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What is Insourcing?
Insourcing is assigning a project to a person or department which the company instead of hiring an outside person or company to do the work.Pros of Insourcing
- Work closely with team members
- Control the quality of work
- Enhanced synergy between departments
- It shows investment in the workforce, which is good for morale
Cons of Insourcing
- It requires more money and resources than outsourcing
- Rebuilding a team can be expensive and time-consuming
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What is outsourcing?
Outsourcing is the business practice of hiring a party outside a company to perform services and create goods that traditionally were performed in-house by the company’s own employees and staff.Pros of Outsourcing
- Access to talent around the globe
- Focus on your core business
- Projects can be performed at a discount
- Adds excellent expertise without a long-term commitment
Cons of Insourcing
- Lack of control over the quality of work
- Can get expensive if you need to fix work to meet standards
- Disconnect between departments
- Missing relationships with team members
- Work is completed by others with no knowledge of your business culture
