Procurement Executive

Know T.A.C.

The Ayurveda Co. (T.A.C) is a thriving, direct-to-consumer startup that translates the ancient wisdom of Ayurveda into the language of the young and dynamic India - the millennials and Gen Z. We offer a broad range of Ayurvedic beauty and wellness products, crafted especially to resonate with the lifestyle of today's youth. T.A.C has a robust omnichannel presence in India and caters to an international customer base too.

Location: Gurgaon

Responsibilities:

1. Strategic Sourcing and Supplier Management:

• Develop and implement a procurement strategy aligned with the company's goals and objectives.
• Identify and evaluate potential suppliers, negotiate contracts, and establish favourable terms and conditions.
• Maintain strong relationships with suppliers, ensuring quality, reliability, and cost-effectiveness.

2. Procurement Process and Systems:

• Establish and optimize procurement processes, including requisition, purchase order creation, and inventory management.
• Implement and utilize procurement systems to streamline operations and improve efficiency.
• Ensure compliance with relevant laws, regulations, and ethical standards in procurement practice.

3. Supplier Relationship Management:

• Collaborate with cross-functional teams to understand business requirements and establish procurement needs.
• Work closely with suppliers to monitor performance, resolve issues, and implement continuous improvement initiatives.
• Conduct supplier evaluations and audits to assess capabilities, quality, and adherence to sustainability standards.

4. Cost Management and Budgeting:

• Analyse market trends and conduct cost-benefit analysis to identify cost-saving opportunities.
• Manage and control procurement budgets, ensuring optimal utilization and adherence to financial targets.
• Implement strategies to reduce costs, improve efficiency, and drive overall procurement value.

5. Quality Assurance and Compliance:

• Establish and enforce quality assurance protocols to ensure products meet defined standards.
• Collaborate with internal teams and suppliers to resolve quality-related issues and implement corrective actions.
• Ensure compliance with relevant regulatory requirements, certifications, and industry standards.

6. Supply Chain Risk Management:

• Identify and assess potential risks in the supply chain, developing mitigation strategies and contingency plans.
• Monitor market conditions and external factors that may impact the supply chain, taking proactive measures to minimize disruptions.
• Collaborate with internal stakeholders to implement sustainable sourcing practices and reduce environmental impact.

7. Reporting and Analytics:

• Generate procurement reports and provide regular updates on key performance indicators (KPIs).
• Analyze procurement data to identify trends, risks, and opportunities for process improvement.
• Provide insights and recommendations to senior management for informed decision-making.

8. Sales Forecasting Segmentation:

• Validate sales forecasting segmentation and make suitable corrections.

9. Demand Forecasting:

• Create a base forecast based on statistical sales data and market intelligence.
• Develop consensus forecast with sales & marketing team and upload it in the system.
• Monitor key performance indicators such as fill rate, minimum order quantity (MOQ), and lead time to optimize inventory management and supply chain efficiency.
• Stay informed about industry trends and best practices in procurement and supply chain management, and drive innovation in procurement processes and strategies.
• Develop and maintain strong relationships with suppliers to ensure timely delivery of goods and services and to manage vendor performance.
• Negotiate contracts and terms with suppliers to secure favourable pricing, credit terms, and service agreements.

Qualifications:

• Bachelors degree in supply chain management, Business Administration, or a related field. Additional certifications in procurement or supply chain management are a plus.
• 2-8 Years of experience in procurement, preferably within the beauty, wellness or FMCG industry
• In-depth knowledge of procurement principles, practices and market trends.
• Strong negotiation, contract management and supplier relationship management skills.
• Proficiency in procurement software and systems
• Excellent analytical and problem-solving abilities
• Demonstrated ability to work in a fast-paced, dynamic startup environment