Unless you’ve been living under a rock for the past decade, you have heard of the term “outsourcing” or some variation thereof (e.g. near sourcing, co-sourcing, off-shoring, etc.). Fundamentally, they all mean the same thing – basically, it’s “viewed as involving the contracting out of a business function- commonly one performed in house – to an external provider”.
Outsourcing, when used correctly, can yield tremendous benefits – some financial and sometimes more importantly, some intangible benefits, such as peace of mind.
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