InSourcing is delegating a job to someone within a company, as opposed to someone outside of the company (outsourcing). One reason for insourcing to occur is if a company had previously outsourced a certain task, but was no longer satisfied with the work being done on that task, so the company could therefore insource the task and assign it to someone within the company who they believe will do a better job.
Near-sourcing is a term used to describe a business strategically placing some of all of its operations close to where its end-products are sold. Typically, the term is contrasted with and used to highlight the reversal of the trend to outsource low-wage manufacturing operations to developing nations.
Backsourcing is a term that more precisely describes the process of bringing jobs previously outsourced back under the roof of the company to be performed internally.
Backsourcing has been increasingly discussed as companies decide to cease outsourcing operations, whether because of the issues outsourcing agreements encounter, because of pressure to bring jobs back to their home country, or simply because it has stopped being efficient to outsource a given task outside of a company.
Crowdsourcing is, according to the Merriam-Webster Dictionary, the practice of obtaining needed services, ideas, or content by soliciting contributions from a large group of people, and especially from an online community, rather than from traditional employees or suppliers. Often used to subdivide tedious work or to fund-raise startup companies and charities, this process can occur both online and offline. It combines the efforts of crowds of self-identified volunteers or part-time workers, where each one on their own initiative adds a small portion that combines into a greater result.
Advantages and Disadvantages of Outsourcing
Outsourcing most commonly known as offshoring has pros and cons to it. Most of the time, the advantages of outsourcing overshadow the disadvantages of outsourcing.The Advantages of Outsourcing
- Swiftness and Expertise: Most of the times tasks are outsourced to vendors who specialize in their field. The outsourced vendors also have specific equipment and technical expertise, most of the times better than the ones at the outsourcing organization. Effectively the tasks can be completed faster and with better quality output
- Concentrating on core process rather than the supporting ones:Outsourcing the supporting processes gives the organization more time to strengthen their core business process.
- Risk-sharing: one of the most crucial factors determining the outcome of a campaign is risk-analysis. Outsourcing certain components of your business process helps the organization to shift certain responsibilities to the outsourced vendor. Since the outsourced vendor is a specialist, they plan your risk-mitigating factors better.
- Reduced Operational and Recruitment costs: Outsourcing eludes the need to hire individuals in-house; hence recruitment and operational costs can be minimized to a great extent. This is one of the prime advantages of offshore outsourcing.
The Disadvantages of Outsourcing
- Risk of exposing confidential data: When an organization outsources HR, Payroll and Recruitment services, it involves a risk if exposing confidential company information to a third-party.
- Synchronizing the deliverables: In case you do not choose a right partner for outsourcing, some of the common problem areas include stretched delivery time frames, sub-standard quality output and inappropriate categorization of responsibilities. At times it is easier to regulate these factors inside an organization rather than with an outsourced partner.
- Hidden costs: Although outsourcing most of the times is cost-effective at times the hidden costs involved in signing a contract while signing a contract across international boundaries may pose a serious threat.
- Lack of customer focus: An outsourced vendor may be catering to the expertise-needs of multiple organizations at a time. In such situations vendors may lack complete focus on your organization’s tasks.
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