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Due to the lower cost of producing specific goods or services in another country, outsourcing has become a common business strategy for many multinational firms. There are two common practices of outsourcing, and these are using third-party outsourcing or a captive market. These two differ based on the level of risk management, cost ...
Business process outsourcing (BPO) is a subset of outsourcing that involves the contracting of the operations and responsibilities of a specific business process to a third-party service provider. Originally, this was associated with manufacturing firms, such as Coca-Cola that outsourced large segments of its supply chain .
Apart from procurement outsourcing, PSPs will offer other services like spend analysis or opportunity assessments. The range of procurement platforms available for outsourcing today is diverse, with companies like G2 and Sastrify offering new tool discovery, pre-negotiated marketplace deals and done-for-you negotiations. Alternatively ...