Team Member - Procurement Finance

Employer
CIPLA LTD
Location
India
Posted
Jun 01, 2024
Closes
Jun 17, 2024
Ref
4716612539
Level
Staff
Work Mode
Work from office
Hours
Full Time
Organization Type
Academia, Corporate
Division

Finance

Department

Operations Finance

Sub Department 1

SCM Finance

Job Purpose

Partnering with supply chain function in Global Direct Procurement by a) defining & monitoring targets including cost benchmarking, b) Identifying areas & driving actions to achieve procurement financial goals, c) Track Alternative cost improvement initiatives like Alternate Vendor Development (AVD), CMO, CIP & CDMO & d) establishing adequate control and governance mechanisms to improve bottom-line & compliances

Key Accountabilities (1/6)

Prepare Annual operating plans, Budgets for Direct Procurement (Globally), before set date across all Categories, reduce cost as per industry benchmarks to improve margins
  • Prepare and recommend Budgets before set date for direct material procurement across Categories
  • Work with procurement team for forecasting rates based on past trends, expected volume in future, Current market scenario, Macro and Micro economic analysis, Demand-Supply scenarios
  • Discuss and present findings to FP&A, costing team members, other cross functional team members
  • Suggest views on various assumptions and obtain approvals from the SCM Head & Global CFO

Key Accountabilities (2/6)

Submit Variance, Year on Year cost reduction, Benchmarking, MTM analysis, actual savings against targets on monthly basis, to facilitate accomplishment of budgets
  • Prepare monthly MIS reports for Procurement, Variance Analysis, action plans to achieve savings targets
  • Ensure structured, relevant, and validated data input for monthly presentations and reviews
  • Prepare year on year savings report, Bench marking and MTM analysis
  • Prepare detailed analysis of Spend, circulate MIS to stakeholders, & issue resolutions for MIS

Key Accountabilities (3/6)

Evaluate and resolve various operational issues of procurement team related to finance (Cross - functional and with external vendors) and provide support, to facilitate smooth operations
  • Prepare and communicate cost control reports. Co-ordinate with operations team for better visibility of cost & control over process
  • For commodity-based product, monitor price trends, recommend Hedging / positions at bottom prices / Strategic positions to procurement head
  • Co-ordinate and resolve cross functional issues involving finance
  • Support business and finance team members for compliances to statutory and regulatory requirements
  • Provide support for implementation of procurement policies

Key Accountabilities (4/6)

Identify process gaps & drive automation projects for SCM in the areas of procurement, and MIS generation to improve efficiency & controls
  • Evaluate current information system, suggest actions on various issues and recommend appropriate improvements to optimize productivity and IT enablement
  • Develop reports for strong internal financial controls, continuous process improvement and objective analysis
  • Suggest changes for standardization of business processes related to Global procurement
  • Interact with IT, SAP and cross functional team members for implementation of IT initiatives

Key Accountabilities (5/6)

Assess Internal Financial Control (IFC) & Audit recommendation for procurement to achieve compliances
  • Collect data, monitor performance of various business processes.
  • Compile and submit reports to various stakeholders
  • Conduct Internal financial control related activities for Global Direct procurement
  • Resolve issues / queries raised in Internal and External Audits
  • Enforce data discipline for compliance to applicable regulations
  • Prepare and review checklist to ensure that Systems are properly implemented

Key Accountabilities (6/6)

Business Partner AVD, CIP, API CMO & CDMO Vertical along with IL4 Saving evaluation
  • Evaluation of Proposal undertaken in any of these Function
  • Tracking of committed savings and facilitating course correction

IL6 Saving Monitoring and Maximisation
  • To ensure the committed cost saving is converted to P&L.
  • IL6 communication to BUs

Major Challenges
  • Continuous coordination and communication with 200 functional team members

Overcome by - Creating sub-teams and regular meetings with the team members
  • Multiple stakeholders and varied expectations (timelines, delivery, data, objectives) results in various Conflicts during execution of project

Overcome by â Facilitate focus on overall Organisational goals, process simplification, IT enablement and improvements to meet deadlines. End to end SAP usage for data accuracy and hygiene.
  • Delay in data compilation, slowdown in business processes in view of lack of integrated approach for Issue resolution and solution development Overcome by â System oriented approach, Automation

Key Interactions (1/2)
  • Global Procurement Team on Daily basis for Data, issues, control, discussions
  • Finance, Costing, FP&A, Domestic business, Accounts on Monthly / fortnightly basis for Data, Compliances, Issues
  • Legal, Quality, MDM, Manufacturing Finance â as per need

Key Interactions (2/2)
  • Consultants for various projects / Special projects implementations such as DP Dashboard
  • SCM â Negotiations, Payment terms, resolution of issues
  • Auditors â Data compilation, monitoring Processes, resolution of queries
  • Researchers in the market- Obtain market insights, various reports

Dimensions (1/2)
  • Procurement spends â Rs 5000 crores, savings target of Rs.150+ crores,
  • ~ 100000 POâ¢s, 23000 SKUs,
  • Partner with a Team of 200 persons,
  • Cater to all geographies globally

Dimensions (2/2)

Key Decisions (1/2)

Circulate YTD IL 5 Savings to Category Owners

Communicating IL 6 Savings to respective BUs along with detailed component level rate movement

Key Decisions (2/2)

Request for Approval of Advance Payment to Vendors & Approval to Release Pos based on DOA matrix

Evaluate IL 4 idea savings & discussion with Finance Lead, Head - SCM Finance & Head - Operations Finance

Education Qualification

CA/CWA

Relevant Work Experience

Minimum 3-5 years of experience in the field of Procurement Finance/ Supply chain.

Working experience of SAP FI CO Preferable