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Principal IT Financial Contract Analyst, Service Mgmt Office (SMO)


Mounds View, MN 55112
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Job Details

Principal IT Financial Contract Analyst, Service Mgmt Office (SMO)


Mounds View, Minnesota, United States

Requisition #:


Post Date:

Dec 17, 2020

**This role may be filled with a remote resource (work from home).

**Remote-based position on interim basis only due to Covid-19 Pandemic.Upon approval of Return to Office site guidelines, this role may require the individual to work onsite at the Medtronic facility located in Mounds View, MN - USA.**

Medtronic is seeking a Principal IT Contract Analyst to join our newly formed IT Service Management Office (SMO) team!In this challenging and rewarding role, the IT Contract Analyst is expected to manage financial obligations related to our strategic managed services agreements, which includes ensuring our vendor is delivering expected financial value, manage and govern financial billing management, contract financial forecasting, implement processes to reduce and mitigate financial contract risks and achieve expected value from our managed services vendors. This position performs at a moderate level of complexity with a high level of proficiency under general supervision.The IT Contract Analyst supports the IT Service Management Organization leaders, varying levels of IT leadership, vendor liaisons, contracts specialists, internal legal advisors and other strategic vendors to ensure the expected financial value of the contracted services and/or products to meet Medtronics business objectives.


Bring your talents to an industry leader in medical technology and healthcare solutions were a market leader and growing every day. You can be proud to be a part of technologies that are rooted in our long history of mission-driven innovation. You will be empowered to shape your own career. We support your growth with the training, mentorship, and guidance you need to own your future success. Together, we can transform healthcare.

Join us for a career in IT that changes lives.

Medtronic is committed to fostering a diverse and inclusive culture.Check out the accomplishments of our Women in IT group!


Financial Forecasting Billing Management

+ Controls and monitors managed services invoicing and billing cycles, ensuring managed services supplier invoices are aligned to contracted services agreements and billing schedules

+ Collaborate with internal SMO stakeholders to define and implement proper financial forecasting processes and controls related to effective financial contract management of contracted managed services

+ Define and coordinate the processes and procedures for financial tracking, measurement, reporting and approval of contracted managed services across IT stakeholders and related IT finance partners.

+ Ensures appropriate credits and penalties are correctly applied and reflected in submitted managed services invoices.

Vendor Maintenance

+ Review and confirm financial risk and impact of requested contract changes or amendments to agreements

+ Act as a liaison between the managed services vendor and Medtronic, being an escalation point for SMO stakeholders and financial contract related issues as they arise.

+ Track financial key milestones and contract termination dates; notify stakeholders and collaborate on required action.

+ Improve vendor performance, specifically by supporting better vendor reporting by reviewing Supplier Scorecards and provide insights on actions to address gaps to ensure continuous improvement and objective alignment

+ Supports Strategic Vendor Strategist Strategic Deal Manager with required vendor financial management reporting

Financial Risk Management

+ Define, develop and monitor supplier service levels credits, penalties and other necessary financial terms and agreements. Annually review financial SLAs to determine appropriate mix and alignment with business needs

+ Collaborate with internal SMO stakeholders to administer measurement and monitoring of SLAs, vendor score cards, and preparation for vendor performance reviews in accordance with strategic vendor management plans

+ Understanding potential financial risks associated with managed services relationships and methodologies for financial risk mitigation, including but not limited to financial contractual requirements, penalties and credits and on-going vendor review and performance management; ability to maintain detailed documentation in contract financial management

+ Supports Strategic Vendor Strategist Strategic Deal Manager and other internal Medtronic functional groups to coordinate and administer initial financial due diligence for new vendors.

+ Support SMO leadership to resolve escalated issues and disputes and develop root cause analysis where appropriate to improve the processes.Escalate to higher levels within the SMO and managed services supplier when necessary to ensure resolution.

+ Report to SMO Steering Committee on the financial and value performance of our managed service supplier relationships, issue actions plans to address

+ Standards and Policies Adherence to procurement standard processes and policies.

Continuous Process Improvement

+ Assist in developing and implementing specific vendor management plans for managed services vendors

+ Continually demonstrate improving supplier health through results on scorecards, Service Level Agreements (SLAs) and surveys

+ Assist with audits of managed services supplier processes as needed.Ensure auditability of supplier financial contract management and billing processes

+ Ensure high levels of customer satisfaction are achieved through efficient processes and continuous improvement efforts

+ Recommend evolving financial governance processes and establish sustainable routines for multiple strategic partners

**Must Have: Minimum Requirements**

+ Bachelors degree required

+ Minimum of 7 years of relevant experience, or advanced degree with a minimum of 5 years relevant experience

+ Experience with financial management and billing management of large, global vendors across multiple disciplines

+ Knowledge of general accounting and general ledger management

+ Must possess writing and editing skills, with attention to detail

+ Must have excellent communication skills

+ Must have good listening skills, build strong relationships, is flexible/open-minded, negotiates effectively, solicits performance feedback and handles constructive criticism.

+ Must possess ability to establish and maintain professional working relationships.

+ Fosters and leads with continuous improvement mindset.

**Nice to Have**

+ Previous Medtronic experience

+ Preference given to current Medtronic employees

+ Certified Professional Contracts Manager (CPCM)

**About Medtronic**

Together, we can change healthcare worldwide. At Medtronic, we push the limits of what technology, therapies and services can do to help alleviate pain, restore health and extend life.We challenge ourselves and each other to make tomorrow better than yesterday. It is what makes this an exciting and rewarding place to be.

We want to accelerate and advance our ability to create meaningful innovations - but we will only succeed with the right people on our team. Lets work together to address universal healthcare needs and improve patients lives. Help us shape the future.

**Physical Job Requirements**

The physical demands described within the Responsibilities section of this job description are representative of those that must be met by an employee to successfully perform the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions. For Office Roles: While performing the duties of this job, the employee is regularly required to be independently mobile. The employee is also required to interact with a computer, and communicate with peers and co-workers. Contact your manager or local HR to understand the Work Conditions and Physical requirements that may be specific to each role. (ADA-United States of America)
It is the policy of Medtronic to provide equal employment opportunity (EEO) to all persons regardless of age, color, national origin, citizenship status, physical or mental disability, race, religion, creed, gender, sex, sexual orientation, gender identity and/or expression, genetic information, marital status, status with regard to public assistance, veteran status, or any other characteristic protected by federal, state or local law. In addition, Medtronic will provide reasonable accommodations for qualified individuals with disabilities.
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