The Future of Global Outsourcing
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What is the future of outsourcing and will there become a time when it is not longer cost effective?
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The future of outsourcing and the factors affecting it.
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Global outsourcing, also called offshoring or offshore outsourcing is a process whereby companies transfer functions into another country. Basically, a local company opens up a new branch, partners with another country, does direct outsourcing (i.e. internet based), or simply relocates in order to do business there. Companies choose to outsource for a variety of reasons that include: a. sharing and exchanging of information-For example, a country is able to benefit from increase technology due to the presence of a foreign technological company there. In that case, outsourcing becomes a great medium for human growth and development. b. fostering international competition-International trading allows consumers to benefit from lower product costs due to the lower costs of the trading itself. c. creating global wealth-the process assists other countries in developing their own technology and resources by providing them with increase product knowledge as well as financial assistance through processes such as job creations/international division of labor. d. increasing sales by accessing foreign markets, making their products available to wider audiences. e. the main reason companies practice outsourcing is to save money either on the costs of raw materials, on overhead costs, or on the costs of labor altogether. In order to understand the future of outsourcing, it is important to understand the ...
Education
- BA, Brooklyn College
- MBA/HCM, Phoenix University
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