Analyst, Procurement & Sourcing

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 vendor dispute/escalation management.
• Financial modelling skills to build multiple negotiation scenarios, total cost of ownership models, consumption models, and demand forecasts based on spend analytics and other data sources.
• Some depth in drafting, redlining, and negotiating global contracts, including experience drafting engagement letters and service level agreements (SLAs), with professional service providers. This includes a solid understanding of contract law, including demonstrated ability to understand, interpret and articulate key legal terms in agreements.

Competencies:

• Strong oral and written English language skills.
• Highly strategic thinker with a proactive approach to challenges and opportunities, possessing superior analytical skills, including the ability to translate analyses into negotiation strategies and results
• Strong interpersonal skills, with the ability to work effectively in a team-oriented environment, eliciting support for key initiatives from senior management and other key stakeholders, by building and delivering clear, well-structured presentations
• Detail-oriented and organized, with a commitment to excellence and continuous improvement.
• Adaptable and resilient, with the ability to thrive in a fast-paced and dynamic business environment and with the willingness to adapt working hours to meet business needs and deadlines, understanding that most of the BlackRock supplier portfolio is comprised of firms based in the United States.
• Proficient MS Office skills, including experience using CoPilot and other AI software products.

Our benefits

To help you stay energized, engaged and inspired, we offer a wide range of employee benefits including: retirement investment and tools designed to help you in building a sound financial future; access to education reimbursement; comprehensive resources to support your physical health and emotional well-being; family support programs; and Flexible Time Off (FTO) so you can relax, recharge and be there for the people you care about.

Our hybrid work model

BlackRock’s hybrid work model is designed to enable a culture of collaboration and apprenticeship that enriches the experience of our employees, while supporting flexibility for all. Employees are currently required to work at least 4 days in the office per week, with the flexibility to work from home 1 day a week. Some business groups may require more time in the office due to their roles and responsibilities. We remain focused on increasing the impactful moments that arise when we work together in person – aligned with our commitment to performance and innovation. As a new joiner, you can count on this hybrid model to accelerate your learning and onboarding experience here at BlackRock.

About BlackRock

At BlackRock, we are all connected by one mission: to help more and more people experience financial well-being. Our clients, and the people they serve, are saving for retirement, paying for their children’s educations, buying homes and starting businesses. Their investments also help to strengthen the global economy: support businesses small and large; finance infrastructure projects that connect and power cities; and facilitate innovations that drive progress.

This mission would not be possible without our smartest investment – the one we make in our employees. It’s why we’re dedicated to creating an environment where our colleagues feel welcomed, valued and supported with networks, benefits and development opportunities to help them thrive.

For additional information on BlackRock, please visit @blackrock | Twitter: @blackrock | LinkedIn: www.linkedin.com/company/blackrock

BlackRock is proud to be an Equal Opportunity Employer. We evaluate qualified applicants without regard to age, disability, race, religion, sex, sexual orientation and other protected characteristics at law.