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.
PSPM provide Employee Outsourcing services.Outsourcing
business functions is sometimes called contracting out or business process outsourcing.
Companies often outsource as a way to lower costs, improve efficiencies and gain speed.
Companies that decide to outsource rely on the third-party providers' expertise in
performing the outsourced tasks to gain such benefits.
Outsourcing can bring big benefits to your business, but there are significant risks and challenges when negotiating and managing outsourcing relationships. Here, we break down everything you need to know to ensure your IT outsourcing initiatives succeed.The outside company, which is known as the service provider or a third-party provider, arranges for its own workers or computer systems to perform the tasks or services either on site at the hiring company's own facilities or at external locations.
The business case for outsourcing varies by situation, but the benefits of outsourcing often include one or more of the following:
1 :- lower costs (due to economies of scale or lower labor rates)
2 :- increased efficiency
3 :- variable capacity
4 :- increased focus on strategy/core competencies
5 :- access to skills or resources
6 :- increased flexibility to meet changing business and commercial conditions
7 :- accelerated time to market
8 :- lower ongoing investment in internal infrastructure
9 :- access to innovation, intellectual property, and thought leadership
10:- possible cash influx resulting from transfer of assets to the new provider
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