What is outsourcing, off-shoring, Insourcing?

Outsourcing is a business practice in which a company hires another company or an individual to perform tasks, handle operations or provide services that are either usually executed or had previously been done by the company’s own employees.

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Reasons for outsourcing
Companies often outsource as a way to lower costs, improve efficiencies and gain speed. Companies that decide to outsource rely on the third-party providers’ expertise in performing the outsourced tasks to gain such benefits. The underlying principle is that because the third-party provider focuses on that particular task, it is able to do it better, faster and cheaper than the hiring company could.

Outsourcing vs. off-shoring
Companies that hire third-party providers to perform the outsourced work overseas are engaging in a particular form of outsourcing known as offshoring. Nearshoring is a term used for work done or services performed by people in nearby, often bordering regions and countries.

Insourcing vs. outsourcing
Companies may decide against outsourcing and instead turn to insourcing.

As the name implies, insourcing refers to the practice of having in-house teams perform functions that could be handled by outside companies or contactors. Thus, insourcing can be viewed as the opposite of outsourcing.

Sometimes insourcing involves hiring new employees, either on a permanent or temporary basis, to execute the tasks being insourced