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The Cambridge dictionary defines outsourcing as

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The Cambridge dictionary defines outsourcing as

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the process of paying to have of a company's work done by another company

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a situation in which a company employs another organisation to do some of its work, rather than using its own employees to do it

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(e.g. there are lower labor costs in other countries)

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Companies do not need to employ people, who do low-value tasks, so they can employ more high-skilled people working on high-value tasks = benefit for businesses

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More jobs for people in developing countries

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More jobs for people in developing countries

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outsourcing can lead to higher wages and more job opportunities in the developing countries to which firms outsource
Some say it could close the gap more between the rich and the poor countries

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People in the countries, that are doing outsourcing, lose their job offers to people in other countries.

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The more helping hands, the quicker the job is done and the people helping, who are experts of the issue, will do the job better

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Most call centers have been outsourced to India or the Philippines.

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American companies send IT jobs to India and China because the skills are similar while the wages are much lower. Also some companies in Silicon Valley outsource tech jobs by offering a visa to foreign-born workers.
Those foreign vendors may be individual IT professionals, consulting firms, employee leasing companies, full-service providers and CPA firms.
The common IT-functions to be worked on are e.g. data entry, data center operations, application maintenance and development, disaster recovery and network management and operations.

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hiring a contractor instead of an employer who is not always on site can lead to some overseeing power being lost

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producing something in a different country might not guarantee a quality product or service

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Skype hires employees on contracts in Estonia to program software (young and cheap talent)
--> Microsoft bought Skype for $8.5 billion in 2011

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American Express outsources customer service (call centres) to India and the Philippines

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contractors assemple the units in China
--> an iPhone would cost $30k if manufactured in USA

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… often outsource manufactures to reduce production costs and adapt to new market standards, i.e. to China.

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If companies are bound to operate by seasons outsourcing can simplify hiring and releasing staff so that they don’t have to be employed all the time and through that can save costs.

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… has outsourced by extending operations and employing worldwide to expand capacities.

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Quality and price is both affordable. By searching a global talent pool, its easier to find the right talent with the right price.

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Since your contractor may live in a country out of your time zone, it may be difficult to get in touch at the right time for both of you.

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If a product is assembled or produced in a country with lower production costs, it enables the company to sell it for a more affordable price. This serves to make products more accessible to more consumers from a wider range of economic backgrounds (See Apple example of outsourcing).

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As a small business, outsourcing allows you to get more done and trust important tasks and processes to professionals, without having to actually grow your full-time team in a significant way, saving costs and time.

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Accounting is one of the most common areas where small businesses choose to outsource. By hiring a professional accountant to manage this aspect of running a business, companies (small businesses in particular) increase efficiency and saves money in the long run.

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... bought and employed companies, such as:

Instagram ($1 billion)

WhatsApp ($19 billion)

Oculus VR ($2 billion)

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As an example the decreasing know-how companies