The definition of outsourcing is to assign certain functions or processes of a business to a 3rd party organization that provides services related to that specific function. This is done by the virtue of an agreement manifested by a contract that indicates the terms of services which includes the scope and limitations. In this contract, the service provider gets to make use of the resources of the client company while the client company acquires the services from the provider company.
The history of outsourcing goes a long a way back. Modern outsourcing started with manufacturing outsourcing which in the past involved big company names such as Coca-Cola. It outsourced supply chains so that they may be able to have more time to focus on the marketing aspect of the business. From this simple beginning, outsourcing has gone a long way since then.
Today, Business Process Outsourcing is growing at an enormous rate. It encompasses back office functions being outsourced offshore. These functions include HR management services and accounting services.
These past few decades, outsourcing has gone through a lot of changes. From doing simple tasks and functions,...
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