GENERAL KNOWLEDGE

Detailed explanation-1: -Offshoring often refers to moving entire processes or departments offshore to take advantage of lower labor costs in other countries. For example, a company might decide to offshore its customer support team to a location in India where the cost of labor is much lower than it is in the company’s home country.

Detailed explanation-2: -Outsourcing and Offshoring Key Differences: Outsourcing is the act of transferring business activities to an external organization that has a level of specializations. Offshoring, on the other hand, refers to moving an organization’s business to another country.

Detailed explanation-3: -Offshoring is the transferring activities or ownership of a complete business process to a different country from the country (or countries) where the company receiving the services is located.

Detailed explanation-4: -One advantage of offshore outsourcing is that it lets you retain autonomy over your business operations. Offshoring partners train their staff and let you share instructions allowing you to retain core control over your processes.

Detailed explanation-5: -Outsourcing: Utilising the services of a third-party provider in another country. Offshoring: Work is completed in another country by a dedicated team. With outsourcing, the work that you send is completed by an anonymous staff or freelancers from a different company.