The Sourcing Manager is responsible for managing merchandise FOB cost prices and Vendor trading terms for an assortment of product. He/she will be will be responsible for setting long term strategic direction as well as managing short term tactical execution to drive profitability. He/she will support the company Merchandising strategy by partnering with vendors to deliver quality products to market at the level of value the customer expects as specified by the Buyer. He/she will establish and maintain relationships between Pier 1 and Vendors. He/she will keep apprised of changes in the Sourcing landscape and build out networks of potential new Vendors as needed.
Build a sourcing plan that meets the company annual cost reduction targets and ensures 100% availability of product to sell. This plan should include an overview of opportunities by vendor that reflect customer needs as specified by the Buyer and supports the overall Merchandising Strategy.
FOB Cost Price Reduction:
Maintain a cost component breakdown for each product along with a regular monitoring of raw material costs. Deliver value to our customers by proactively managing the FOB cost price in light of raw material fluctuations or opportunities generated by alternative vendors. Recommend potential vendors for new products to Merchandising and Sourcing teams. Obtain competitive quotes before assigning new business. Competitively bid existing products or programs as required.
Evaluate Agents and Vendors on an annual basis to ensure that they are meeting company growth and compliance goals. Align with Merchandising team and renegotiate any necessary changes to the Vendor trading terms. Negotiate and monitor vendor volume discounts. Communicate the 3-year strategic growth plan and support Agents & Vendors to drive continuous improvements in efficiency. Active management of key vendors to support strategic growth initiatives and leverage volume discounts.
Sourcing Market Expertise:
Maintain a high level of market knowledge and ensure that Pier 1 is aware of any market trends that can be leveraged to reduce costs and deliver quality products to market in line with customer expectations. Maintain component cost database to ensure accuracy in modeling product costs. Identify potential new Vendors and assess production facilities for potential future use. Partner with the Director of Sourcing on country strategy to leverage favorable trends in the global sourcing landscape.
End-to-End Value Chain:
Partner with Supply Chain, Distribution, and Packaging teams to consider total cost of products through the value chain. Implement strategies to minimize overall cost of ownership and reduce product damages.