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Using the assigned readings, ERR library, and for any other additional sources, prepare a 700-1,050-word summary, accompanied by a flowchart, that describes/outlines the steps that occur in a typical sourcing process for a global manufacturing firm. Provide a brief evaluation of the steps as illustrated in your flowchart.
In your summary, be sure to include the following:
Translating corporate objectives into procurement goals
Establishing business unit requirement processes
Conducting supply market research
Setting material management goals
Strategic execution
Reciprocity
Additionally, address the challenges and opportunities for insourcing versus outsourcing parts, as well as discuss the advantages and disadvantages of global versus domestic sourcing.
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