Outsourcing is a business practice in which a company hires a third party to perform tasks, handle operations or provide services for the company. The outside company, which is known as the service provider or third-party provider, arranges for its own workers or computer systems to perform the tasks or services either onsite at the hiring ... Outsourcing is the practice of a business contracting with a third-party supplier to provide products or services that are currently handled in-house by staff. Learn about the types, benefits, and challenges of outsourcing, as well as the role of outsourcing in supply chain management. Outsourcing is a strategy in which a company uses an external services provider to perform certain tasks. Here we look at the advantages and disadvantages of outsourcing. Contracting out non-core and regular activities in which a company lacks competence to other agencies in order to benefit from their experience, knowledge, and efficiency is called Outsourcing.
