How does outsourcing represent a new mode of business?

Outsourcing is yet another trend that is radically reshaping business. It refers to long-term contracting out of generally the non-core and of late even some of the core activities to captive or third party specialists with a view of benefitting from their experience, expertise, efficiency and even investment. This simple definition leads one to the salient features of the concept which are not peculiar to an industry/business or country, but have become a global phenomenon.