Meaning

• • The business practice of hiring a party outside a company to perform services and create goods traditionally performed in- house by the company's own employees and staff.

• • The contracting out of a business process to another party.

Examples

• • Outsourcing the call center operations helped the company reduce costs, which allowed for price reductions on their services.

• • The decision to outsource software development accelerated the project timeline, leading to an earlier product launch.

• • Outsourcing routine tasks freed up the staff to focus on strategic planning, which improved the business's long- term positioning.