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Outsourcing
Outsourcing occurs with a variety of products, parts and services.
Outsourcing can be an effective cost-saving strategy and can add flexibility to a business operation. It can be be cheaper to purchase a good or service from a company that is specialized around that product or service than it is to produce the good or support the business function internally. One example of outsourcing occurs when a business decides to outsource book-keeping duties to independent accounting firms.
Outsourcing is the process of procuring of services or products, such as the parts or business processes, from an outside supplier or manufacturer in order to cut costs. Outsourcing often is associated with sending jobs or employment overseas. Outsourcing can be a smart way for businesses to lean down and improve their business efficiency or develop capabilities that do not reside in house. Outsourcing is used by different companies to reduce costs by transferring portions of work to outside suppliers rather than completing it internally.