Future of Sourcing - Contract Negotiation https://www.futureofsourcing.com/tags/contract-negotiation en Manage Suppliers With AI-Powered Negotiations https://www.futureofsourcing.com/manage-suppliers-with-ai-powered-negotiations <div class="field field-name-field-image field-type-image field-label-hidden"><div class="field-items"><div class="field-item even" rel="og:image rdfs:seeAlso" resource="https://www.futureofsourcing.com/sites/default/files/articles/AI-Powered-Negotiations.jpg"><a href="https://www.futureofsourcing.com/sites/default/files/articles/AI-Powered-Negotiations.jpg" title="Learn how a new category of enterprise technology known as autonomous negotiations can be used to automate negotiations and mitigate supply chain, inflation and COVID-19 pressures." class="colorbox" rel="gallery-node-2156-iidw0ilfl18"><img typeof="foaf:Image" src="https://www.futureofsourcing.com/sites/default/files/styles/juicebox_medium/public/articles/AI-Powered-Negotiations.jpg?itok=o2sQbdMM" width="624" height="325" alt="Learn how a new category of enterprise technology known as autonomous negotiations can be used to automate negotiations and mitigate supply chain, inflation and COVID-19 pressures." title="" /></a></div></div></div><div class="field field-name-field-intro field-type-text-long field-label-hidden"><div class="field-items"><div class="field-item even"> <p><em>Bad contracts, inefficient supplier relationship management and poor negotiation strategies are costing companies millions of dollars, says Martin Rand, Co-Founder of Pactum. He shares how a new category of enterprise technology known as autonomous negotiations can be used to automate negotiations and mitigate supply chain and inflation pressures.</em></p> </div></div></div><div class="field field-name-field-related-news field-type-entityreference field-label-above"><div class="field-label">Related news:&nbsp;</div><div class="field-items"><div class="field-item even"><a href="/tracking-the-evolution-of-procurement-and-where-its-going-next">Tracking the Evolution of Procurement and Where It’s Going Next</a></div></div></div><div class="field field-name-body field-type-text-with-summary field-label-hidden"><div class="field-items"><div class="field-item even" property="content:encoded"> <p>Continued pressures from supply chain disruptions, COVID-19 outbreaks and rising inflation are forcing business leaders to re-think their operations to cut costs. Business negotiations are an untapped source of value that can help Fortune 500 companies optimize their business processes while driving bottom-line value.</p> <h1>Why Current Negotiating Strategies Are Lacking</h1> <p>Recent data from KPMG shows that <a href="https://home.kpmg/au/en/home/insights/2017/03/supply-chain-capacity-management.html" target="_blank">17% to 40% of the value</a> of supplier deals is lost due to inefficient contract negotiations.</p> <p>Autonomous negotiation is an entirely new category of enterprise technology that enables Fortune 500 businesses and their suppliers to reach optimal, mutually beneficial deals at scale by leveraging AI and negotiation science. Humans have been the primary negotiators throughout history, but in fact, humans create inefficient outcomes when they negotiate. 80% of companies rely on the varying skills and biases of their managers rather than using a formal negotiation process.</p> <p>On average, enterprises have millions of dollars locked in inefficient agreements and unlocking such value is difficult. Global enterprises have thousands of suppliers and they can only actively manage 20% of them (their strategic suppliers). The other <a href="https://sig.org/managing-%E2%80%9Clong-tail%E2%80%9D-how-focusing-tail-spend-management-can-directly-impact-firm%E2%80%99s-bottom-line" target="_blank">80% are left unmanaged</a> because it would require too much manpower and be too complex to negotiate these thousands of contracts.</p> <h2>The Benefits of AI-Powered Negotiations</h2> <p>Autonomous negotiation technology provides global enterprises the ability to understand the needs of their suppliers and make offers, receive counteroffers and ultimately reach better agreements without human interaction. It also has several practical use cases for procurement teams:</p> <ul> <li>Negotiating better rates and payment terms to lower costs</li> <li>Securing shipping and freight capacity in the spot bidding market, decreasing the time for cargo to reach their end destination</li> <li>Negotiating and contracting thousands of deals in parallel to ensure supply continuity and strengthen supplier commitments</li> </ul> <p>AI has revolutionized enterprise negotiations. When combined with autonomous negotiation technology, hundreds of thousands of possible agreements can be evaluated &ndash; including every possible assumption about each party based on a combination of previous answers, external information, and learnings of earlier negotiations &ndash; to result in an agreement that benefits both parties. It is impossible for humans to comprehend this level of data, never mind having enough time to process it.</p> <p>AI automation does not replace people in the negotiation equation but rather augments the procurement team&#39;s capabilities. Autonomous negotiation technology empowers procurement leaders to focus on critical, strategic initiatives that drive their business forward instead of spending time on repetitive, low-value tasks and processes.</p> <p>Top companies worldwide, spanning industrial manufacturing, financial services, retail, consumer packaged goods, automotive and other industries utilize autonomous negotiations to unlock millions of dollars in new business value. The average Fortune 500 company has <a href="https://fortune.com/2021/04/27/a-i-startup-pactum-negotiating-software-saving-walmart-money/" target="_blank">$240 million locked in inefficient deals</a> that people can&rsquo;t renegotiate. As a baseline, autonomous negotiations can create from $2M to $11M of new value per $100 million of tail spend.</p> <p>Autonomous negotiations have revealed a new stage of development where business processes are not only conducted but also directed by a machine. Take smart cars for example. The term most often used is &ldquo;autonomous vehicle&rdquo; not &ldquo;automated vehicle.&rdquo; While every car is automated, an autonomous car can make the necessary decisions that get it to its destination.</p> <h2>The Future of Negotiations</h2> <p>As the global economy continues to be disrupted by COVID-19, inflation and the supply chain, autonomous negotiations are making enterprises nimbler. They can react quickly to market changes and employees are allowed to focus on strategy while the machines focus on implementation. People are worried that AI would take jobs in the future, but the reality is much more positive &ndash; AI helps humans do their jobs more efficiently, especially when it comes to negotiations.</p> <p>This is just the beginning of the journey. The technology can be deployed in other areas in the future, such as employment contracts, licensing or rental agreements. It also yields the potential to help people reach agreements on major challenges, especially where global cooperation is required.</p> </div></div></div><div class="field field-name-field-tags field-type-taxonomy-term-reference field-label-inline clearfix"><div class="field-label">Tags:&nbsp;</div><div class="field-items"><div class="field-item even" rel="dc:subject"><a href="/tags/artificial-intelligence-ai" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Artificial Intelligence (AI)</a></div><div class="field-item odd" rel="dc:subject"><a href="/tags/contract-negotiation" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Contract Negotiation</a></div><div class="field-item even" rel="dc:subject"><a href="/tags/supplier-relationship-management-srm" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Supplier Relationship Management (SRM)</a></div><div class="field-item odd" rel="dc:subject"><a href="/tags/pactum" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Pactum</a></div></div></div><div class="field field-name-field-addthis field-type-addthis field-label-hidden"><div class="field-items"><div class="field-item even"><div class="addthis_toolbox addthis_default_style " addthis:title="Manage Suppliers With AI-Powered Negotiations - Future of Sourcing" addthis:url="https://www.futureofsourcing.com/manage-suppliers-with-ai-powered-negotiations"><a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_linkedin"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_facebook"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_twitter"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_googleplus"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_pinterest_share"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_reddit"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_email"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_print"></a> </div> </div></div></div><div class="field field-name-field-region field-type-taxonomy-term-reference field-label-inline clearfix"><div class="field-label">Region:&nbsp;</div><div class="field-items"><div class="field-item even"><a href="/regions/global" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Global</a></div></div></div> Sun, 19 Jun 2022 17:00:00 +0000 Martin Rand 2156 at https://www.futureofsourcing.com https://www.futureofsourcing.com/manage-suppliers-with-ai-powered-negotiations#comments Contract Provisions for ESG in Your Supply Chain https://www.futureofsourcing.com/contract-provisions-for-esg-in-your-supply-chain <div class="field field-name-field-image field-type-image field-label-hidden"><div class="field-items"><div class="field-item even" rel="og:image rdfs:seeAlso" resource="https://www.futureofsourcing.com/sites/default/files/articles/Contract%20Provisions%20for%20ESG%20in%20Your%20Supply%20Chain.png"><a href="https://www.futureofsourcing.com/sites/default/files/articles/Contract%20Provisions%20for%20ESG%20in%20Your%20Supply%20Chain.png" title="Contract Provisions for ESG in Your Supply Chain" class="colorbox" rel="gallery-node-2019-iidw0ilfl18"><img typeof="foaf:Image" src="https://www.futureofsourcing.com/sites/default/files/styles/juicebox_medium/public/articles/Contract%20Provisions%20for%20ESG%20in%20Your%20Supply%20Chain.png?itok=S9bd_bO9" width="624" height="325" alt="Contract Provisions for ESG in Your Supply Chain" title="" /></a></div></div></div><div class="field field-name-field-intro field-type-text-long field-label-hidden"><div class="field-items"><div class="field-item even"> <h1>Contract Provisions for ESG in Your Supply Chain</h1> </div></div></div><div class="field field-name-field-related-news field-type-entityreference field-label-above"><div class="field-label">Related news:&nbsp;</div><div class="field-items"><div class="field-item even"><a href="/3-contract-negotiation-strategies-to-reduce-supply-chain-risk">3 Contract Negotiation Strategies to Reduce Supply Chain Risk</a></div></div></div><div class="field field-name-body field-type-text-with-summary field-label-hidden"><div class="field-items"><div class="field-item even" property="content:encoded"> <p>Environmental, Social and Governance (ESG) factors are becoming increasingly important in supply chains. Consumers are demanding more transparency and better practices than ever before. Meanwhile, millennials are putting their money where their mouths are and <a href="https://www.morganstanley.com/pub/content/dam/msdotcom/infographics/sustainable-investing/Sustainable_Signals_Individual_Investor_White_Paper_Final.pdf" target="_blank">increasingly investing</a> in companies that align with their environmental and societal values.</p> <p>But developing supply chains that comply with these increasing standards isn&rsquo;t always easy &ndash; as is shown by the recent <a href="http://www.iradvocates.org/press-release/nestle/press-release-child-slaves-who-were-trafficked-and-forced-harvest-cocoa-cote-d" target="_blank">lawsuit filed by the International Rights Advocates</a> against Nestle (and others) for its part in forced child labor practices.&nbsp;</p> <p>In this article, we&rsquo;ll outline some contractual provisions that you can implement to strengthen ESG in your supply chains in order to improve worker quality of life. These improved working conditions and living wages can lead to the following benefits:&nbsp;</p> <ul> <li>More consistent quality in the products being supplied</li> <li>Improved reputation and competitive advantage for your company</li> <li>Decreased staff turnover</li> <li>Improved quality of life for workers in your supply chain</li> </ul> <p>Additionally, the provisions can also help to minimize risk from supply chain disruptions caused by worker unrest or changing industry standards, like the sweeping changes we saw in Bangladesh following the catastrophic <a href="https://bangladeshaccord.org/" target="_blank">2013 factory collapse</a> that killed more than 1,000 workers.&nbsp;</p> <p>Transparency is recognized as being a significant piece of the puzzle in improving worker wages and conditions. After all, companies cannot improve poor conditions where they aren&rsquo;t aware they exist.&nbsp;</p> <p>A starting point for embedding transparency into your contracts is to require suppliers to disclose their sub-suppliers, including reporting from those sub-suppliers about working conditions and wages. From there, you can identify potential risks and information gaps and develop a framework for working with your suppliers to improve conditions over time. You should do so with the ultimate goal of providing for living wages for all workers in the supply chain and fair working conditions, including no forced or child labor.</p> <h2>Reduce Your Supply Chain Carbon Footprint with Carbon Targets</h2> <p>CDP Worldwide, a non-profit that aids in the management of environmental impacts, recognizes increased transparency and increased supplier engagement targets as being beneficial in reducing emissions in the supply chain. The organization also notes in its <a href="https://6fefcbb86e61af1b2fc4-c70d8ead6ced550b4d987d7c03fcdd1d.ssl.cf3.rackcdn.com/cms/reports/documents/000/000/580/original/committing-to-climate-action-in-the-supply-chain.pdf?1470053398" target="_blank">Committing to Climate Action in the Supply Chain report</a> that less than one-third of the 4,000 companies surveyed engaged their suppliers on carbon emissions.&nbsp;</p> <p>You can begin to address emissions by embedding contractual provisions that target supplier action in reducing emissions. For instance, we&rsquo;re seeing companies start to include termination for greener supplier clauses, which allow companies to terminate supplier contracts without incurring an early-exit penalty if a &ldquo;greener&rdquo; supplier is found.&nbsp;</p> <p>Similarly, you can rely on flow-down provisions that enable you to bind subcontractors.&nbsp;</p> <p>To give these provisions more teeth, you should include positive/negative consequences for compliance/non-compliance with this provision. This may include:&nbsp;</p> <ul> <li>Preferential ordering from suppliers that meet targets</li> <li>Financial penalty for non-compliance</li> <li>Making failure to comply grounds for termination of the contract</li> </ul> <h2>Enhance Sustainability Through Increased Quality of Supplies and Processes</h2> <p>Another contractual mechanism you can use to improve ESG in your supply chain is to mandate the use of supplies that meet certain standards. For instance, you may require suppliers to use organic wool, organic cotton or a certain amount of recycled materials when producing your products.</p> <p>Similarly, you can require that the suppliers avoid products that contain microplastics, glitter, or other substances or supplies that have been treated with certain chemicals. To achieve this, you should be outline in the contract exactly which products are to be prioritized and which must be avoided. We are seeing some companies incentivize the use (or avoidance) of certain materials through rewards schemes for suppliers who meet or exceed the targets laid out in the contract.&nbsp;</p> <p>Finally, you can also require your suppliers to routinely engage production experts to analyze production methods and offer recommendations to reduce the environmental impact of production. Again, you can make the failure to implement the recommended changes a material breach of the contract or you can incentivize the improvements via a reward scheme.&nbsp;</p> <h2>Improving ESG Through Contracts, Community Engagement and Collaboration</h2> <p>Your contracts can support your company&rsquo;s ESG priorities, but they aren&rsquo;t a stand-alone solution. To achieve ESG that will stand up to increasing millennial scrutiny, you need to engage with your competitors, consumers, and suppliers to bridge the gap between ideal practices and real-world obstacles. Most importantly, you need to transparently discuss your progress, flaws and all, as you develop your greener and more ethical supply chain.&nbsp;</p> </div></div></div><div class="field field-name-field-tags field-type-taxonomy-term-reference field-label-inline clearfix"><div class="field-label">Tags:&nbsp;</div><div class="field-items"><div class="field-item even" rel="dc:subject"><a href="/tags/environmental-and-social-governance-esg-0" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Environmental and social governance (ESG)</a></div><div class="field-item odd" rel="dc:subject"><a href="/tags/supplier-contracts" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Supplier Contracts</a></div><div class="field-item even" rel="dc:subject"><a href="/tags/contract-negotiation" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Contract Negotiation</a></div></div></div><div class="field field-name-field-addthis field-type-addthis field-label-hidden"><div class="field-items"><div class="field-item even"><div class="addthis_toolbox addthis_default_style " addthis:title="Contract Provisions for ESG in Your Supply Chain - Future of Sourcing" addthis:url="https://www.futureofsourcing.com/contract-provisions-for-esg-in-your-supply-chain"><a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_linkedin"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_facebook"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_twitter"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_googleplus"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_pinterest_share"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_reddit"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_email"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_print"></a> </div> </div></div></div><div class="field field-name-field-region field-type-taxonomy-term-reference field-label-inline clearfix"><div class="field-label">Region:&nbsp;</div><div class="field-items"><div class="field-item even"><a href="/regions/global" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Global</a></div></div></div> Thu, 01 Jul 2021 18:36:32 +0000 Hannah Genton 2019 at https://www.futureofsourcing.com https://www.futureofsourcing.com/contract-provisions-for-esg-in-your-supply-chain#comments Women in Global Sourcing: Jane Zhang https://www.futureofsourcing.com/women-in-global-sourcing-jane-zhang <div class="field field-name-field-image field-type-image field-label-hidden"><div class="field-items"><div class="field-item even" rel="og:image rdfs:seeAlso" resource="https://www.futureofsourcing.com/sites/default/files/articles/Women%20in%20Global%20Sourcing_Zhang%20624x325.png"><a href="https://www.futureofsourcing.com/sites/default/files/articles/Women%20in%20Global%20Sourcing_Zhang%20624x325.png" title="Women in Global Sourcing: Jane Zhang" class="colorbox" rel="gallery-node-1361-iidw0ilfl18"><img typeof="foaf:Image" src="https://www.futureofsourcing.com/sites/default/files/styles/juicebox_medium/public/articles/Women%20in%20Global%20Sourcing_Zhang%20624x325.png?itok=LhTaSt1v" width="624" height="325" alt="" title="" /></a></div></div></div><div class="field field-name-field-intro field-type-text-long field-label-hidden"><div class="field-items"><div class="field-item even"> <p>Future of Sourcing Digital is thrilled to launch a new series titled &ldquo;Women Global in Sourcing.&rdquo; This series strives to highlight, celebrate and acknowledge women who are pioneers and leaders in the industry and who have been influential in moving the industry forward. Future of Sourcing welcomes Jane Zhang to the series.</p> <p>Jane is the Co-Founder of <a href="https://www.etchsourcing.com" target="_blank">ETCH Sourcing</a>, a Canadian-based consultancy that&nbsp;provides strategy and execution services in the sourcing, procurement and category management space. She loves people, solving problems, and has years of expertise working throughout the entire sourcing spectrum, from building and executing multi-million-dollar tactical strategies, to being entrusted with some of the most complex and strategic contractual negotiations involving hundreds of millions of dollars.</p> </div></div></div><div class="field field-name-body field-type-text-with-summary field-label-hidden"><div class="field-items"><div class="field-item even" property="content:encoded"> <div><em><strong>Tell us about your career path. How did you get into this field? Was it purposeful or by accident?&nbsp;</strong></em></div> <div>&nbsp;</div> <div>Like many others in this profession, I stumbled into Sourcing while I was trying to drive value elsewhere. When I started my career, I certainly never imagined I&rsquo;d be running a consultancy specializing in Sourcing, Procurement and Category Management while teaching a course on Contract Negotiations at the same University where I obtained my Masters of Business in Finance focusing on Global Energy Management and Sustainability! &nbsp;</div> <div>&nbsp;</div> <div>I first discovered Sourcing when the company I was working at started down the path of building a Sourcing team. I was working as a Business Architect desiging processes that facilitated collaboration, and knew Sourcing as simply &ldquo;those guys in suits who showed up one day.&rdquo; One of my first memories of being exposed to Sourcing was actually sitting in a room as an internal proponent on a project while the new Sourcing team educated us on the need to work together to allow for a proper supplier evaluation on a project that was almost at kick-off.&nbsp;</div> <div>&nbsp;</div> <div>After that meeting, I knew I needed to find out more about this profession, what they did and how they would fit into the processes I built. I locked myself into a room with one of the new Sourcing team members and had them draw out the entire Sourcing process from end-to-end. At the end of the session, I not only knew exactly where this new team fit into the process, but I also knew that I wanted to be a part of it. &nbsp;</div> <div>&nbsp;</div> <div><strong><em>Would you follow that same path again if you had the choice?&nbsp;</em></strong></div> <div>&nbsp;</div> <div>Absolutely, I love Sourcing and driving value back into an organization through true cross-collaboration &ndash; so much that I co-founded a consultancy specializing in this service. No other profession lends itself to as much creativity and impact as Sourcing does when it comes to establishing innovative solutions to complex problems. &nbsp;</div> <div>&nbsp;</div> <div>I attribute a great deal of my initial success in Sourcing to my strong background in business development. My time spent as an internal proponent gave me a huge advantage when it came to taking on the challenge all Sourcing people face &ndash; selling internally to obtain buy-in and alignment, while managing suppliers externally. In addition, my work as a Business Architect made me an expert in designing efficient processes for completing the workload and coordinating cross-functional and cross-level projects, which was absolutely critical when faced with outdated or non-existing procurement processes. &nbsp;</div> <div>&nbsp;</div> <div><strong><em>What has been the single most significant development to impact your profession or area of business during your career and why? Do you feel being a woman had an impact on this development?&nbsp;</em></strong></div> <div>&nbsp;</div> <div>The most important development is rooted in the growing discussion around the importance of relationships, and the focus towards putting people at the center of problem solving. Business has always been based on relationships, but somewhere along the way we stopped teaching that and the image of the cold, money-hungry corporations came along. I find that in recent years, we&rsquo;re reconnecting with that original value, and bringing it back to the idea of &ndash; &ldquo;When my phone number appears on my supplier&rsquo;s caller ID, are they willing to pick up the phone without rolling their eyes?&rdquo; &nbsp;</div> <div>&nbsp;</div> <div>For me, the turning point in my career was when I realized I always had a natural inclination towards people, getting to know my colleagues as people, and embracing this to build real relationships. Perhaps this shift was made easier for me because I was a woman, but I believe it was because of the amazing people I&rsquo;ve had the pleasure of getting to know and work with over time. &nbsp;</div> <div>&nbsp;</div> <div><strong><em>What do you think are the best characteristics of a strong leader?&nbsp;</em></strong></div> <div>&nbsp;</div> <div>A healthy balance of confidence (to know where you&rsquo;re steering the ship), and humility (to listen when your crew tells you that there&rsquo;s an iceberg to the left). Add on top of it all the ability to empower people with a voice for their opinions, and you have the foundations for a strong leader. But as we know, the path to leadership is never ending&hellip; &nbsp;</div> <div>&nbsp;</div> <div><strong><em>What&rsquo;s the biggest mistake, workwise, you&rsquo;ve ever seen &ndash; and what were the consequences?&nbsp;</em></strong></div> <div>&nbsp;</div> <div>Organizations becoming so wrapped up in their own worlds, they stop seeing the bigger picture. I&rsquo;ve seen it time and time again when projects or technologies are rolled out without considering the opinions of one of the key departments or teams that will be using it, and the deployment teams are always shocked when the new tool or process is not nearly as effective as they originally projected it to be.&nbsp;</div> <div>&nbsp;</div> <div><strong><em>What three words do you think your colleagues and peers would use to describe you?&nbsp;</em></strong></div> <div>&nbsp;</div> <div>I&rsquo;d hope they&rsquo;d say these three:&nbsp;</div> <div>Overachiever: this word has become negative over the years, but I personally think it&rsquo;s a wonderful thing to strive for more in all that you do &ndash; as long as you remember that taking care of yourself is also an area to overachieve in.&nbsp;</div> <div>Joyful: If I can brighten a moment in another person&rsquo;s life through my words or approaches, or even simply if my counterparts can walk from a tough negotiation with a small piece of joy, I consider it a personal success. &nbsp;</div> <div>Ambitious: I&rsquo;ve avoided this word over the years, but I look at what we&rsquo;re trying to achieve at ETCH Sourcing with driving a different approach to Sourcing, and pushing for better sustainability practices in the profession, and I realize that to achieve what we want, we must be ambitious. &nbsp;</div> <div>&nbsp;</div> <div><strong><em>Do you think it&rsquo;s possible to &ldquo;have it all&rdquo;&mdash; e.g., career, family &mdash; and be successful everywhere? How do you make it work?&nbsp;</em></strong></div> <div>&nbsp;</div> <div>Absolutely. I believe anyone can &ldquo;have it all&rdquo; if they are willing to bend the mental barriers we place on ourselves just a little. For example, the idea of &ldquo;work/life balance&rdquo; is so commonplace today that it is generally accepted. However, simply the word &ldquo;balance&rdquo; implies that in order for one party to take, another one must give. How is this different than positional bargaining &ndash; which, as Sourcing professionals all know, is the easiest way to dead-lock a negotiation? Personally, I think its possible to adopt &ldquo;work life harmonization&rdquo; to unlock more personal time while accomplishing more at work as well. &nbsp;</div> <div>&nbsp;</div> <div>As the co-founder of a consulting firm, I certainly put in far more than a standard 9-5 day. In addition to that, I teach at and sit on multiple boards with my alma mater, started a not-for-profit dedicated to developing creativity in children through play-based learning with a friend, and have several other projects on the go. I also love to go home and spend my lazy Sunday afternoons with my parents now that they&rsquo;re empty nesters to keep them company, and maintain a diverse circle of friends who help me see the world through different lenses. I think all of this, and more, is not only achievable, but also maintainable, by discarding the old-school teachings of give-and take in &ldquo;work-life balance.&rdquo; &nbsp;</div> <div>&nbsp;</div> <div><strong><em>Finally, what piece of advice would you give to young women starting their careers in the field of sourcing, outsourcing and procurement?&nbsp;</em></strong></div> <div>&nbsp;</div> <div>The amazing thing about this field is its diversity. You will always need to deliver results no matter where you go, but when you stop focusing so much on the results themselves, you can look at the broader picture and find opportunities where you may not have seen them before. Know who you are, and know what motivates and excites you &ndash; then use that to fuel your actions and you will see the results come in.&nbsp;</div> </div></div></div><div class="field field-name-field-tags field-type-taxonomy-term-reference field-label-inline clearfix"><div class="field-label">Tags:&nbsp;</div><div class="field-items"><div class="field-item even" rel="dc:subject"><a href="/tags/business-architect" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Business Architect</a></div><div class="field-item odd" rel="dc:subject"><a href="/tags/sourcing" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Sourcing</a></div><div class="field-item even" rel="dc:subject"><a href="/tags/category-management" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Category Management</a></div><div class="field-item odd" rel="dc:subject"><a href="/tags/leadership" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Leadership</a></div><div class="field-item even" rel="dc:subject"><a href="/tags/contract-negotiation" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Contract Negotiation</a></div></div></div><div class="field field-name-field-addthis field-type-addthis field-label-hidden"><div class="field-items"><div class="field-item even"><div class="addthis_toolbox addthis_default_style " addthis:title="Women in Global Sourcing: Jane Zhang - Future of Sourcing" addthis:url="https://www.futureofsourcing.com/women-in-global-sourcing-jane-zhang"><a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_linkedin"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_facebook"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_twitter"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_googleplus"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_pinterest_share"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_reddit"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_email"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_print"></a> </div> </div></div></div><div class="field field-name-field-region field-type-taxonomy-term-reference field-label-inline clearfix"><div class="field-label">Region:&nbsp;</div><div class="field-items"><div class="field-item even"><a href="/regions/global" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Global</a></div></div></div> Mon, 04 Feb 2019 19:58:39 +0000 Jane Zhang 1361 at https://www.futureofsourcing.com https://www.futureofsourcing.com/women-in-global-sourcing-jane-zhang#comments