What is Outsourcing?
'''Outsourcing''' is a term from [[economics]]. Sometimes a [[company]] decides to change its structure, in such a way, that it no longer performs certain tasks which are not its core business. Instead, the company hires or collaborates with other companies which can then perform these functions. Any business or company can hand over a part of their process or specific services to be handled by a third party. According to The Deloitte Global Outsourcing Survey 2018,<ref>The Deloitte Global Outsourcing Survey 2018(Rep.). (n.d.). Retrieved February 5, 2019, from Deloitte Development LLC website: https://www2.deloitte.com/us/en/pages/operations/articles/global-outsourcing-survey.html </ref> among the industries that refer to outsourcing are technology and media, financial services, consumer and energy, followed by government and public services and life sciences and healthcare. Among the industries that generate the most revenue are information technology outsourcing and business processes,<ref>Outsourcing: Revenue by service type 2018 | Statistic. (n.d.). Retrieved from https://www.statista.com/statistics/189800/global-outsourcing-industry-revenue-by-service-type/</ref> that includes financial outsourcing and consumer. Global outsourcing industry revenue from 2010 to 2018, by service type (in billion U.S. dollars) == Reasons for outsourcing== There are many reasons why a company uses outsourcing, including: * reducing the overall cost of production, development or services * reaching a wider pool of experts * accessing knowledge unavailable through other means * improving flexibility of business processes * reducing the cost of labor == Types of Outsourcing == Most of the processes in the company can be outsourced in parts or in general. However, depending on the location of the ultimate executor, level of their involvement and amount of services they render, there are following types of outsourcing: * professional outsourcing * IT outsourcing * multisourcing * manufacturer outsourcing * BPO * process-specifi