There isn't a precise definition of outsourcing yet. Loosely, it refers to hiring a contractor outside an organization to help with certain tasks that are generally performed within the company. This has various advantages.
Primarily, it is beneficial to the company from a business point of view, as it reduces the cost of the business. Outsourcing to a smaller organization for a specific job, reduces the cost to the hiring company. Another advantage of this process is that the organization's resources can concentrate on the core activities. It also allows the company access to a larger pool of people, who might have a lot of talents. All these advantages make outsourcing a lucrative option for business firms
