Outsourcing

 
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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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