OUTSOURCING



Overview

Outsourcing is often viewed as involving the contracting out of a business function to an external provider. In this sense, two organizations may enter a contractual agreement involving an exchange of services and payments. In addition, several related terms have emerged to grasp various aspects of the complex relationship between economic organizations or networks, such as near shoring, multisourcing and strategic outsourcing. Almost any conceivable business practice can be outsourced for any number of stated reasons. The implications of outsourcing objectively and subjectively vary across time and space.

Advantages of Outsourcing

  • Quality Service
  • Cost Saving
  • Focus on core business
  • Improve quality & productivity
  • Operational expertise
  • Large access to talent
  • Enhance capacity for innovation
  • Creating leisure time
  • Reduce time to market
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