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Outsourcing - Definition

Written by Jason Gordon

Updated at December 18th, 2020

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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. 

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