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One of our engineering teams who normally builds our products in-house was made to bid against contractors who promised the moon.
Them and multiple other teams then had to spend a total of 18 months getting the contractor's shoddy work up to scratch. When they were done, the lead engineers from three teams left, as well as their manager.
Oh boy. My current employer had an app built inhouse over 18 months I think. Nobody cared to be involved in the reviews providing nothing more than "good good" until the thing was done. Then suddenly everything was "ugly and not what they wanted". An external company was hired who promised to rebuild it from scratch in 3 months. The internal devs were shuffled around, many quit. 2 years later the external company finally releases version 1 and celebrates themselves as absolute heroes. The were then set to work on taking over the current project the internal team had been working on... They again changed everything and made pretty much everyone on the team leave. That was another 2 years ago and they are getting close to release which no doubt will be celebrated again.
Luckily my work is a whole lot more specialized and the consultants we work with are actually competent and not greedy.
The story of every "outsourcing your core work" ever - and every time they are certain that the expected result won't happen to someone as smart as them.