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Outsourcing
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Outsourcing, as a concept, was started in the late 1980’s with companies choosing to outsource their non-core operations from their internal production to outsiders who excel in the management of the same. Outsourcing has taken off from there to engulf the entire west, with most companies now opting to outsource their work partially or completely to companies based in the East. It is now widely seen as a more profitable option for redirection of available resources for conservation and optimum utilization of the same and streamlining a company’s focus on its core-competencies.
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Outsourcing can be undertaken to varying degrees, ranging from total outsourcing to selective outsourcing. Total outsourcing may involve dismantling entire departments or divisions and transferring the employees, facilities, equipment, and complete responsibility for a product or function to an outside vendor. In contrast, selective outsourcing may target a single, time-consuming task within a department, such as preparing the payroll or manufacturing a minor component, that can be handled more efficiently by an outside specialist.
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Outsourcing