What is Outsourcing
Outsourcing refers to contracting a company's work, or an individual's work, to another company or individual who is willing to do the work. Basically, farming out services to a third party.
Reasons for Outsourcing
- Lower costs.
- Company can focus on core issues while the third party focuses on the peripheral ones.
- Lack of resources. The specialized company that handles the outsourced work is often streamlined and often has world-class capabilities and access to new technology that a company couldn't afford to buy on their own. [1]
- Getting work done more efficiently or effectively
- Increased flexibility to meet changing business and commercial conditions.
- Tighter control of budget through predictable costs.
- Lower ongoing investment in internal infrastructure. [2]
- Access to innovation and thought leadership.
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