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HI6008 Business Research

tag 0 Download 9 Pages / 2,111 Words tag 21-07-2021

Question:

In the contemporary business scenario, outsourcing of basic business functions can be identified as a profitability source saving both time and money (Raiborn, Butler and Massoud, 2009). Depending on the business size and resources available to an organisation, modern business management has initiated the process of outsourcing the fundamental business functions such as marketing, human resources, sales, and accounting etc to stay on top in a target market (Belcourt, 2016). The study has been developed to present a literature review stating the advantages and disadvantages of outsourcing business functions.

In the meanwhile, the project undergoes several types of research conducted by authors to identify how the term outsourcing has been associated with modern organisational management. Evidently, in order to sustain a healthy competitive momentum in the business, domestic as well as multinational companies need to evaluate the sense of outsourcing of fundamental business functions (Namasivayam, 2014). Also, the research describes the literature gap attached to the topic of outsourcing of business functions.

The research study identifies the past literature so that the process of outsourcing business functions can be understood. Furthermore, the study of literature has illustrated different types of outsourcing in the modern business management. In terms of modern businesses, virtually most of the basic business activities can be outsourced to achieve certain advantages (Wu and Park, 2009). Therefore, the study has been aimed to identify how different types of outsourcing have benefited the modern business firms to stay competitive. Besides, the project elaborates the basic advantages and disadvantages of the process of outsourcing business functions.

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