Do you know the common terms that are used in outsourcing? Here is a list of some commonly used outsourcing terms.
Outsourcing
“The practice of having goods or services provided by a person or persons outside the business or organization”.
Offshoring
“Offshoring describes the relocation of business processes from one country to another. This includes any business process such as production, manufacturing, or services”.
Globalization
“A term used to describe growing interdependence of people around the world with regard to societal influence, economies, and cultural exchanges.”
Insourcing
“The act of bringing together a function that was performed outside the organization (outsourced) to being performed inside the organization”.
Nearshoring
“The act of bringing together a function that was performed outside the organization (outsourced) to being performed inside the organization”.
Job Outsourcing
“This trend of sending jobs to India, China etc has been termed as job outsourcing”.
Global Outsourcing
“Global outsourcing uses a blend of onsite, offshore and nearshore outsourcing solutions to achieve strategic business solutions.”
I hope these definitions on the commonly used outsourcing terms have helped you gain a deeper insight into what outsourcing is all about. If you have anything to share with regards to outsourcing, do leave a comment.
