Analyst, Procurement & Sourcing

About the role

About this role Firm Overview: BlackRock is one of the world's preeminent asset management firms and a premier provider of global investment management, risk management and advisory services to institutional, intermediary and individual investors around the world. BlackRock offers a range of solutions - from rigorous fundamental and quantitative active management approaches aimed at maximizing outperformance to highly efficient indexing strategies designed to gain broad exposure to the world's capital markets. Our clients can access our investment solutions through a variety of product structures, including individual and institutional separate accounts, mutual funds and other pooled investment vehicles, and the industry-leading iShares® ETFs. Business Unit Overview: BlackRock Finance consists of finance professionals across several disciplines such as Financial Planning & Analysis, Treasury, Tax, Finance Controls, Global Strategic Sourcing (" GSS "), Finance Platform Support and Controllers. GSS is a global team, with team members primarily based in New York, Gurgaon, and Budapest. GSS aims to be an organization of trusted strategic sourcing advisors enabling BlackRock to achieve more value. The GSS team advises and supports business functions on all their supplier-related initiatives whether they involve supplier identification, evaluation, selection, negotiation, performance management or escalation management. GSS seeks to avoid certain costs, deliver tangible cost reductions, furnish reliable analytical data and insights for improved decision making, and enable a socially responsible and diverse supplier base. Background: GSS seeks a recent college graduate with at least 1-4 years of experience in strategic procurement at a global level . This individual will support the IT Consulting subcategory in the Technology category. This Analyst will learn end-to-end management of strategic sourcing activities - from understanding stakeholder needs and available suppliers in the marketplace, to performing supplier assessment & due diligence, to negotiating, redlining, and executing supplier agreements in a timely fashion. Principal duties include: Strategic Advisory: Serve as a strategic advisor to all levels of management on all matters related to sourcing and procurement, offering insights and recommendations to optimize processes and achieve business objectives. Sourcing Strategy Development and Contract Negotiations: Develop and implement comprehensive sourcing strategies through competitive bidding, proofs-of-concept, demand management, supplier consolidation, and process reengineering efforts that align with the company's overall business goals, ensuring cost-effectiveness, quality, and social responsibility. Supplier Relationship Management: Build and maintain strong relationships with key suppliers, negotiating and drafting favorable terms into contracts, ensuring the highest standards of quality and service. Market Analysis: Conduct thorough market research and analysis to identify trends, risks, and opportunities within the supply chain, and prepare PowerPoint decks to support informed sourcing decision-making. Cost Management: Implement cost-saving initiatives and strategies to reduce overall expenses without compromising on quality or performance. Risk Management: Identify potential risks within the supply chain and develop mitigation plans to ensure business continuity and minimize disruptions. Cross-Functional Collaboration: Work closely with internal stakeholders, including Business Function Leads, Category Leads, Third Party Risk, and Legal teams around the world in the negotiation of General Services Agreements, Engagement Letters, and Statements of Work. Compliance and Ethics: Ensure all sourcing and procurement activities comply with corporate policies, ethical standards, and legal requirements. Education Requirements: Bachelor's Degree, with preferences for Computer Science, Engineering, Economics, Finance, Data Science, International Business, Operations Research, Supply Chain Management, or Legal Studies. Advanced degrees in Business, Law, or related areas are a plus. Experience required: 1-4 years of strategic sourcing experience at a consulting, accounting, regulatory services, multilateral development bank, technology or financial services institution, with a proven track record of success in a strategic sourcing advisory role that works with the Big 4 accounting and professional services firms and/or strategy consulting firms (McKinsey, Bain, BCG) and/or large IT consulting firms (i.e. Cognizant, TCS, Wipro, HCL, Infosys, Slalom, Stefanini, EPAM, Kyndryl, Softtek). A passion for the professional services sector, including a comprehensive understanding of market drivers, trends, and dynamics Some experience with category planning, competitive bidding techniques (RFI, RFP, RFQ), creation of business cases, vendor selection, vendor risk due diligence, operations management, and ven