The use of outside suppliers and manufacturers (vendors) to provide goods or services the company previously supplied is called outsourcing.
The main reason or advantage that management outsources the production of goods and services previously produced internally to vendors is to reduce costs.
Outsourcing can also help an organization benefit from costly expertise that it cannot afford to acquire internally.
Outsourcing helps an organization to:
Thus, the use of outside suppliers and manufacturers (vendors) to provide goods or services the company previously supplied is called outsourcing.
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