Senior Procurement Strategist

1 week ago

Hong Kong, Central and Western District, Hong Kong SAR China Prudential plc Full time

At Prudential, we are committed to being partners for every life and protectors for every future. Our mission fosters a culture where diversity is embraced and inclusion is guaranteed for our employees, clients, and partners. We offer a platform for our team to excel and make a significant impact on the business while supporting their career aspirations. We strive to make Prudential a place where you can Connect, Grow, and Succeed.

Role Overview:

Optimization of Commercial Conditions

Implement cost-saving initiatives by developing sourcing strategies for vendors utilized across various departments, aiming to enhance savings and mitigate risks. Provide regular updates on the effectiveness of cost-saving initiatives. Facilitate the consolidation of the vendor pool by identifying opportunities for vendor rationalization and establishing preferred suppliers and strategic alliances where applicable throughout the organization.

Strategic Procurement Leadership

Formulate sourcing strategies that align with Group Procurement objectives, monitor vendor performance, and track realized benefits. Oversee comprehensive purchasing activities that exceed procurement thresholds. Collaborate with stakeholders to grasp business needs and align procurement strategies with organizational objectives. Participate in tendering processes and assess vendors for significant purchasing activities. Introduce vendors to the organization for the RFP process. Offer guidance, coaching, and oversight to the business in conducting thorough supplier evaluations. Review and endorse RFP designs, scorecards, and award recommendations prepared by the business. Manage vendor negotiations regarding pricing, terms, and conditions. Address any ad-hoc tasks assigned by management.

Contract Negotiation Expertise

Lead negotiations for contracts on purchasing activities that exceed procurement thresholds. Review and analyze supplier contracts, terms, and conditions. Negotiate advantageous commercial terms, including pricing, payment conditions, and service level agreements. Ensure stakeholders periodically monitor contract performance and manage contract renewals.

Project Management & Initiatives

Continuously apply best procurement practices and identify opportunities for ongoing improvement within the PHKL Procurement function. Support adherence to the Procurement Policy and implement initiatives that promote awareness and compliance across the organization. Regularly report to Group and PHKL management on the performance of cost-saving initiatives and RFPs in progress, while assisting with various data requests.

Qualifications:

Bachelor's degree in business administration, supply chain management, or a related discipline. A minimum of 6 years of strategic sourcing experience within the insurance sector. Demonstrated experience in procurement functions. Proven track record of achieving cost savings in sustainable business practices and value-added initiatives. Familiarity with procure-to-pay and contracting systems/tools. Exhibit a high level of integrity, work ethic, and strong moral values. Exceptional negotiation and contract management skills, with the capability to manage complex contracts and supplier relationships. Strong communication and stakeholder management abilities, effectively collaborating with cross-functional teams. Experience working with a diverse range of suppliers, understanding their capabilities, quality of supply, turnaround times, and price competitiveness. Preferably experienced across Non-IT procurement categories such as Professional Services, Travel & Entertainment, HR, Marketing, and General Office Expenses. A strong enthusiasm for procurement and vendor management, eager to explore new opportunities to demonstrate the value of effective procurement in business while actively seeking continuous improvement and adopting leading procurement practices. Knowledge of procurement systems (e.g., Coupa) and proficiency in Microsoft Office (Excel, Access, and Word). Excellent oral and written communication and presentation skills; fluency in spoken English and Chinese. Willingness to challenge the status quo. Able to work independently and meet tight deadlines.

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