Outsourcing in Today's Economic Environment

• Published in: Proceeding Papers (BASIQ International Conference) pp. 193 - 200
• Main Authors: Dumitru-Alexandru Bodislav, Razvan Catalin Dobrea, Florina Bran, Madalina Ioana Moncea
• Format: Journal Article
• Language: English
• Published: Editura ASE 01-06-2023
• ISSN: 2457-483X
• DOI: 10.24818/BASIQ/2023/09/018

An economic phenomenon that is defined by the movement of industrial activity from developed to emerging nations has occurred during the past two decades. This technique may be seen as the huge firms' solution to the issue of production costs that were steadily growing along with rising living standards and compensation. This paper seeks to study outsourcing from the standpoint of its evolution as well as the benefits and drawbacks that come with it. On the other hand, this research essay aims to define the concept's foundations and explore its applicability to the public sector. Overall, research on outsourcing has shown that outsourcing can provide significant benefits in terms of cost savings, flexibility, and quality, but it also presents challenges in terms of managing relationships, maintaining control, and managing the human resources aspects of outsourcing. Companies need to carefully consider the potential benefits and risks of outsourcing before deciding whether to outsource specific functions or processes.