Outsourcing
🏦 Banking
intermediate

Quick Definition

Outsourcing involves contracting out business processes to external parties, often to reduce costs or improve efficiency.

Examples

  • 1A technology company outsourcing its customer service operations to a specialized firm in another country.
  • 2A clothing retailer hiring an external company to handle its logistics and distribution.
  • 3A small business outsourcing its payroll processing to a third-party provider to save on costs and enhance compliance.

Tags

outsourcingbusiness strategycost savingefficiencyglobalization
Quick Info
Category:Banking
Difficulty:intermediate
Last Updated:6/20/2025