OUTSOURCING

What is outsourcing?

Outsourcing is a business practice in which a company hires a third party to perform tasks, handle operations or provide services for the company. It's about managing relationships, more than service-level agreements, and is a partnership! Companies often outsource as a way to lower costs, improve efficiencies and gain speed. Companies that decide to outsource rely on the third-party providers' expertise in performing the outsourced tasks to gain such benefits. The underlying principle is that because the third-party provider focuses on that particular task, it is able to do it better, faster and cheaper than the hiring company could.