Purchase Specialist

Material Purchase | Sourcing and Procurement http://cradlewise.comAbout the company:We are a baby-tech startup based out of San Francisco, Bangalore and soon coming to Pune. We are redesigning the baby nursery and making it smart, intuitive and delightful.Our first product is a smart crib for babies from 0 to 24 months of age.Cradlewise smart crib comes with an integrated baby monitor that senses early signs of wakeup, learns from the baby's sleep patterns and starts rocking along with music to soothe the baby back to sleep - just like a parent!Cradlewise has won the TIME BEST INVENTION Award for 2020. We are all about sensing, learning and impacting the outcome for the baby and parents.See how it works. https://youtu.be/U84LToqvHmw?si=qqdTe8IuAxZmcoT6Position Summary:We are seeking a dynamic and experienced individual in the sourcing field and material planning. You will be responsible for the development and execution of sourcing strategies to leverage relationships with suppliers and optimize costs. This role involves conducting market research, managing supplier relationships, negotiating contracts, and managing inventory and planning material according to production plan ensuring the uninterrupted supply of quality products and services to meet the company's needs.Strategy and Development Develop and implement innovative sourcing strategies to meet the company's short-term and long-term goals.Stay abreast of industry trends, market conditions, and technological advancements to inform strategic decisions.Work closely with internal stakeholders to understand their requirements and ensure alignment with sourcing strategies.Develop and implement material requirement plans based on production schedules, sales forecasts, and inventory targets to ensure adequate stock levels while minimizing excess inventory.Assess potential risks to the supply chain, such as supplier disruptions, transportation delays, or quality issues, and develop contingency plans to mitigate risks and ensure business continuity.Stay informed about relevant regulations and industry standards related to materials management, such as safety regulations, environmental compliance, and import/export requirements, and ensure compliance within the organizationKey Responsibilities:Vendor Discovery: Identify new vendors and evaluate their suitability for the company's needs. Supplier assessment and rating based on supplier potential and capability. Vendor Development: Work with vendors to improve their performance and capabilities, ensuring they meet the company's requirements.Vendor Management: Oversee the management of existing vendors, ensuring timely delivery, quality, and cost-effectiveness. Maintain positive relationships with vendors. Cost Analysis: Sending RFQs, resolution of technical queries of suppliers, and obtaining quotes for parts. Conduct cost analysis to determine the "should" cost for various products and services.Prepare Cost Estimate for parts as per Standard Cost Estimation Process.Negotiate Contracts: To negotiate contracts for OEM parts, prices for bought out parts.Sourcing Mechanical Parts: Source mechanical parts from reliable vendors, ensuring they meet the company's quality and cost requirements.Building Relationships with Vendors: Establish and maintain strong relationships with vendors to ensure smooth operations and favorable terms.Specifications and Quotations:. Review tech specification/ drawing shared by Product development for a particular commodity. Share proper specifications with vendors and obtain quotations for various products and servicesGood Communication Skills: Maintain effective communication with vendors, internal stakeholders, and other team members.Purchasing: Manage the purchasing process, ensuring timely procurement of goods and services. Improve purchasing processes. Developing Sub-Supplier Ecosystem: Identify and develop a network of sub-suppliers to support the company's operations.Material Planning: Ensure that parts required for production are available in stock in order to execute the build plan while also ensuring that desired inventory turns are maintained. PRB