Sourcing Process Summary
Prepare a paper of no less than 700 words, accompanied by a separate flowchart that describes or 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. Identify the challenges and opportunities for insourcing versus outsourcing of parts/components overseas and domestically. Discuss the advantages and disadvantages of global versus domestic sourcing.
Within your paper address the following:
• Translating corporate strategic objectives/goals into procurement objecitves/goals
• Identifying the opportunity to insource or outsource through the "make or buy" decision.
• Recording or capturing business unit requirements for supplies or services
• Conducting market research to identify potential suppliers
• Protecting intellectual property, proprietary information and trade secrets during the entire procurement process
• Setting manufacturing, quality, and social responsibility expectations for the suppliers
• Execution of outsourcing and assessing supplier performance
• Describe reciprocity with supplier(s) and point out when it is illegal