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Outsourcing is a business practice in which companies use external providers to carry out business processes, that would otherwise be handled internally. [1] [2] [3] Outsourcing sometimes involves transferring employees and assets from one firm to another.
Risk is the major drawback with business process outsourcing. Outsourcing of an information system, for example, can cause security risks both from a communication and from a privacy perspective. For example, security of North American or European company data is more difficult to maintain when accessed or controlled in other countries.
Sales outsourcing can also be used as a market entry strategy and avoids permanent establishment risk. The sales outsourcing is gaining popularity among the startups in venturing into a new market. The primary reason being the increasing number of technology based startups around the globe where no physical product is involved.
Examples are courier, express and parcel services; ocean carriers, freight forwarders and transshipment providers. The most significant difference between a second party logistics provider and a third-party logistics provider is the fact that a 3PL provider is always integrated into the customer's system.
Business process outsourcing (BPO) – outsourcing arrangements when entire business functions (such as finance, accounting, and customer service) are outsourced. More specific terms can be found in the field of software development - for example Global Information System as a class of systems being developed for / by globally distributed teams.
Knowledge process outsourcing (KPO) describes the outsourcing of core information-related business activities [1] which are competitively important or form an integral part of a company's value chain. [2] KPO requires advanced analytical and technical skills as well as a high degree of specialist expertise. [3] [4]
Billionaire entrepreneur and top adviser to President-elect Donald Trump, Elon Musk, touted that he has reaped the benefits of a controversial class of weight-loss drugs, after fellow top Trump ...
Procurement outsourcing is the transfer of specified key procurement activities relating to sourcing and supplier management to a third party — perhaps to reduce overall costs or maybe to tighten the company's focus on its core competencies.