It’s common for companies to believe that outsourcing equals cost-saving and this could mean lost opportunities to gain an advantage on nearshore outsourcing (outsourcing close to home). Globalization has had obstacles lately. This has made Fintech companies give their international operations a new perspective. Maybe, organizations have always seen overseas outsourcing as the key to their problems. Nevertheless, they have started to value geographical proximity more than ever.
Outsourcing work close to your main location is the simplest and most effective solution, as US companies have taken advantage of the proximity opportunity over Latin American suppliers.
Outsourcing is traditionally done to save money. However, numerous other advantages to nearshoring can be even more significant. Many businesses are unaware of these advantages and, as a result, are unable to leverage them.
Why You Should Consider Nearshoring for Your Fintech Startup?
To attract investors for business benefits, startups must develop new solutions faster than competitors. Their primary concern is to improve product features and business digitalization, and they may face the challenge of finding experienced and skilled employees who are passionate about finding the best solution and adding business value.
Consequently, the most advantageous solution is to hire local junior talents and an experienced team leader from neighboring countries. However, this takes time, and time lost means money lost. Hiring web developers and architects from nearshore vendors is one of the most popular and effective solutions right now.
4 Essential Benefits of Nearshore Outsourcing
It provides relief from a talent shortage
Many businesses are suffering from a severe shortage of skilled workers. This is more often than not visible, especially in areas critical to the company’s operations. For Fintech companies is paramount to find highly skilled workers to deliver their solutions and as a matter of fact, this is a big challenge currently for in-house teams.
One additional advantage of nearshoring is that a company can find experts in areas where there are almost none in the home country. For example, the Latam region has experts in Web app development, QA testing, UX/UI design, and Software Business Analysis, all essential parts of the Software Development Life Cycle (SDLC), and they can be very hard to find in most European countries.
Nearshore outsourcing increases agility and accelerates growth
Nearshoring is the most agile solution. One reason for this is the lack of experts in host countries. In many countries, it can take months to find a capable software developer. If no experts are available, the process simply cannot be sped up by hiring locally.
When nearshoring, you may be able to start a project in as little as a few weeks. The ability to use this type of flexible extra capacity can significantly accelerate the company’s growth.
You can maximize your benefits by carefully selecting which projects to outsource. Some businesses outsource design functions that are not critical to their core operations, you can outsource design functions or custom application development for example.
Diverse points of view promote innovation
In today’s business, innovation is the most important success factor. And it is well known that combining different backgrounds and points of view fosters innovation. This is one of the reasons why nearshoring can help a host company’s innovation capabilities.
Lower costs and more growth opportunities
Lowering costs is still one of the primary reasons for outsourcing. Nearshoring increases cost savings predictability and control.
It is extremely convenient if the outsourcing partner is geographically close and in the same or nearly the same time zone. Even more valuable is the fact that the host company and outsourcing partner have similar business practices. People in the nearshoring industry frequently have similar ideas about quality, communication habits, and the importance of keeping promises.
Nearshore outsourcing brings along many benefits, and it could be a game changer for your Fintech Startup allowing you to be on top of your business and delegate software development functions to top talent near your headquarters.
Teravision Technologies teams currently operate all over Latin America providing nearshore software development with top-notch talent for clients in the US and Canada. So if you’re looking for a partner for your next project, just give us a call!
