Why would a company choose to outsource materials or services rather than produce it themselves?

Article- How Your Procurement Process Can Give You a Competitive Advantage. Clark, M. (2018, September 7).
Wisner, J. D., Tan, K.-C., & Leong, G. K. (2019). Principles of supply chain management: A balanced approach (5th ed.)

To a great extent, purchasing and materials management are becoming strategic business functions. Explain why this is true. Consider the following when forming your initial post:

How does a company’s approach to purchasing affect its profitability?
Why would a company choose to outsource materials or services rather than produce it themselves?
Can you think of a company that does materials management well? Why do you think so?

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