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Outsourcing, Offshoring, Insourcing - Coggle Diagram
Outsourcing, Offshoring, Insourcing
Outsourcing
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. As such, it can affect a wide range of jobs, ranging from customer support to manufacturing to the back office.
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Offshoring
Offshoring is the relocation of a business process from one country to another. Offshoring is typically an operational process, such as manufacturing, or supporting processes, such as accounting. Typically this refers to a company business, although state governments may also employ offshoring.
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Insourcing
Insourcing is the assignment of a project to a person or department within a company rather than to a third party. In practice, insourcing is used to describe a task or function that a company could have outsourced to a third party. As a rule, insourcing provides companies with more control over decision-making and the ability to move more quickly and precisely, especially if institutional knowledge factors into some elements of the job.
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