We hear the term 'outsourcing' and 'outsourced' so often in this globalized world of ours. However, there are still some of us who don't really know the implications or process of such outsourcing.
Outsourcing basically means shifting manufacturing and business units to other nations, where raw material and labour is relatively cheaper than what it is in the parent country. Business outsourcing is thus carried out to ensure least amount of investment and cost price and maximum benefits on part of the business firm or organization.
Though outsourcing has been criticized by political commentators, it is a crucial tool for capitalists in today's global world.
