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outsourcing

Noun

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.

outsourcing

Noun

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.