What is outsourcing?
Outsourcing is a very important business practice - where a company decides to hire (or contract) an outside party to take care of certain tasks, instead of hiring new staff (i.e. employees) or getting it done from existing staff (i.e. employees). Outsourcing is a popular strategy for any business to do/focus on what they do best & outsource the rest! Outsourced tasks can be an occasional or a recurring/regular part of the business.
Companies outsource primarily to cut costs. But today, it is not about only cost advantage, it has several other benefits too.
Improves Focus on Core Business Activities
Which subsequently increases efficiency, turnover, profits, market value, and more.
Owing to the virtue of the outsourcing company being a specialist at a given task, your job is done better and faster.
Reduced Turnaround Time
Outsourcing helps in kickstarting your project immediately and gets delivered on time; this gives you a competitive advantage.
Access to latest technologies & best talent in the world, irrespective of where you are located.
Easy to Manage & Communicate
The availability of management and communication tools enable smooth working with teams located in any part of the world. The difference between a local and remote team then becomes negligible.