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
Definitions of the word Outsourcing
- Assigning responsibility for all or a portion of the activity and tasks involved in developing and/or running and maintaining a system to a vendor
- A formal agreement with a third party to perform an IS function for an organization
- The subcontracting of activities (production processes or services) that are not regarded as part of a company’s core business
- A long-term, results-oriented relationship with an external service provider for activities traditionally performed within the company.
- Outsourcing usually applies to a complete business process. It implies a degree of managerial control and risk on the part of the provider.
- Performance outside a firm or plant of a production activity that was previously done inside
- A practice used by different companies to reduce costs by transferring portions of work to outside suppliers rather than completing it internally
- Companies outsourcing different functions
- Contracting to a single external operator all non-core activities previously handled internally
- Making use of the professional computing services of personnel other than A&S or OIT systems administrators
- A situation in which a firm’s functions are performed or provided by a person or group from outside the company
- Getting an outside company to do work or some part of work that has previously been performed in-house
- The process of identifying, acquiring and managing the receipt of Sourced Services from an external Service Provider
I hope these definitions on the terms Outsource and Outsourcing have helped you to understand what outsourcing is all about. Do you have any definitions on these terms? Do you want share your experiences on outsourcing? Please leave your comments on what you think about outsourcing.