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Outsourcing |
Also found in: Legal, Encyclopedia, Wikipedia, Hutchinson | 0.04 sec. |
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Outsourcing Purchasing a significant percentage of intermediate components from outside suppliers. Outsourcing The practice of a company hiring a different company to supplement its services at a lower cost. For example, a company may outsource its accounting to another firm, which would then prepare and provide appropriate statements for the company. Likewise, an automobile manufacturer may buy auto parts from another company and use them to make its own cars. Companies outsource in order to reduce their costs and thereby reduce the prices they charge for their goods and services. The practice is somewhat controversial, especially as some companies in the developed world outsource to firms in other, often developing nations. Critics contend that this drives jobs out of the home country, while proponents argue that this benefits consumers. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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EMS facility with a strong material procurement arm was less expensive than internal production in Mexico for some product lines. Arecent Defense Department contract to acquire more than 1,000 "mine-protected" armored vehicles for the Iraqi Army has prompted the manufacturer to both expand its internal production capacity and seek outside help. Appraisal reports sent via REALTrans using the Mercury plug-in will flow directly into a lender's or appraisal management company's internal production systems, saving time and insuring accuracy. |
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