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Key Responsibilities and Required Skills for Vendor Research Consultant

💰 $75,000 - $115,000

ProcurementConsultingSupply ChainResearch & Analysis

🎯 Role Definition

A Vendor Research Consultant is a strategic partner within the organization, responsible for driving value and mitigating risk through rigorous market intelligence and supplier evaluation. This role goes beyond simple procurement; it involves becoming a subject matter expert on vendor landscapes, market trends, and emerging technologies. You will be the go-to resource for identifying, qualifying, and recommending best-in-class partners that align with our company's strategic objectives, financial goals, and quality standards. Your analysis and insights will directly influence critical sourcing decisions, shape our supplier ecosystem, and ensure the company maintains a competitive edge through a robust and agile supply base.

📈 Career Progression

Typical Career Path

Entry Point From:

  • Procurement Analyst or Coordinator
  • Market Research Analyst
  • Junior Buyer or Sourcing Specialist

Advancement To:

  • Senior Vendor Manager or Sourcing Strategist
  • Category Manager
  • Procurement Manager

Lateral Moves:

  • Contracts Analyst
  • Supply Chain Analyst
  • Business Operations Analyst

Core Responsibilities

Primary Functions

  • Conduct comprehensive market research and in-depth analysis to identify, evaluate, and qualify potential new vendors, suppliers, and technology partners across diverse categories.
  • Develop and maintain a sophisticated understanding of supplier landscapes, including market leaders, emerging players, industry trends, and pricing models.
  • Design, execute, and manage the end-to-end Request for Proposal (RFP), Request for Information (RFI), and Request for Quotation (RFQ) processes, from criteria development to final vendor selection.
  • Perform detailed due diligence on potential vendors, assessing their financial stability, operational capacity, technical capabilities, and reputational risk.
  • Create and present detailed vendor comparison scorecards and business cases to senior leadership and key stakeholders to support strategic sourcing decisions.
  • Analyze vendor proposals and quotes, performing cost-benefit analysis and total cost of ownership (TCO) modeling to identify the best overall value.
  • Collaborate with legal and procurement teams to review and provide input on contract terms, service level agreements (SLAs), and key performance indicators (KPIs).
  • Monitor and track existing vendor performance against contractual obligations and established benchmarks, identifying areas for improvement or potential concern.
  • Build and cultivate strong relationships with a network of key suppliers, fostering a partnership approach to drive innovation and continuous improvement.
  • Develop and maintain a centralized repository of vendor information, research findings, and performance data to serve as an enterprise-wide knowledge base.
  • Assess and report on supply chain risks, developing mitigation strategies for critical-to-business vendors and services.
  • Provide expert consultation to internal business units on sourcing strategies, vendor selection best practices, and market intelligence.
  • Lead vendor discovery and demonstration sessions, coordinating with internal stakeholders to ensure all business and technical requirements are thoroughly vetted.
  • Stay abreast of industry-specific regulations, compliance requirements, and corporate social responsibility (CSR) standards applicable to the vendor base.
  • Negotiate pricing, payment terms, and service levels in collaboration with the procurement team to achieve favorable outcomes for the organization.
  • Author and publish detailed research reports, white papers, and market summaries that inform departmental and enterprise-level strategy.

Secondary Functions

  • Support ad-hoc data requests and exploratory data analysis to answer pressing business questions related to suppliers and market dynamics.
  • Contribute to the continuous improvement of the organization's procurement processes, tools, and data strategy.
  • Collaborate with business units to translate their needs and future requirements into actionable research and sourcing projects.
  • Participate in cross-functional project teams, providing subject matter expertise on all vendor-related activities and considerations.

Required Skills & Competencies

Hard Skills (Technical)

  • Market Research & Analysis: Deep expertise in qualitative and quantitative research methodologies to assess vendor landscapes and market trends.
  • RFP/RFQ/RFI Management: Proven ability to manage the entire lifecycle of formal sourcing events from creation to evaluation.
  • Financial Analysis & Cost Modeling: Skill in conducting Total Cost of Ownership (TCO), ROI, and should-cost analysis.
  • Contract Analysis: Ability to read, interpret, and identify key risks and opportunities within vendor contracts and Service Level Agreements (SLAs).
  • Vendor Management Systems (VMS): Proficiency with procurement and vendor management software (e.g., SAP Ariba, Coupa, GEP).
  • Advanced Microsoft Excel: Mastery of Excel for data manipulation, financial modeling, and creating complex comparison scorecards (pivot tables, VLOOKUP, complex formulas).
  • Supplier Performance Management: Experience defining, tracking, and reporting on Key Performance Indicators (KPIs) for vendors.
  • Risk Assessment Methodologies: Knowledge of frameworks for evaluating operational, financial, compliance, and reputational vendor risk.
  • Data Visualization: Competency in using tools like Tableau or Power BI to present complex data and findings in a clear, impactful way.
  • Strategic Sourcing Principles: A strong theoretical and practical understanding of category management and strategic sourcing models.

Soft Skills

  • Analytical & Critical Thinking: The ability to dissect complex problems, evaluate options from multiple perspectives, and make data-driven recommendations.
  • Stakeholder Management: Adept at building consensus and managing relationships with internal clients and senior leaders across different departments.
  • Negotiation & Influence: Persuasive communication style with the ability to influence decisions and negotiate effectively with internal and external parties.
    -Exceptional Communication: Superior written and verbal communication skills, capable of presenting complex information clearly and concisely to executive audiences.
  • Detail-Orientation & Accuracy: A meticulous approach to research, data analysis, and documentation to ensure the highest level of accuracy.
  • Proactive Problem-Solving: An innate curiosity and drive to identify issues, investigate root causes, and propose viable solutions.
  • Relationship Building: The ability to establish and maintain strong, collaborative relationships with suppliers and internal partners.
  • Adaptability & Resilience: Thrives in a dynamic environment, able to manage multiple projects and shifting priorities simultaneously.

Education & Experience

Educational Background

Minimum Education:

  • Bachelor's Degree in a relevant field.

Preferred Education:

  • Master of Business Administration (MBA) or a Master's degree in a related discipline.
  • Professional certification (e.g., CPSM, CIPS).

Relevant Fields of Study:

  • Supply Chain Management
  • Business Administration
  • Finance or Economics
  • Data Analytics

Experience Requirements

Typical Experience Range: 3-7 years of progressive experience in procurement, strategic sourcing, vendor management, or a related analytical role.

Preferred: Direct experience in a consulting capacity (internal or external) focused on vendor research and selection. Demonstrated experience managing large-scale, complex RFP processes for technology, professional services, or other indirect spend categories.

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