ENTREPRENEURIAL OPERATIONS
SUPPLY CHAIN MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Supplier collaboration process
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Demand planning process
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Strategic sourcing process
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Outsourcing process
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Detailed explanation-1: -What Is Outsourcing? Outsourcing is the business practice of hiring a party outside a company to perform services or create goods that were traditionally performed in-house by the company’s own employees and staff. Outsourcing is a practice usually undertaken by companies as a cost-cutting measure.
Detailed explanation-2: -BPO is the abbreviation for business process outsourcing, which refers to when companies outsource business processes to a third-party (external) company. The primary goal is to cut costs, free up time, and focus on core aspects of the business. Two types of BPO are front-office and back-office.
Detailed explanation-3: -Contract manufacturing is basically the outsourcing of part of the manufacturing process of a product to a third party. It is used by many U.S. companies. Hence, outsourcing a part or entire production and concentrating on marketing operations in international business is known as contract manufacturing.
Detailed explanation-4: -Examples of Third Parties/Vendors Software as a Service (SaaS) providers. Outsourced data centers. Consultants. Office Suppliers.