Emerging Industry Overview: Outsourcing
Industry Snapshot
Outsourcing occurs when companies opt to have an outside party perform a task that was once handled in house. Examples of outsourcing range from manufacturing parts and products to high level professional functions like accounting, computer programming, engineering, and legal work. Outsourcing also extends to back end business processes such as billing and accounts payable, as well as human resource functions like payroll and benefits administration. Outsourcing is a major strategic decision for organizations, because they must balance a loss of direct control over a process or function in exchange for cost savings, which...