Financial Analyst

Key Responsibilities:

Cost Analysis:

• Analyze supplier pricing and identify potential cost reduction opportunities through market research, vendor comparisons, and negotiation strategies.
• Conduct cost-benefit analysis on different purchasing options to recommend the most financially advantageous choice.
• Track and monitor spending trends against budget to identify areas for cost optimization.

Contract Management:

• Review and negotiate contract terms with suppliers to secure favorable pricing, payment terms, and delivery schedules.
• Monitor contract compliance and address any issues that may arise with support from compliance specialists.
• Develop and implement contract management processes to ensure efficient contract administration.

Supplier Evaluation:

• Evaluate potential suppliers based on financial stability, quality standards, delivery reliability, and pricing competitiveness.
• Engage in supplier performance reviews to identify areas for improvement and address performance concerns.
• Develop and maintain a supplier or supplier category database with key financial and performance metrics.

Financial Reporting and Analysis:

• Prepare regular financial reports on purchasing spend, cost savings, and key procurement metrics.
• Analyze purchasing data to identify trends and provide insights to inform strategic procurement decisions.
• Develop financial models to forecast purchasing costs and identify potential risks.

Budgeting and Forecasting:

• Collaborate with cross-functional teams to develop procurement budgets and forecasts.
• Monitor budget variances and identify areas where adjustments may be necessary.

Project Support:

• Collaborate with strategic sourcing managers and compliance specialists on pre- and post- award supplier and project management.
• Provide financial analysis support for new product launches, cost reduction initiatives, and other procurement-related projects.
• Conduct feasibility studies and develop financial projections for potential procurement projects.

Required Skills and Qualifications:

• Bachelor's degree in Finance, Accounting, or a related field
• 2-3 years of relevant experience
• Strong analytical skills with proficiency in data analysis and financial modeling
• Excellent communication and negotiation skills to effectively interact with suppliers and internal stakeholders
• Experience with procurement systems and ERP software (e.g., Dynamics 365, NetSuite )
• Strong understanding of financial principles and accounting practices
• Ability to work independently and as part of a cross-functional team
• Advanced proficiency in Microsoft Excel and data visualization tools