Question

When developing a product, discuss the steps in the supply chain that must be accomplished prior to the sourcing phase.

Answer 1

Prior to the sourcing phase, the supply chain must plan on the requirements for the new product and prepare a budget for the whole process. They need to assign teams for various tasks and prepare a road map for each phase so that they complete the work in the decided time. They then need to prepare a plan on what resources will be required and the amount that need to be invested . After having a proper plan and funds , they can proceed to the sourcing phase after checking their inventory and finalizing on what they require for the development of the product.