Procurement Specialist

Program Details

Key Performance Objectives (KPOs) 1. Establish and Maintain Vendor Relationships o Within the first three months, establish strong relationships with key vendors to ensure high quality, timely supply, and value. Conduct regular performance reviews and maintain an ongoing dialogue to encourage innovation and continuous improvement. o Measure of Success: Reduction in supply chain disruptions, improved vendor performance ratings, and documented cost savings. 2. Forecast and Demand Planning o Collaborate with the Demand Planner to continuously monitor the rolling 12-month forecast and communicate these forecasts to vendors. Ensure alignment between supply plans and future requirements. o Measure of Success: Accurate forecasting reflected in decreased stockouts and overstock situations, with adjustments documented and communicated effectively. 3. Inventory Optimization o Analyze usage data of purchased items to detect changes in trends and adjust procurement plans accordingly. Implement strategies to ensure the right balance between supply and demand, avoiding excessive inventory commitments. o Measure of Success: Achieve inventory turnover targets and reduce excess inventory costs. 4. Cost Reduction and Supplier Negotiation o Within the first six months, negotiate pricing, terms, and contracts with suppliers to achieve significant cost savings and favorable terms. Implement a process to regularly review and renegotiate contracts as needed. o Measure of Success: Documented cost savings from renegotiated contracts, improved terms, and a structured contract review process. 5. Process Improvement in Epicor System o Develop and implement processes within the Epicor system to streamline procurement operations. Focus on purchase order creation, date management, and potential stock-out reviews to enhance efficiency. o Measure of Success: Reduction in process time for purchase order management and increased accuracy in stock-level forecasting. 6. Support New Product Development o Work closely with Engineering and Leadership to identify, qualify, and onboard new vendors for supporting new product developments. Ensure that material sourcing aligns with the forecasted sales plan. o Measure of Success: Successful onboarding of new vendors that meet quality and cost requirements, with documented contributions to new product launches. 7. Resolve Accounting and Invoicing Issues o Ensure all vendor master data is correct and work closely with the accounting team to resolve any invoicing issues promptly. o Measure of Success: Decrease in invoicing errors and payment delays, achieving a 95% accuracy rate within the first year. 8. Collaborate with Planning Team o Communicate potential stock-outs, outline actions taken to mitigate these risks, and provide updated due dates for replenishment to the Planning Team. o Measure of Success: Timely and effective communication documented in team meetings and reports, leading to proactive stock management. 9. Develop Team KPIs o Assist in developing, implementing, and measuring team Key Performance Indicators (KPIs) to track performance and continuous improvement within the procurement function. o Measure of Success: Established and documented KPIs with regular performance reviews showing measurable improvements.