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Outsourcing Definition


London South East has an extensive glossary of financial definitions, offering simple explanations.

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Outsourcing

The practice of buying goods and services from another person or company instead of producing them inside the company.

Outside suppliers can often benefit from greater economies of scale, and may have more specialised skills in the specific area.

Enforcing specific demand levels is often easier when negotiating a contract with an outside firm rather than a unionised internal workforce.

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