Manufacturing is only one small part of the total cost of sourcing, producing and shipping product. Bill McBeath, managing director in the Supply Chain Risk Intelligence Group of Marsh, offers a wide-ranging perspective that takes into account all of the elements of a "total cost" model. Figuring total landed cost is a step in the right direction; many companies realize that a global sourcing model must include inventory and logistics expense, in addition to labor and product cost. But there's more to the formula than that. McBeath discusses how two big trends - the shift from in-house to "virtual" supply chains and from local to global sourcing - are impacting corporate cost models. He outlines some of the key elements that many companies overlook - factors that can help them to manage risk and better manage global supply chains. [Run Time (Min): 12:57]