Member-only story
What is Outsourcing Exactly? — The Advantages and Disadvantages For Your Business
If you have ever considered implementing Outsourcing in your company, but don’t know what the term means exactly, we explain it all here.
What is Outsourcing
Outsourcing is also known as Business Process Outsourcing (BPO) and its definition, according to Investopedia, is the business practice of hiring a party outside a company to perform services and create goods that were traditionally performed in-house by the company’s own employees and staff. In simple terms, it means the practice of obtaining products or services from a foreign supplier.
Why has it become so popular?
Outsourcing has become very popular over the past decade as companies grow, and their needs become too specific. It has allowed company leaders to hire qualified international talent, who would otherwise be very difficult to acquire. In addition, the costs of improving the existing team can be considerably lower than if you directly link a professional to the company.
This practice is more popular in industries such as software development or design, where there is a shortage of labor for particular positions or where the cost of labor is too high. Their roles within the company are usually to provide…
