Senior Sourcing & Vendor Manager - IT

Bluecross & Blueshield Of Minnesota - Eagan, MN

Full-time - Mid Level

Hybrid - Eagan, MN

1,001-5,000 employees

About the position

The Senior Sourcing and Vendor Manager at Blue Cross Blue Shield of Minnesota plays a crucial role in managing the IT portfolio by overseeing sourcing, contracting, vendor management, and negotiations. This position is essential for ensuring efficient procurement processes, achieving cost savings, and maintaining strong vendor relationships. The manager will work closely with various business units to monitor vendor performance against Service Level Agreements (SLAs) and facilitate collaboration between vendors and internal stakeholders.

Responsibilities

• Identify and evaluate potential suppliers based on quality, cost, reliability, and other relevant factors.
• Conduct market research to stay informed about industry trends and best practices.
• Collaborate with IT, Information Security, Data, and Analytics internal stakeholders to understand their requirements and provide procurement support.
• Draft, review, and negotiate contracts, purchase orders, and service level agreements with suppliers.
• Ensure that contract terms and conditions are favorable and aligned with organizational goals.
• Mitigate contractual risks and ensure compliance with legal and regulatory requirements.
• Develop and maintain strong relationships with vendors, fostering effective communication and collaboration.
• Monitor IT, Information Security, Data, and Analytics vendor performance, conduct regular reviews, and address any issues or concerns.
• Identify opportunities for performance improvement and cost reduction through vendor optimization.
• Establish and monitor vendor scorecards to manage vendor performance based on defined criteria.
• Provide ongoing vendor scorecard reporting and analysis to facilitate monitoring and review of vendor performance.
• Lead the execution of various vendor management programs, such as quarterly business reviews and vendor scorecards.
• Facilitate regular business reviews with assigned portfolio of vendors to discuss performance and improvement plans.
• Support Relationship Managers and Performance Managers for problem resolution with assigned vendors.
• Work closely with Business partners to diagnose poor vendor performance and assist in creating improvement plans.
• Lead negotiations with suppliers to secure favorable pricing, terms, and conditions.
• Drive cost savings initiatives through effective negotiation strategies.
• Collaborate with stakeholders to align negotiation outcomes with organizational objectives.
• Work closely with cross-functional teams to ensure seamless procurement processes.

Requirements

• 5+ years of related professional experience in vendor management, contract drafting, and negotiating.
• Prior experience related to health plans, vendor management, sourcing, and contracting activities.
• Ability to develop and maintain relationships with leadership across the organization.
• Ability to work independently or on a team.
• Strong problem-solving skills, conflict resolution, facilitation, and consensus-building skills.
• Excellent communication skills, both written and verbal, including presentations.
• Demonstrated experience communicating with diverse internal and external audiences.
• Relationship management skills with internal and external stakeholders.
• Ability to influence internal and external stakeholders to achieve desired outcomes.
• Ability to proactively identify and resolve problems.
• Highly organized with a track record of delivering a high level of customer service in a timely manner.

Nice-to-haves

• Bachelor's degree in Business or related field.
• 2+ years working with IT Category Vendors/Management.
• Proven experience as a liaison between leadership and vendor partners to facilitate open communication.
• Experience in redlining contracts to ensure compliance with company policies and negotiating favorable terms.
• Proven experience monitoring and managing Service Level Agreements (SLAs).
• Demonstrated experience in managing strategic vendors to meet organizational goals and drive business performance.
• Craft and deliver clear, concise, and impactful communications to executive leadership.

Benefits

• Health insurance coverage
• Dental insurance coverage
• Vision insurance coverage
• 401k retirement savings plan
• Paid holidays
• Flexible scheduling
• Professional development opportunities
• Employee discount programs