According to Wikipedia, “A precise definition of outsourcing has yet to be agreed upon. Thus, the term is used inconsistently. However, outsourcing is often viewed as involving the contracting out of a business function – commonly one previously performed in-house – to an external provider. In this sense, two organizations may enter a contractual agreement involving an exchange of services and payments.”
Probably the most well known form of outsourcing, or at least the form of outsourcing that brought attention to the practice is inappropriately termed offshore outsourcing. Outsourcing does not have to be conducted with companies or freelancers who are in fact offshore. Such terms as near shoring or multi sourcing and strategic outsourcing best describe the way the industry has evolved. 3rd party Outsourcing has advanced from being a value protecting measure to becoming a value-creating measure.
Probably the most well known form of outsourcing, or at least the form of outsourcing that brought attention to the practice is inappropriately termed offshore outsourcing. Outsourcing does not have to be conducted with companies or freelancers who are in fact offshore. Such terms as near shoring or multi sourcing and strategic outsourcing best describe the way the industry has evolved. 3rd party Outsourcing has advanced from being a value protecting measure to becoming a value-creating measure.
