The Evolution Of Outsourcing

The idea of outsourcing has its roots in the “competitive advantage” theory has been propagated by Adam Smith. Over the years, the meaning of the term “outsourcing” has undergone a sea-change. What started off as the shifting of manufacturing goods to countries providing cheap labor during the Industrial Revolution, has taken on a new connotation in Today’s scenario. In a world where information technology has become the backbone of businesses worldwide, “outsourcing” is the process through which one company hands over part of its work to another company, making it responsible for the design and implementation of certain business process under the requirements and specifications of the outsourcing company.