Meaning of Outsourcing or Business Process Outsourcing – Now, the business firms have started hiring outside agencies to perform routine jobs. Such agencies are specialised in performing the functions. Business firm can concentrate or crucial matters.
Outsourcing refers to a long-term contracting out generally the non-core and of late even some of the core activities to captive or third party specialists with a view to benefitting from their experience, expertise, efficiency and even investment.
Several activities are to be pefromed for the successful conduct of business. No single business firm can be competent enough to have specialization in all the activities. Therefore, to get the benefit of specialization, services are obtained from outside.
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