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WSEAS TRANSACTIONS on BUSINESS and ECONOMICS

DOI: 10.37394/23207.2020.17.49 Rongshan Li, Yu Lu

Research on the Over-outsourcing in Aviation Manufacturing


Industry— Case Analysis based on the Boeing 7871
RONGSHAN LI
YU LU2
Business School
Beijing Technology and Business University
No.33,Fucheng Road, Haidian District,Beijing
CHINA
Abstract: In recent y ears, outsourcing has beco me a major trend with more and more companies contracting
work out to 3rd parties. The aircraft giant—Boeing company,also regards outsourcing as an im portant way of
its production process. In 2003, under t he influence of Toyota production system(TPS),Boeing adopted a new
manufacturing model to produce the airplane —Boeing 787 Dreamliner. It outsourced more than 70% of the
development and production of its aircraft under a 3-Tier system .However, the excess outsourcing has caused
lots of problems such as c ommunication issues, lengthy delays and unexpected increased co sts. Starting from
the practice of Boeing 787 project' s global supply chain strategy, this paper analy zes the reasons as well as
problems faced by Boeing for outsourcing such a big project, and draw some lessons on how to strengthen the
management from the failure of Boeing 787’s early outsourcing stage.

Key words: Boeing 787; Outsourcing; Cost control; Supply chain


Received: April 2, 2020. Revised: May 15, 2020. Accepted: May 20, 2020. Published: May 25, 2020.

1 Background manufacturing to overseas partners, the suppliers are


At the end of the 1990s, with sales of 767 and located in four maj or continents.Some main
747-400 slowing down, Boeing considered outsourcers are shown in the figure 1.
replacement aircraft program s. Boeing has utilized
and enjoyed the benefits from outsourcing several
times in its early aircraft production.For it’s earlier
programs 737 and 747 ,th e outsourcing ratio was at
around 35-50 percent.Their process was to outsource
the non-core manufacturing parts and keep their
competitive advantage—design in-house. In 2003,
for the first ti me in Boeing’ s history, it outsourced
more than 70% of the design, engineering and
manufacture of it’s new aircraft — Boeing 787 Fig.1 Suppliers on the Boeing 787 Dreamliner
(Source: www.boeing.com)
Dreamliner. Boeing wanted to leverage its extended
supply chain and partner manufacturing resources as On the 78 7 project, Boeing ado pted a new
a competitive advantage to im prove time-to-market outsourcing model .Unlike it’ s earlier aircrafts, in
and reduce total costs. It outs ourced an which Boeing pla yed the traditional role of
unprecedented share of responsibilit y for the 787 integrating and assembling different parts and
subsystems produced by its direct suppliers, the

1
It is supported by General Social Science Project of Beijing Education Commission, no: 896967406

2
Corresponding author

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787’s supply chain was based on a 3-tiered structure for companies to i mplement outsourcing strategy .
that would allow Boeing to foster partnerships with Before the 7 87 project started, Boeing' s Board of
around 15 T ier-1 strategic partners. These T ier-1 Directors approved a development budget estimated
partners were to serve as “integrators” who assemble at $7 billi on as Boeing management claimed that
they would "require subcontractors to bear the
majority of costs",whic h shows the most basic
reason why they outsourced a lot on this project.
Boeing wanted to reduce the production and
development costs by leveraging suppliers' expertise.
Outsourcing eludes the need to hire individuals
in-house, hence recruitment and operational costs
can be reduced to a great e xtent by taking advantage
of the cheap labor force in other countri es. There is
less need for plants, inventory maintenance and
Fig.2 Traditional supply chain labor .The outsourced company would maintain the
resources inventory, pay the taxes and other fees for
different parts and subsystems produced by Tier-2 creating the parts.
and Tier-3 suppliers. 2.2 Spreading the financial risks
Boeing 787 established a risk-sharing
cooperation network with Tier-one suppliers to share
research and developm ent costs and resources.
Outsourcing certain co mponents of the business
process helps the com pany to shift certain
responsibilities to the outsourced vendor. The
implementation of the gl obal supply chain strategy
enables enterprises to be m ore flexible and adapt
quickly to changes in the external environment, thus
Fig.3 New supplier network
realizing risk sharing with global partn ers. Since the
(Source: The Seattle Times)
outsourced vendor is more professional in the part
Figure 3 illustrates Boeing's supplier network of
outsourced, they can plan the risk-mitigating factors
Tier 1, Tier 2 and T ier 3 suppliers.Through such a
better and ef fectively enhance the abil ity to resist
three-tier supply chain network, Boeing could focus
external shocks. Boeing 7 87 subcontracted a lar ge
more attention and resources on its cooperation with
amount of work to Tier-one suppliers, and
Tier-one suppliers (pre-integration stage), instead of
established a long-term gl obal partnership network
raw material procurement and early components.
with suppliers, bringing suppliers from the upper
2 Reasons of outsourcing reaches of the industrial chain to the level of
strategic partners.
Outsourcing was a common pract ice in the
2.3 Time saving
Boeing company, it enthusiastically e mbraced
In 2003 , the biggest com petitor of Boeing—
outsourcing both locally and internationally, but it’s
Airbus sold m ore airplanes than Boeing and
quite rare that Boeing would cho ose to outso urce
introduced 5 new designs of aircrafts with Boeing
such a significant proportion of the 787 Dreamliner,
still stuck with their next plane design. Airbus has
the main reasons are listed as follows.
more deliveries ever since. Boeing needed
2.1 Reducing costs
something to regain market share from Airbus. This
Cost reduction is o ne of t he important reasons
heavy competition was that would help the
what drove Boeing to reclaim dominance of
create a new plane the aircraft market.
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DOI: 10.37394/23207.2020.17.49 Rongshan Li, Yu Lu

However , Time was countries. To some lost. efficiency and reduce


urgent, they needed to extent, it’ s the sales cost. However, just
com plete the plane guarantee signed with
3 Problems faced
like every coin
quickly and with the government of the by Boeing 787
has two sides,
minimum cost. By country where the Successful while giving suppliers
outsourcing 70% of the outsourced work is outsourcing strategy unprecedented
developm ent and loca ted. For exam can bring many responsibility, it is also
production activities , ple, Boeing has benefits to com a risky attempt.
Boeing can shorten the strengthened its panies, helping them The 787 Dream
development tim e by partnership with liner has been vexed
leveraging suppliers' suppliers in China. since its inception, with
ability to develop dif China's Shenyang the globalization of the
ferent parts at the sa me Aircraft Company supply chain, the risk
time.What’s more, (SAC), Harbin of supply chain
outsourcers have Aircraft management caused b
professional Manufacturing C y excessive
technology, ompany (HAMC)
can complete were all involved in outsourcing is al so
outsourcing tasks in a 787 manufacturing. increasing. Hart-Smith
shorter time, thus saving They were the only had warned of the
time for Boeing.This is suppliers of additional costs and
what drove Boeing to correspondin g risks of lar ge-scale
outsource a higher prop components. outsourcing in his
ortion of the new Processing parts of paper,“Not only is the
aircraft than any Boeing 787 aircraft in work out-sourced; all
previous model. China can reduce of the profits
2.4 Access to more costs, but Boeing associated with the
international placed more emphasis work are out-sourced,
markets on China as the fastest too.”
The political gro wing and lar gest 3.1 Loss of
reason for aircraft market in th e Confidentiality &
Boeing787’s large- world,which can security
scale of outsourcing virtua lly bring it A major
was to gain the op many business downside to
portunity to do opportunities. outsourcing is
business in different Boeing had s business has to
countries. Boeing everal reasons in abandon so me degree
made a deal with contracting the work of privacy over its
several of the out to different core business secrets.
countries in East A sia countries, not ju st the Boei
that they contracted to above mentioned. But the aviation industry in
perform work. The whatever the reason design,it’s one of its
deal was that if the is, it seems that this core
countries agreed to strategic decision competitiveness.But in
buy planes from could have the the Boeing 787 project,
Boeing, Boeing would o reclaim the market it delegated m uch
outsource a porti on of share that Boeing has of the detailed design t
work to those o sub-contractors,
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opting for lesser manufactured in producing a 787 between 1,300 and


involvem ent.One of different locations in airplane exceeded the 2,000.The main
the reasons Boeing the world, the supply purchase price . The reasons for the cost
outsourced was to chain is stretched too analyst of JPMorgan increase are as follows:
com estimated the program's 3.3.1 Delayed
it might have created difference and loss to be $45 m illion delivery of aircraft
even m ore language b arriers, per airplane, decreasing leads to increased
competition for itself coordination and as the program moves costs.
by doing so. communication issues forward. As of May The parts of
Additionall y, it had to am ong various Boeing 787 were not
pass on inform ation outsourcers are accumulated losses of provided in a timely
such as critical details unavoidable. The nearly $27 manner or were delay
about business partners scattered to ball ooning ed for reasons beyon d
processes and safety around the world have production costs, the control o f Boeing.
m limited access and Boeing has spent $32 In October of 2007,
easures undertaken, so visibility to the latest billion on the p rogram, Boein g delayed the
that the outsourced demand information estimates for the 787 by six months, the
partner was able to fro m Boeing and that number of aircraft sale six-month delay cost
perform t he tasks in h Boeing has little s needed to break even the company over $1
and. Even if the visibility to the va ry billion, with $200
partners were outsourcers’ ability to million coming from
thoroughly tested for meet the delivery compensation paid to
their internal security schedule. They were United Airlines and
processes, there’s not be able to discover Air India. Deferred co
always a risk of data the problem s until the sts accounted for a lar
getting stolen or fraud time when the airplane ge proportion of the
being committed. was supposed to go 787 costs. This means
3.2 Coordination and through final that for each order
communication assembly. Boeing
issues that w as delivered
would then have to late, Boeing has to pay
Different parts of
adjust the schedule penalty fee for the
Boeing 787 are
and delay . With
designed and
costs peaking in 2016
possibly delay the intention
at $3 3   billion,
arrival of other scale outsourcing was
Leeham analyst Bjorn
components. The to“reduce the 78 7’s
Fehrm believed
problem of coordinatio development time from
Boeing coul dn't m
n and comm unication six to four years and
overall profit on the pr
in the global supply developm ent cost from
ogram. Ted
chain has seriously $10 to $6 billion.”
Piepenbrock, an
affected the progress However, the result
academic affiliated
of the entire 787 was exactly the
with the MIT and the
project. All of these opposite. This project
University of Oxford,
finally lead to Boeing was billions of dollars
forecasted the
787 supply chaos. over the b udget and t
cumulative deferred
3.3 Unexpected cost hree years behind
costs to peak beyond
increase schedule. At the end of
$34 billion.These
The original 2013, the cost of
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penalty payments unexpected cost rdination issues qu ality checks in


have brought increases to Boeing. required substantial place, can quickly
Table 1 Delays of Boeing 787 and and continuing nullify the ad vantages
explanations
communications with that enterprises
Delay Announcement Date Cumulative the partners and on-site originally saw in the
Duration involvement, thereby whole concept of
1 September 2007 3 months generating a large outsourcing. No
amount of additional company can m ake
costs. sure that the
2 October 2007 6 months 3.3.3 Additional outsourced partners are
redesign costs doing exactly what
3 January 2008 9 months Boeing responded by they are asked for in
t hrowing $2 billion in terms of th e quality of
additional research and the produc t or service
development e xpenses according to the
at a series of co specifications. The lack
4 April 2008 1 year mponents mismatch of strict quality control
problems it faced with. It often leads to declini
had to abandon part of ng levels of output.
5 November 2008 5 months
the supply chain and Companies cannot
spend a lot of time and easily
Source: Casewriter.Boeing
money to r edesign the procedures or steps
Press Releases and Public product.The result was that the third par
Reports,http://boeing.mediaro
om.com,accessed February huge additional should follow to com
2015
expenses. In addition, plete the work outsour
3.3.2 Increased suppliers' inability to due to the excessive ced to them . They
coordination
and labor costs meet production redesig n, the first have no real way to
Some parts from requirements and aircraft was 5,00 0 lb measure the quality of
foreign outsourcers deadlines, Boeing (2,300 kg) heavier than the work being done by
couldn’t be assembled decided that it must specified.Accordingly, the outsourced
in the final assem bly send key personnel to some parts we re company. Due to the
workshop due to size sites around the worl redesigned over and o wide distribution of o
discrepancy or other d to fill t he ver again to in clude utsourcers, Boeing 78
problems.As a management vacuum more use of lighter 7's quality problems
response to of suppliers and materials .The direct i emerge one after
address mpact was that the cost
production issues be an expensive of each plane soared to
in p erson .Boeing endeavor as personnel $193.5 m illion , which
sent were pulled from was 45% higher than the
sites of T responsibilities on-site expected cost.
ier-1, Tier-2, or Tier-3 at Boeing to solve 3.4 Safety and quality
suppliers worldwide suppl y and issues
to manufacturing issues Quality features
problems which at the sites of their both as an advantage
appeared to be the outsourced partners. and a disadvantage in
root cause of the Mitigating the this discussion.
delay. This proved to production and coo Outsourced partners,
unless they have strict
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components Once a busi ness d omino came from Toyota—Car


assembled in the final part is outsourced to a effect would appear on manufacturing giant in
assem bly plant from third party, the the assembly module of Japan. Toyota once
global partners ofte n company is no longer the terminal. outsourced about 70%
have the problem of in full control of that 3.6 Blind imitation to a group o f
over-standard size aspect .The d ay to of Toyota's 3-lier trustworthy
errors, which lead to day management of supply chain partners, whichmade
the failure of all parts the work is definitely The 3-Tier supply Toyota successfully
of t he body to passed on to the chain on Boeing 787 develop new cars in a
join.Many of the outsource d partner. In shorter time.This
partne r spite of the fact that process has led Toyota which it rests.In
companies(Tier-1 the outsourcing com becoming one of the addition,the average
suppliers) have pany may retain some biggest and most distance between Toyota
struggled, either in degree of co ntrol over profitable cars and its suppliers’ plants is
assembling the th e work , they much shorter th
components don’t have the same world.Boeing saw that the corresponding
themselves, or getting degree of control they Toyota would put the distance for Boeing.
the parts they need would have had on design and risk of the The blin d imitation
from others(Tier-2 employees sitting in projects onto several eventually led to the
suppliers),in time to the same premise. dif outsourci ng failure of
meet During the ried to utilize the sam e Boeing 787.
Boeing’s method and apply the T In addition to the
rigorous implementation of oyota Production Sy above problems, Boeing
construction Boeing stem(TPS) to see how 787 project has also
schedule.In order to 787 outsourcing successful production brou ght many other
catch up with the contract, the co process was operated. problems. For
project progress mpetent department However, there were example,over-
blindly, some failed to carry out many fundamental outsourcing resulted in a
suppliers have strict and effective differences between the large amount of work
frequent product monitoring of two com panies’ being given to the
quality problems.In outsourcing suppliers production procedures. outside of the enterprise,
2013, the f irst year of , resulting in the com Toyota worked closely its internal employees
service for the Boeing pany's lack with its suppliers and may lose motivation to
787 Dreamliner, at of understanding of t responded to their work hard due to t he
least four aircraft he control of concerns with integrity
fear of unem ployment.It
suffered from outsourcing suppliers' and mutual respect, is likely to lead to a
electrical system technical capabilities, establishing an im decline in em ployees'
problems stemming personne l pressive level of professional ethics and
from lithium-ion qualifications, main professional trust and performance, thus
batteries. These equipment and ke y high attention to reducing productivity.
quality problems have processes. Boeing had product quality. By
broug ht huge to manage Tier-1 contrast, Boeing
4 Results
negative impacts to suppliers and pay adopted t he superficial Hart-Smith had
Boeing and caused more attention to structure of T oyota’s warned of the additional
greater losses. sub-suppliers. Once tiered outsour cing costs and risks of lar ge-
3.5 Loss of complete the small model without the scale outsourcing,it
control over sub-suppliers had values and practices on didn’t cut costs and
technic al problems, the
business
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increase profits, he 2013, another aircraft requisite components suppliers di d not input
wrote, instead, it drove was found to have a for the sections, the accurate and timely
profits and knowledge fuel leak. On January Boeing recognized information owing to
to suppliers while 16, 2013, due to the the need to reg ain cultural dif ferences
increasing costs for the continuous safety more control over the and lack of trust. As a
mother company. As a accidents, the US supply chain.Boeing consequence, neither
result of the over- Feder al Aviation announced plans to Boeing nor Tier-1
outsourcing of Boei ng Administration buy Vought Aircraft suppliers became
787, not only the announced that all Industries' interest in aware of the problems
delivery schedule was Boeing 787 Global Aeronautica; in a timely manner.
delay ed again and Dreamliner planes A later agreement
again, but also the was also
5 Lessons from
made to buy
were temporarily
safety accidents Vought's factory in the outsourcing
grounded.
occurred frequently North Charleston. failure
4.1 Boeing t ook
after the delivery of appropriate remedial 4.3 Boeing Outsourcing
the aircraft. A Japan measures after introduced a web- strategy is a double-
Airlines (JAL) 787 discovering a series based communications edged sword for
experienced a fuel leak of problems in the tool called Exostar in enterprises,it
on Januar y 8, 2013, suppl y chain, but the which suppliers may
and its flight from ef fect was very were supposed to u be profitable,but
Boston wa s canceled. limited. In Dece mber pload the the outsourcing
On January 9, United 2008, Boeing set up a latest information company might also
Airlines reported a "product operation about the progress of suffer losses due to
problem in 787 with center" to control all their work,which over-outsourcing.
the wiring near the the suppli ers' aimed to provide Most critics claim that
main batteries. Later, products and solv e visibil ity of the s the lowered cost of
on January 11, problems quickly. upply chain, improve oper ation comes along
The center worked 24 control and inte with t he threats of
hours a da y and gration of key reduced level of
employed a variet y processes. However, efficiency and that
of personnel: t this tool didn’t play its even if there is a
ranslators in due role, part of t he
28 languages, sense of guide and avoid risks in
purchasers, supplier accountability the implementation
managers, and global placed on process, so as to obtain
logistics experts. respective the expected benefits.
4.2 After re vendors.Therefore, 5.1 Outsourcing
alizing that some enterprises should be based on
Tier-1 strategic should decide whether complete
partners did not have to im assessments of all of
the know-how plement the costs
to develop different outsourcing Make or buy
parts of the aircraft or strategy decisions sh ould not be
experiences in according to their made until after the
managing their specific actual product has been full y
Tier-2 suppliers to situation, and pay defined and the related
develop the attention to correctly costs established.The
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project of Boeing787 peaked in 2016 at $3 3  suggested that in a lar mechanism is of


went billions over billion, Boeing's ge-scale project like great i
budget.What’s the original developm ent Boeing 787, specific mportance for
reason? Before investment, estimated at person or team should every project,effective
outsourcing, Boeing least at a further $20 be appointed to communication can
did not billion, isn't included in coordinate all co greatly improve
carry out a these costs. .If Boeing mmunications to eli outsourcing operation
comprehensive control adopted more mature minate latency in efficiency.
and analy sis of all and robust technolo communicating 5.3 Perform risk
possible potential gies to conduct a changes across assessment in
costs, resulting in the comprehensive cost multiple tiers,or use advance
actual outsourcing control analysis from the industrial Internet Outsourcing has
costs significantly the outset, the results and some IT both positive side as
exceeding the budget, might be greatly technologies to realize well as
bringing huge losses to improved. th e integration of negative side. Any
Boeing.According to 5.2 Establish an real-ti me information company should make
Boeing' s former CFO, effective among various a car eful assessment
Boeing will have to coordination suppliers.Each whether the positive
sell 1300-2000 planes mechanism supplier must update points outweigh the
to reach the break-even Since Boeing is the progress of the negative ones in that
point.Therefore, operating as the final a project in a ti mely case.Before taking on
Boeing should not ssembler, coordinating manner,and a project, it’s essential
excessively pursue the many structural and corresponding for the enterprise to as
Creeping elegance. The systems partner restriction regulations sess both of
new technology locations around the should be operational and
adopted by Boeing 787 g implemented on the structural aspect s to
brings great risks to the manufacturing corre ctness of the calculate the overall
pr oject evaluation. success.Boeing needed inform ation. risk . A comprehensive
The more awareness of partner Demand/supply and risk assessment will
new technologies, activities throughout logistics information cost a certain amount,
the m ore difficult it is the network to ful ly across multiple tiers but it’ s too i
to design and comprehend the need to be sy nsignificant compared
manufacture. However, issues nchronized ,in case of with the sharp increase
there is no effective confronting them .It is any problem, the in project cost caused
way to restrain the su pplier shall i by insufficient
increase of unknown mmediately evaluation.The Boeing
costs. As a result of communicate with 787 project was full of
inadequate cost bu the person in char risks, such as the
dget, the Boeing 787 ge of coordination cultural and language
project experienced a to make sure that differences of
sharp increase in key co outsourcers , as well
material costs, mponents arrive as the physical
delayed delivery at the Boeing Everett, distances involved in
and lost cost Washington facility at the lengthy supply
control just the right time for chain. Boeing could
capabilities.Deferred final asse mbly have prevented or
costs of 787 even .Coordination reduced the bad

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consequences fro m has achieved little and corresponding penalty aircraft was first asse
taking place if they the response was not regulations should also mbled at Everett asse
had performed a timely. b e imposed. At the mbly plant in March
risk analysis of Subsequently, a lar ge same time, reward is 2008, the components
outsourcing. As a number of u better to be given to su from partners around
matter of fact, nexpected problems ppliers who deliver in the world didn’t fit
Boeing has adopt ed serio usly affected the time and com plete together with others.
a risk management progress of the with high quality. This When one part was
plan called "Boeing project. Therefore, kind of incentive m unavailable, the next
7 87 Dimension risk assessment is echanism can promote one that depen
Management crucial t o all suppliers to carry out could not be attached
Method". However, it the outsourcing production work more and the global supply
decisions. work, and build pre- efficiently. chain was almost stuck.
5.4 Establish assembled sections, but 5.5 The project The stretched supply
organization
an this assu mption would
should not be chain has ad ded to the
effective prove invalid. What’s com plexity of Boeing
too complicated
cooperation more, Boeing relied 787 project. So it’s
There are 13 5
mechanism with on poor suggested that for
partners i nvolved in
trusted suppliers contractual large-scale projects, it
Boeing 787 aircraft
There are arrangements,which is not only neces sary
manufacturing and
many created perverse to strengthen the
fabricatio n worldwide.
ways to incentives by providi control of the project
The supply chain was
dim inish the ng penalties for delay process, b ut also t
stretched to an
disadvantages of but no rewards for t mplify the complexity
unprecedented length.
outsourcing. One of imely delivery. This of the progra m as
The former project
them is to choose has reduced the impetus much as possible in the
manager of B787
quality partners to of s uppliers to s ome prior stage.
pointed out that m any
outsource the tasks to. extent. In a word, 5.6 Project
suppliers recruited sub-
When selecting outso effective cooperation progress
suppliers, some
urcing partners,don't mechanism with must be
suppliers subcontracted
simply select the suppliers is strictly
work to their suppliers
suppliers based on indispensable. The ou controlled
and shrugged at proble
price.A tsourcing company Boeing did not
ms with assem bly, the
number of alternative should ensure that the intervene early enough
sub-suppliers could no t
suppliers should be set partners are reliable, in the process to assist
even meet the basic
up to be compared and honest and will always the suppliers and
requirements of
evaluated beforehand deliver quality work. finally lead to the
production. When
from multiple Only those who hav e outsourcing out-of-
Boeing 787
dimensions such as proven their ability to control.
tech nology, quality, deliver with the
progress and service. required timeliness, Understanding th e
Boeing made an quality and continuous processes in the
assumption that the innovation should be entire supply chain
chosen partners would selected as trustwo rthy globall y is crucial to
have the required partners.For supplier delivery
capabilities t o do partners who delay
performance. Boeing
design and integration delive ry,
and its partners needed
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a way to quickly prod uction site and with shared risks, [2]Yong Lin,Li
identify potential confirm in the report. benefits and common Zhou.The impacts of
problems across the I f serious quality development. pro duct design
supply chain and problems are found, Therefore, any changes on supply
immediately analyze outsourcing company who wants to chain risk: a case
their suppliers should be outsource should carry study[J] . International
impact on required to stop out sufficient and Journal of Physical
other partners or production and thorough trade-off Distribution &
manufacturing rectify.Through on- analysis whenever and Logistics Management
processes. In order site supervision or wherever necessary, it’s . 2011
to ef application of new supposed to gradually [3]V.Holzmann.A.
fectively industrial Internet establish and perfect Shenhar,The
control the whole technolog y, it’s the outsourcing Unfulfillnees(or
supply chain easier to achieve management system, delayed)Dreamliner’s
network and ensure effective control of strictly implement it to Design: the
the quality of the entire productio n ensure the quality of Boeing
products,the process. outsourced products. 787Dreamliner”,Wor
outsourcing com king paper No3/2010.
pany can send
6 Conclusion:
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E-ISSN: 2224-2899 51 Volume 17, 2020
WSEAS TRANSACTIONS on BUSINESS and ECONOMICS
DOI: 10.37394/23207.2020.17.49 Rongshan Li, Yu Lu

delayed payments.
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E-ISSN: 2224-2899 51 Volume 17, 2020

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