What is Nearshore?
Since 2005, offshoring has been in steady decline for a number of reasons. Increased costs, management problems, lag times, political instability overseas, less reliable civil infrastructure, exchange rate volatility, undeveloped legal and regulatory systems and a lack of quality control have all contributed to offshoring's retreat. Instead of cost reductions and operating efficiency, offshoring IT services to faraway lands has translated into headaches and problems for business managers and their customers. Even a cursory comparison between nearshoring and offshoring is proving to be no contest between the two competing forms of outsourcing.
Cost reduction, cultural affinity, talent, geographic proximity and time zone are all the great advantages of nearshoring and which allow leading U.S. companies to realize productivity improvements, better morale and a stronger return on investment. As technology continues to change and develop, it will remain a major cost center for all companies. Therefore, nearshoring will continue to be an effective solution, especially as the talent pool in Latin America continues to grow in both size and skills.
Benefits of Nearshore
➤ Cost savings
➤ Similar timezones
➤ Cultural affinity
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