Problem: Prepare a 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. Be sure to properly cite your references.