Outsourcing (or engaging remote or virtual staff) is the process of hiring an external company or individual to perform a specific task or function . This can include anything from manufacturing to customer service to IT support. The key difference between outsourcing and offshoring is that outsourcing is done within the same country, while offshoring is done in a different country.
One of the main advantages of outsourcing is that it allows companies to focus on their core competencies and leave non-core functions to external partners. This can help companies save money and increase efficiency. Outsourcing can also provide access to specialized expertise and technology that may not be available internally.
Offshoring, on the other hand, can provide companies with access to lower labor costs and other cost savings. This can help companies increase profitability and remain competitive in the global marketplace. Offshoring can also provide access to new markets and customers.
To give you a much better understanding, here’s the difference between the conventional outsourcing and offshore staff leasing:
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