Outsourcing: The practice of transferring the operations of the business function to an outside supplier.
What is outsourcing?
- Outsourcing is a contract in which one company hires another to perform a planned or existing activity that is or could be done internally, and it may involve the transfer of employees and assets from one company to another.
- A business practice in which a company hires a third party to perform tasks, manage operations, or provide services is known as outsourcing.
- Advertising, office and warehouse cleaning, and website development are excellent examples of outsourcing.
- Most business owners delegate authority to outsourced specialists for bookkeeping, maintenance, and recruitment.
- This enables companies to focus the majority of their resources on the primary activity.
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