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What is Outsourcing?
Outsourcing refers to a business practice of hiring someone outside of the organization to carry out a task or project that is traditionally performed in person, in-house, or by employees of the firm.
Outsourcing is generally thought to provide the following benefits:
- reduce the cost of completing business-related projects,
- avoid overhead, equipment, and technology costs
- specialized expertise of the outside party.
Firms often outsource services to domestic and foreign firms.