Sr. Procurement Advisor

WHO WE ARE

We are PEAK6, a leading investment firm, using technology to find a better way of doing things. The company’s first tech-based solution was developed in 1997 to optimize options trading, and over the past two decades, the same formula has been used across a range of industries, asset classes, and business stages to consistently deliver superior results. Today, PEAK6 seeks transformational opportunities to provide capital and strategic support to entrepreneurs and forward-thinking businesses. PEAK6’s core brands include PEAK6 Capital Management, PEAK6 Strategic Capital, Apex Fintech Solutions, FOCUS, We Insure, Evil Geniuses, Poker Power, Zogo, and Bruce Markets.

ABOUT THIS ROLE

PEAK6 is looking for a Sr Procurement Advisor to join our Shared Services team. This role will be based out of our Chicago office and will be hybrid.

Key Responsibilities:

Category Strategy Development:

• Define categories, group similar products or services into distinct categories based on customer needs, usage patterns, or product characteristics.

• Category Segmentation, further divide each category into sub-categories based on complexity, criticality, or other relevant factors.

• Create a customized strategy for each category, including sourcing tactics, negotiation approach, and performance metrics.

• Create comprehensive category plans, identifying potential cost savings, risk mitigation strategies, and value creation opportunities within the assigned category/subcategory.    

• Set objectives clearly define goals for each category, including cost reduction, quality improvement, supplier consolidation, or innovation.

• Regularly monitor category performance against set objectives and make adjustments as needed.

Strategic Sourcing:

• Develop and implement sourcing strategies for key categories of goods and services, including market analysis, vendor identification, and negotiation of favorable contract terms.

Stakeholder Management:

• Meet with internal business stakeholders and/or their delegates to understand their procurement needs and to provide advice and direction regarding procurement solutions related to their desired business outcomes.

• When necessary, facilitate communications and/or meetings between business units, stakeholders, business teams and/or vendors.

• Build and maintain strong relationships with stakeholders across the enterprise.

• Foster a collaborative environment between stakeholders and business teams, encouraging open communication and trust.

• Identify potential contractual obligation issues and proactively address them to prevent service disruptions and maintain customer satisfaction.

Policy & Compliance:

• Ensure adherence to all applicable policies, procedures, and regulatory compliance requirements. 

Contract Management:

• Oversee the entire contract lifecycle, including contract drafting, negotiation, execution, and performance monitoring.

• Draft, review, and negotiate contracts with suppliers, ensuring compliance with legal and company requirements.

• Lead and/or manage negotiations directly with vendors or between the business and vendors as required, to secure favorable terms and conditions.

• Ensure contracts are properly signed and executed, communicating key terms to all parties involved. 

• Manage contract renewals, including renegotiation of terms, or initiating contract termination procedures when necessary.

• Identify potential risks associated with contracts and implement strategies to mitigate them.

• Utilize the preferred repository for contractual documents and report any discrepancies regarding contractual data.

• Utilize the preferred Contract Lifecycle Management (CLM) tool to streamline contract processes, manage workflows, and ensure data accuracy. 

Cost Optimization:

• Identify and implement cost-saving initiatives through supplier optimization, value analysis, and contract renegotiation.

• Analyze spending data to identify cost-saving opportunities, negotiate price reductions with suppliers, and implement cost optimization strategies.

• Set a clear strategy by aligning cost reduction goals with overall business objectives and establish a clear understanding of the desired outcomes.

• Identify cost reduction opportunities based on the analysis, pinpoint specific areas where cost savings can be achieved, such as procurement, operations, or administrative processes.

• Engage wit