Outsourcing
Outsourcing is the process of contracting with a third-party provider to handle some or all of your company’s business functions. Typically, outsourcing is used to save on costs or to tap into expertise that you don’t have in-house.
Outsourcing has become a controversial topic in recent years, as companies have outsourced jobs to other countries where labor is cheaper. This has led to job losses in developed countries and increased competition for jobs in developing countries.
There are different types of outsourcing arrangements, including:
• Offshore outsourcing: This involves contracting with a company in another country to provide services or products.
• Nearshore outsourcing: This involves contracting with a company in a neighboring country to provide services or products.
• Onshore outsourcing: This involves contracting with a company within your own country to provide services or products.