Have you ever wondered about the definitions of outsourcing and outsource. If you are new to the concept of outsourcing, you can understand what outsourcing is all about from these definitions.
Definitions of the word Outsource
- To have a service performed or a function completed by others outside of a company
- Firing local employees to hire cheaper labor elsewhere.
- Outsourcing is the practice of contracting with an outside company in order to provide a service or product that otherwise might be too expensive, complicated, or time-consuming for the institution to do internally.
- To contract services from external firms in order to accomplish internal tasks
- Dismissing in-house employees to hire cheaper labor provided by another organization.
- The transfer of responsibility to a third party, of activities which formerly were performed internally
- To obtain goods or services from an outside supplier; to contract work out. Many companies outsource and hire consultants in order to maintain a flexible workforce
- Outsourcing is subcontracting a process, such as product design or manufacturing, to a third-party company
- To transfer the management and/or day-to-day execution of an entire business function to a third party service provider
