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Outsourcing is the business practice of hiring a party outside a company to perform services and create goods that traditionally were performed in-house by the company’s own employees and staff. Outsourcing is a practice usually undertaken by companies as a cost-cutting measure.
- Companies use outsourcing to cut labor costs, including salaries for its personnel, overhead, equipment, and technology.
- Outsourcing is also used by companies to dial down and focus on the core aspects of the business, spinning off the less critical operations to outside organizations.
- On the downside, communication between the company and outside providers can be hard, and security threats can amp up when multiple parties can access sensitive data.