Team Member - Procurement Finance

Division

Department

Sub Department 1

Job Purpose

Provide strategic partnership to  supply chain function in the area of procurement by a) defining & monitoring targets, b) Identifying areas & driving actions to achieve procurement financial goals  & c) establishing adequate control and governance mechanisms in order to improve bottom-line & compliances 

Key Accountabilities (1/6)

1.Establish Annual operating plans, Budgets for Procurement, before set date across all Categories, reduce cost as per industry benchmarks to improve margins.

• Prepare and recommend Budgets before set date for direct procurement of direct material procurement across Categories for Cipla’s
• Work with procurement team for forecasting rates based on past trends, expected volume in future, Current market scenario, Macro and Micro economic analysis, Demand-Supply scenarios.
• Discuss and present findings to FP&A costing team members, other cross functional team members.
• Suggest views on various assumptions and obtain approvals from the SCM Head & Global CFO
• Circulate Budgets across Cipla group to Various stakeholders

Key Accountabilities (2/6)

2.Establish Processes and Systems to evaluate   Variance, Year on Year cost reduction, Benchmarking, MTM analysis, actual savings against targets on monthly basis, to facilitate accomplishment of budgets.

• Prepare monthly MIS reports for Procurement and CAPEX, Variance Analysis, action plans to achieve savings targets.
• Conduct activities to ensure structured, relevant and validated data input for monthly presentations and reviews
• Prepare year on year savings report, Bench marking and MTM analysis
• Prepare detailed analysis of Spend, circulate MIS to stakeholders, & issue resolutions for MIS
• Discuss levers and additional initiatives required to accomplish targets
• Work with procurement in establishing rate contracts to reduce costs and leverage pooling of resources, on continuous basis
• Suggest measures to control cash flow by optimizing credit period, analysing lead times for local and imported procurement

Key Accountabilities (3/6)

3.Evaluate and resolve various operational issues of procurement team related to finance (CAPEX, cross - functional and with external vendors) and provide support, in order to facilitate smooth operations.

• Co-ordinate with operations team for better visibility of cost & control over process
• Negotiate with vendors for high value direct material, CAPEX and disposal of scrap and wastes.
• For commodity based product ,monitor price trends, recommend Hedging / positions at bottom prices / Strategic positions to procurement head
• Approve advances as per the Delegation of Authority (DOA) for disposal of scrap and wastes
• Control advances for Procurement and CAPEX, co-ordinate to resolve issues related to payments.
• Co-ordinate and resolve cross functional issues involving finance
• Support business and finance team members for compliances to statutory and regulatory requirements
• Provide support for implementation of procurement policies

Key Accountabilities (4/6)

 4.Identify process gaps & drive automation projects for SCM in the areas of procurement, and MIS generation in order to improve efficiency & controls.

• Evaluate current information system, suggest actions on various issues and recommend appropriate improvements to optimize productivity and IT enablement
• Develop reports for strong internal financial controls, continuous process improvement and objective analysis
• Suggest changes for standardization of business processes related to Global procurement, CAPEX and disposals of scrap and wastes.
• Maintain documentation related to RFQs, Rate contracts, approval matrix in IT system
• Interact with IT, SAP and cross functional team members for implementation of IT initiatives
• Develop various reports in SAP to bring better visibility on issues

Key Accountabilities (5/6)

5. Establish and Enforce DOA, Internal Financial Control (IFC) & Audit recommendation for procurement to achieve compliance.

• Review and suggest amendments to approval matrix, policies and other operational reports.
• Collect data, monitor performance of various business processes.
• Compile and submit reports to various stakeholders
• Conduct Internal financial control related activities for CAPEX, Direct procurement and SCM Finance
• Resolve issues / queries raised in Internal and External Audits
• Enforce data discipline for compliance to applicable regulations
• Prepare and review checklist to ensure that Systems are properly implemented

Key Accountabilities (6/6)

6.Participate in various projects related to Global Procurement and CAPEX to achieve Cost control and facilitate accomplishment of targets in the context of regulatory changes.

• Evaluate and track various procurement related cost savings projects
• Evaluate financial impacts of various regulatory changes
• Suggest action to optimize costs and provide support in implementation across functions
• Prepare and communicate cost control reports

• Carry out various activities required for implementation of GST in Global procurement & CAPEX

Major Challenges

• Continuous coordination and communication with 200 functional team members .Overcome by - Creating sub-teams and regular meetings with the team members.
• Multiple stakeholders and varied expectations (timelines, delivery, data, objectives) results in various Conflicts during execution of project. Overcome by - Facilitate focus on overall Organisational goals, process simplification, IT enablement and improvements to meet deadlines. End to end SAP usage for data accuracy and hygiene.
• Delay in data compilation, slowdown in business processes in view of lack of integrated approach for Issue resolution and solution development. Overcome by-System oriented approach, Automation

Key Interactions

INTERNAL

• Global Procurement Team on Daily basis for Data, issues, control, discussions
• Finance, Costing, FP&A, Domestic business, Accounts on Monthly / fortnightly basis for Data, Compliances, Issues
• Legal, Quality, MDM, Manufacturing Finance - as per need

EXTERNAL

• Consultants for various projects / Special projects implementations such as EBITDA, GST
• SCM / CAPEX Vendors – Negotiations, Payment terms, resolution of issues
• Auditors – Data compilation, monitoring Processes, resolution of queries
• Researchers in the market- Obtain market insights, various reports

Dimensions

• Procurement spend – Rs 4000 crores, 23000 SKUs, Team of 200 persons, savings target of Rs.120 crores, ~ 100000 PO’s
• CAPEX spend - Rs. 1000 crores for all manufacturing locations, Team of 30 persons, Disposal of scrap Rs. 50 to 100 crores
• Team member in 2/3 projects per year, savings target of Rs.300 crores
• Cater to all geographies globally

Key Decisions

DECISIONS

• Approval for advance below Rs. 5.0 lacs

RECOMMENDATIONS

• Recommend to all stakeholders increase in coverage for material at bottom level of prices
• Recommend changes in procurement strategy for identified materials, revised payment terms
• Recommend action in CAPEX quote comparisons in view of Volume variance

Education Qualification

CA/CMA with SAP preferably with certification of Commodities, Currencies Market

Relevant Work Experience

Minimum 3-5 years of experience in the field of Commodities / Procurement / Finance / Supply chain