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OUTSOURCING-CORPORATE BUSINESS OUTSOURCING

CORPORATE BUSINESS OUTSOURCING

Outsourcing: The term outsourcing, which came from the phrase outside resourcing, originated years ago. The concept often involves the contracting of a business process (e.g., payroll processing, claims processing), operational, and/or non-core functions, such as manufacturing, facility management, inspection, auditing, business consultancy and call centre support. The practice of handing over control of public services to private enterprises, even if on a short-term limited basis, may also be described as “outsourcing“. Outsourcing includes both foreign and domestic contracting.

Importance of Outsourcing: Outsourcing can offer greater budget flexibility and control by allowing organizations to pay for the services and business functions they need, when they need them. It also reduces the need to hire and train specialized staff, makes available specialized expertise, and can reduce operating expenses and risk.

Corporate Business outsourcing: More small businesses are outsourcing tasks these days because technology has advanced to the point of professionals being able to work from anywhere in the world, coupled with the availability and accessibility of extremely qualified professionals who have decided or been forced to leave the corporate world, [such as] virtual executive assistants, marketing directors, graphic designers, transcriptionists, paralegals, web designers, HR consultants, bookkeepers, PR directors, IT specialists, and the list goes on. These freelancers come on board as subcontractors and save the small business owner the burden of paying overhead associated with payroll taxes and expenses such as health insurance and worker’s compensation

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