Outsourcing is a process whereby a company is unable to complete it’s work in-house, so they hire external consultants or companies to complete this work for them.
Outsourcing happens when a company doesn’t have all the resources to complete particular jobs, tasks or projects and hires outside companies or consultants.
Many people in the US believe that most of the work now days is outsourced to India. Many people forget about china and the many other countries that provide low cost labor to manufacture the goods.
There are other varieties of outsourcing as well, as listed below.
- Business process outsourcing(BPO)
- Knowledge processing outsourcing
- It outsourcing