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What is Offshoring ?
It is the establishment of an organisation's existing or new work facilities in another location which is situated offshore i.e. away from the organization's country's shores without losing ownership of the offshore facilities. This is very important.
These offshore facilities (organizations or people) belong to our organization. They are internal, not external entities. Offshoring can pertain both to manufactured goods or professional / other services.
Offshoring helps you achieve your 3 business objectives of
In a recession hit global economy, offshoring makes your organization look at mechanisms to help you achieve each of the above 3 business objectives.
In addition, offshoring helps your organization understand business practices, work cultures, processes and markets of fast growing emerging markets around the world.
It is thus a natural driver of innovative business growth.
Related - What is Outsourcing ? Offsourcing ?