Strategic Sourcing Analyst

Advocate Health and Hospitals Corporation•Charlotte, NC

1d•Onsite

About The Position

This role supports strategic sourcing best practices for the enterprise across assigned categories. The analyst will support sourcing strategies by analyzing market fundamentals, industry data, price benchmarks, cost drivers, trends, key cost variances, and economic forecasting. They will categorize and analyze spend, assess market and sourcing options, and prioritize areas for maximizing value and cost synergies. The position also involves managing the end-to-end sourcing process, including supplier identification, qualification, selection, negotiation, and contracting, ensuring compliance with policies and regulations. A key aspect is assisting in strategies to bring non-contracted products and services under contract for optimal coverage. The role requires collaboration with Legal on contractual issues and ensuring other relevant departments (IT, Data Security) are engaged. Cost optimization through analysis of utilization, pricing, and contracting is crucial, as is aiding in cost containment strategies like standardization and value-based purchasing. Supplier performance monitoring and issue resolution, along with cross-functional collaboration with sourcing leaders and stakeholders, are also key responsibilities. The analyst will support the integration of value analysis, promote awareness of value-based approaches, and assist in producing metrics and performance indicators to measure the impact of sourcing initiatives. Staying updated on industry trends and best practices, supporting a culture of continuous improvement, and mitigating risks associated with the sourcing process are also part of the role. The analyst will assist in developing RFPs, RFIs, and IFBs, ensure end-user engagement in the contracting process, and support a rolling three-year plan for various categories.

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, to work within deadlines with a high attention to detail and to work independently in a fast paced, dynamic environment.
Experience in working with and implementing large-scale automated systems.

Nice To Haves

Bachelor’s Degree in Supply Chain, Business or related field

Responsibilities

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 prioritizing areas for maximizing value and cost synergies.
Assists with the end-to-end sourcing process, including supplier identification, qualification, selection, negotiation, and contracting.
Ensures compliance with relevant policies, procedures, and regulations.
Assists 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.
Ensures 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.
Aids in monitoring supplier performance.
Collaborates with cross-functional teams to address supplier-related issues and ensure timely resolution.
Works closely with sourcing leaders and other relevant stakeholders to understand their needs and priorities.
Collaborates with sourcing leadership to ensure the seamless integration of value analysis.
Supports educational programs and materials to promote awareness and adoption of value-based approaches throughout enterprise.
Assists in production of metrics and performance indicators to measure the impact of strategic sourcing initiatives on cost savings, quality improvement, and patient outcomes.
Assists in analyzing data to identify trends, monitor progress, and generate actionable insights.
Prepares regular reports and presentations for leadership, highlighting key findings, achievements, and recommendations.
Stays 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.