Team Member - Procurement Finance

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