What is the concept of outsouring?

Answer 1

Business process outsourcing is a combination of various activities which a business will perform through outsourcing companies that, in turn, own, administrate, and manage the selected processes based on defined and measurable performance metrics.

These activities include Lead generation, Market Research, payroll, accounting, etc.

Answer 2

When companies can no longer be competitive by producing their own products, they often out source to have the product produced at a cheaper rate so it is more cost effective.