HILLSBOROUGH, NJ, September 27, 2011: ThinkSolutions, a leading company which gives in-depth analysis on the ups and downs in the IT and BPO sector has ranked various nearshore destinations in Latin America according to the performance and contribution made by the companies in these regions towards the overall economy of the IT and BPO sector.
The 19 different countries were evaluated on the basis of its financial incentives and Labour force availability in each country, and the benefits generated by these two factors for the uplift of the country. Another major factor considered for evaluating the countries was the Business environment that the locations could provide. Business environment includes both micro and macro environment.
According to ThinkSolution, Mexico is considered as the best outsourcing destination in Latin America at present. The second and third are Chile and Costa Rica respectively. Apart from three criteria included in evaluating different locations the cultural alignment with United States were also considered. Moreover consideration was also given to factors such as political stability and corruption in the country and its impact on the outsourcing business.
In the past two to three years the nearshore market has made tremendous contribution towards the global Business process outsourcing and Information Technology industry and has also grown rapidly. Today there are many number of near shore service providers functioning from different locations. In this small span of period nearshore service providers has managed to create a healthy relationship with service buyers in the United States.
Even the US based companies have drastically switched from offshore market such as the India and China and have approached the nearshores. This is because the nearshore outsourcing vendors are well equipped to deliver benefits such as the cost reduction, which is again a primary necessity and also put an end to the cultural barriers created while dealing with offshore service providers. Nearshore vendors have clear idea on what should be achieved and what has to be done to increase the rate of business. These markets are flexible enough and can perform functions according to the changing environmental and political conditions in the United States.
According to ThinkSolution the near shore countries such as Mexico and Chile are scaled up to accept different growth strategic approaches required to uplift the BPO industry. Time zone alignment, language capability and other benefits have enabled the near shore countries to make the region competitive with the offshore markets like India.