured to deliver measurable business outcomes and compliance with internal policies and industry standards.
Address non-compliance issues, including service level adherence, and recommend corrective actions.
Conduct financial analysis to identify rationalization initiatives and assess their impact on departmental budgets.
Oversee vendor-related financial activities, including budgeting, cost tracking, and adherence to financial policies.
Develop and implement systems for monitoring vendor performance against key performance indicators (KPIs).
Promptly address performance issues and work toward building strategic vendor partnerships.
Assess and mitigate risks associated with vendor relationships, leveraging governance frameworks to ensure ethical practices.
Lead RF(x) efforts to consolidate spending, reduce costs, and evaluate vendor capabilities.
Analyze RFP outcomes to make informed vendor selection decisions based on business and technology needs.
Develop business cases for potential IT initiatives in collaboration with stakeholders.
Act as a liaison between IT, business teams, and vendors to ensure alignment on project objectives and organizational goals.
Build collaborative relationships with internal teams, including IT leadership, Legal, and Purchasing to drive vendor management initiatives.
Foster positive relationships with key vendors to support long-term partnerships and mutual success.
Identify and implement process improvements within the VMO, ensuring operational excellence through best practices.
Establish governance frameworks, tools, and templates to optimize vendor management processes and systems.
Continuously evaluate and enhance processes to align with organizational goals and deliver enterprise value.
Other duties and/or projects as assigned.
Adheres to HMH Organizational competencies and standards of behavior.