Term
Definition
Sample
Offshore outsourcing
It is outsourcing of services to some company or individual located at a distance. Usually, the offshore outsourcing results it lower labor costs, better economic conditions, time zones, or a larger talent pool. Time difference with the service provider is at least 5-6 hours.
A US business outsources app development to a Belarusian company.
Nearshore outsourcing
It is outsourcing of services to some company or individual located not far from the location of the business. Nearshoring may result in smoother communication compared to offshoring thanks to the less time difference and cultural crossover. Time difference with the service provider is  about 2-3 hours.
A company based in Germany hires an iOS developer from Belarus.
Onshoring (homeshoring)
It is about hiring a service provider within national borders. Usually the chosen location has lower operational and labor costs.
Occasionally, the term “homeshoring” is also used to describe hiring remote employees working from home.
A US company hired an accounting company within the state.
Multisourcing
It is outsourcing business processes to multiple vendors in order to  diversify the risk in vendor operations.
A UK-based company has several internal IT projects and works with various IT companies on them.