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Question
Answer in one sentence.
What is outsourcing?
One Line Answer
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Solution 1
Outsourcing is the process of contracting a business function or any specific business activity to specialized agencies mostly the non-core areas such as sanitation, security, household pantry, etc. are outsourced by the company. The company makes a formal agreement with the agency.
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Solution 2
Outsourcing is the process of contracting some business functions to specialized agencies. The company benefits in two ways.
1. It reduces its own cost
2. It uses the expertise of the firm which specializes in a particular kind of service.
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Chapter 5: Emerging Modes of Business - Exercise [Page 110]
