Outsourcing and Offshoring Are Trends in Today's Business Environment

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The Answer is Answers would vary and may include: Outsourcing is a business practice in which a company contracts out a business activity which are usually performed in-house, to external vendors. This could allow the company to tap into the expertise of external vendors and reduce cost at the same time. Outsourcing could be done in any location so long as the firm contracting the external vendors is sure that the work can be done as expected. One disadvantage is that offshoring on the other hand involves the relocation of a firm's processes to lower-cost locations overseas. The main idea is to reduce cost of operations. Both manufacturing and service companies engage in offshoring activities, with China and India being the major beneficiaries. One disadvantage common to both is that jobs are taken away from the Canadian economy.

Outsourcing and Offshoring Are Trends in Today's Business Environment

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Outsourcing and Offshoring Are Trends in Today's Business Environment

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