Prepare a summary of no less than 1,000 words, accompanied by a 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. Address the challenges and opportunities for insourcing versus outsourcing parts, as well as discuss the advantages and disadvantages of global versus domestic sourcing. 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
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