Nearshoring

A business strategy that involves relocating business processes or services to nearby countries rather than distant offshore locations.

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This approach aims to combine the cost benefits of outsourcing with the advantages of geographical, cultural, and time zone proximity. Nearshoring facilitates easier communication, more efficient collaboration, and quicker response times while still achieving cost savings. It also helps in mitigating risks associated with long-distance outsourcing, such as political instability, language barriers, and logistical challenges.