Outsourcing, a practice engaged to cost-effectively transfer certain business processes to outside suppliers, often plays a vital role in a company's corporate growth strategy.
The outsourcing process allows companies to focus on their core competencies while mitigating a shortage of resources, skills or internal expertise. Firms taking advantage of outsourcing relationships can utilize each other's strengths to make both firms stronger. There can be a financial benefit, but often the partnership provides other benefits which may include a mutual strengthening of each partner's capabilities, skills and knowledge. Strong partnerships are built on honest open communication, a strong understanding of each partner's obligations to the partnership and a mutual agreement as to how goals will be achieved.
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