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Design & Technology
Pages 8 (2008 words)
Outsourcing [Name] [Course Title] [University] [Instructor Name] [Date] Outsourcing is the transacting out of a business function to be performed by another company or individual. The practice of outsourcing an organization’s internal functions to a third party has been common in the modern economy since the early 21st century…
For instance, a company may outsource non-strategic functions to companies that specialize in such fields of work. Additionally, outsourcing also includes the transferring of assets and employees to another firm. The term outsourcing extends over both domestic and foreign outsourcing, and it sometimes also involves the relocation of a firm elsewhere; this is known as off-shoring. The company that provides outsourcing services is commonly called as service provider Organizations enter into a business agreement with third-party service providers that involves an interchange of payments and services. Outsourcing helps firms perform efficiently in their core functions and minimize costs incurred and shortage of skill in disciplines where they deem outsourcing appropriate. Since the early 21st century, businesses have exceedingly outsourced to firms in foreign countries; this is commonly known as off-shore outsourcing. In consequence of the widespread practice of outsourcing, several appellations have been designated to refer to various parts of the relationship between the discipline of outsourcing and firms, such as strategic outsourcing, multi-sourcing and near-shoring. Outsourcing offers more room or elasticity in controlling unnecessary expenses and spending where it is indispensable. ...
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