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Therefore, offshoring should not be confused with outsourcing which does imply one company relying on another. In practice, the concepts can be intertwined, i.e offshore outsourcing , and can be individually or jointly, partially or completely reversed, as described by terms such as reshoring , inshoring , and insourcing .
Offshore outsourcing – combines outsourcing and offshoring; is the practice of hiring an external organization that is in another country to perform a business function. [ 142 ] In-housing – hiring employees [ 217 ] [ 218 ] or using existing employees/resources to undo an outsourcing.
Offshoring as a service (OaaS) is a business model in which the offshore office is not owned by the entity itself, instead it is outsourced to a vendor. The concept of offshoring is not new; however, in the past, some companies have tried to open their own offshore offices.
Offshoring, according to the ORN, refers to the process of sourcing business functions or processes supporting home-based or global operations from a foreign country, either through wholly owned organizational units (captive offshoring/shared services) or external service providers (offshore outsourcing).
Much of Kotlarsky's research relates to outsourcing and offshoring. Together with Leslie Willcocks and Ilan Oshri, Kotlarsky is the author of The Handbook of Global Outsourcing and Offshoring, which argues that companies tend to consider offshoring in situations where their profits are already diminishing. [ 3 ]
Offshoring is a variant of outsourcing, respective tasks can be offshored by situating them in another country. This could be both a business task or indeed an entire business process. Nearshoring is a variant of offshoring. Tasks are not relocated to a country that is very far afield on another continent.
Nearshoring is the outsourcing of business processes, especially information technology processes, to companies in a nearby country, often sharing a border with the target country. [1] Both parties expect to benefit from one or more of the following dimensions of proximity: geographic, temporal (time zone), cultural, social, linguistic ...
Global labor arbitrage is an economic phenomenon where, as a result of the removal of or disintegration of barriers to international trade, jobs move to nations where labor and the cost of doing business (such as environmental regulations) are inexpensive and/or impoverished labor moves to nations with higher paying jobs.