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In the search of better conditions and opportunities, it is natural for enterprises to look for new unexplored destinations for business. In the previous decades, the choice was mainly driven by cost factors, where India and China appeared as evident leaders in the global outsourcing space. Times, as well as value considerations, change and cost criteria cede to a more important asset such as untapped potential, for which emerging areas are increasingly being sought after.
Cultural affinity, mature infrastructure, and language capabilities are just among the few factors driving the hunt for new destinations in outsourcing. Eastern Europe and Middle East are among the regions that are nowadays experiencing high nearshore demand from clients in the United States and Western European.
When moving to new areas, it’s essential to consider multiple factors to succeed. Below we suggest a couple of tips for successful outsourcing to emerging destinations:
• Local knowledge and understanding of specific contexts of each region is essential.
• Risk diversification is important. There needs to be a right balance between offshore, onshore, and nearshore activities.
• In the current scenario, economic stability in different regions is an important factor to be considered.
• And finally, scalability is another factor that becomes important in the long run. Estimate the demographic and IT potential of each region carefully in terms of scalability and growth.