What’s Happening with Nearshoring?

Nearshoring is a business strategy that involves moving operations to the nearest country that offers a workforce that is qualified to conduct such operations, at a lower cost. This practice has become increasingly popular in recent years. The pursuits of this strategy can entail everything from marketing to manufacturing, as well as software development and customer service – just to name a few.

What’s Happening with Nearshoring?

Nearshoring is similar to offshoring, a process in which companies move their operations to another country. However, the primary differences between the two strategies may include the physical location of the business and the workers who conduct the operations.

To further elaborate, offshoring prioritizes moving a company’s operations to a country that offers cheaper labor costs. On the other hand, with nearshoring, distance is the priority. For many businesses, proximity has a direct impact on efficiency.

Due to the Covid crisis, which has completely turned the business world upside-down, there was a huge surge in nearshoring. While most of the public at large – including business owners – are ready to get back to normal, many companies are continuing to rely on nearshoring. If you’re one of the numerous business owners that have already jumped on the nearshoring bandwagon, or if you’re thinking about making use of this strategy, here’s a look at some of the biggest trends in nearshoring.

Integration of New Technologies

Businesses across the planet have had to speed-up their adaptation of cutting-edge technologies and intellectual property to boost their operations, and will continue to do so moving forward. Examples of these technologies include:

• Robotic Process Automation (RPA)
• Internet of Things (IoT)
• Cloud computing
• Machine Learning (ML)
• Artificial Intelligence (AI)

The adoption of these advanced technologies indicates the increased need for tech talent, developers and engineers, who specialize in these technologies.

New Endpoints

With the continued acceleration in nearshoring business operations, new endpoints will continue to arise to compete with the more traditional endpoint venues. Across the planet, this suggests that there will be an increased interest for North American companies to direct nearshoring to South America/Latin America, and for European businesses to make the shift to Africa.

Improved Customer Services (CX)

Increasingly, organizations are shifting more and more of their time and money to boosting customer experience (CX). A report that was recently published by PWC revealed that 73 percent of consumers consider CX a very important factor that influences their purchasing decisions. The report also outlined about one-third of customers said that they would ditch their preferred brands if they had a bad experience. As such, improving customer experience will be important for the nearshoring sector moving forward, as smaller operations look for more cost-effective answers to the main CX problems.

Improved Cybersecurity

Cyberattacks are one of the primary risks associated with nearshoring. That makes total sense, as the number of team members companies connect with in the digital realm increases. As more and more team members hop on board, it increases the possible entry points that hackers can access. To combat the risks of cyberattacks, new and increased cybersecurity is a big trend in offshoring.

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