Outsourcing is contracting with another company to do a particular function. Normally, the function being outsourced is considered non-core to the business. Outsourcing starts when a company hands over its work or functions to another company, this means that they give some parts work to other companies to be performed in some handsome amount.
Outsourcing Definition
Outsourcing is the transfer of services of a company to a third party, which is subcontracting a service, such as product design or manufacturing or product design to a third-party company. The decision whether to outsource or to do inhouse is often based upon achieving a lower production cost, making better use of available resources, focusing energy on the core competencies of a particular business, or just making more efficient use of labor, capital, information technology or land resources. Normally, Outsourcing is the term used when a company takes a part of its business and gives that part to another company. Recently, the terms has been most usually used for technology related initiatives such as handing over the IT help-desk to a third-party.
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Outsourcing Process
Today, Outsourcing has become more popular in the business environment. Outsourcing is the process by which a company contracts another company to offer particular services. Outsourcing process is a form of outsourcing that involves the contracting of the operations and responsibilities of a specific business functions to a third-party service provider.
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