IT Finance and Vendor Manager
Job Description: IT Finance and Vendor Manager
The IT Finance & Vendor Relationship Manager is responsible for holding primary focus on the financial position of the department, and also to manage and grow the relationships with our vendors. This role will assist in the refinement & execution of the annual budgeting process, driving cost optimization & process improvement, to ensure that financial risks are mitigated & opportunities with the vendors are explored.
Leadership and managerial duties
- Provide leadership and feedback to the strategic direction, mission and vision of the Finance & IT vendor management office
- Collaborate with internal stakeholders — including IT and business resources, sourcing and procurement to develop criteria and best practices for vendor selection.
- Provide assistance to procurement teams to optimize the cost-effectiveness of negotiations and ensure compliance of negotiated agreements to established vendor management policies and practices (such as articulation of service levels and deliverables, etc.).
- Drive financial review / risk mitigation and opportunity identification via PMO processes for portfolio optimization.
- Identify what drives financial performance across the group (portfolio delivery and run costs) by understanding vendor spend across IT.
- Establish and/or approve internal and external policies, standards and processes for vendor interaction.
- Manage the financial position of the IT department and communicate the value of IT investments.
- Coordinate with asset management and finance resources (where applicable) to assist in the management and tracking of software and hardware assets.
- Mainatin agreements with vendors and ensure that they are current/up to date and compliant with relevant laws and regulations.
- Lead the creation and maintenance of a repository of vendors in a contract management database or similar solution to track key dates (expirations, renewals) and assess demand.
- Classify and rationalize the vendor portfolio so that focus can be applied to the most strategically important vendor relationships/engagements.
- Maintain an inventory of vendor spend
- Measure and report vendor performance, including the development of evaluation tools based on constituent requirements, and the creation of scorecards and dashboards that will accurately present this data.
- Ensure that the metrics used to evaluate performance are properly tied to business outcomes and bias-free, and that the associated communications around these metrics are clear.
- Analyze & communicate key metrics & drivers of IT Department performance against history, budget, forecast, strategic plan, etc.
- Partner with other areas of the business (procurement, finance) to track and report on vendor financial viability, business continuity, and corporate and regulatory compliance.
- Provide oversight to vendor audits where required; arrange and direct departmental activities and schedules.
- Bachelor's degree in business, computer science or a related field is required
- A Master of Business Administration (MBA) or other advanced degree is desirable
- 1-3 years of experience in vendor management, financial or a related field
- Experience in the management of vendors/third parties, including, but not limited to, policies, performance, vendor risk, relationships, contracts (including negotiations), and issue and dispute resolution
- Information Technology Infrastructure Library (ITIL) experience is desired, but not required
- Broad knowledge of the IT industry and the products and services provided by technology vendors
- Working knowledge of contract management and negotiation
- Understanding of the entire vendor life cycle (sourcing, procurement, vendor management), and how internal roles interact and operate throughout the duration of vendor engagements
- Solid grasp of financial concepts, such as depreciation schedules, dollar costing and total cost of ownership
- Supervisory experience preferred but not required
- Executive presence and comfort interacting with both internal and vendor senior leadership
- Ability to influence without authority and collaborate with internal clients and stakeholders
- Strong problem-solving ability with a focus on managing to business outcomes through collaboration with multiple internal and external parties
- Thorough understanding of commercial terms (warranties, intellectual property, indemnification) in IT agreements
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