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Outsourcing is when you contract out a business function to a third party over a substantial period of time. This third-party organisation takes control of the function and becomes responsible for its success.
Outsourcing allows you to concentrate on what you do best, save money, be more flexible and manage growth effectively. It also allows your business to gain access to outside expertise and technologies.
If managed successfully, outsourcing can help your business reduce its costs and make effective use of the knowledge and technical resources of another organisation.
Activities you can outsource
Many businesses now outsource many of their non-strategic activities or more complex tasks in order to access industry best practice.
This enables the business to benefit from the outsourcing company's economies of scale and investment in highly-trained staff while it concentrates on core business activities.
Processes you could consider outsourcing include:
· Finance
· Sales and marketing
· Health and safety
· IT functions
· Business processes and HR
You could also outsource non-business-critical tasks such as cleaning, catering and facilities management.
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