In today's rapidly changing landscape, staying competitive and relevant requires innovation and creativity in your business strategies. Companies need a strategic partner that can help them navigate the complex waters of an increasingly connected world. Have you heard of offshore and nearshore outsourcing? Great. But have you heard of the power of these 2 combined? Say hello to the multishore approach, leading businesses toward success through a blend of global expertise, innovation and value.

The multishore advantage

A multishore approach is the practice of spreading business operations across different geographical locations, often involving offshore and nearshore partners. While cost savings are an obvious benefit, the true power of the multishore model lies in its capacity to drive innovation. But why you might be wondering? Well, imagine the possibilities of keeping your business running 24/7. But that’s not all, check out some of the key benefits:

• Diverse skillsets: Working with partners in various regions provides access to a diverse pool of talent and skills. Different cultures bring fresh perspectives and innovative ideas to the table.

• 24/7 operations: Multishore teams operating in different time zones can keep the business running around the clock, accelerating development cycles and response times.

• Cost-efficient research and development: By leveraging lower labor costs in some regions, businesses can allocate more resources to research and development, fostering innovation.

• Agility and flexibility: A multishore partner can quickly adapt to changing market conditions, helping businesses respond to opportunities and challenges swiftly.

• Access to global markets: Multishoring enables companies to tap into new markets, increasing their reach and revenue potential.

So now that we have that covered and we are all in with the multishore strategy, you might be thinking what should you be considering to multishore your business? No worries, here’s what you should do:

First off it's essential to assess your specific needs and objectives. Start by identifying areas where innovation and efficiency can make the most significant impact. We’ve outlined a basic step-by-step to help you with this process

1. Define objectives: Clearly outline what you aim to achieve with a multishore partnership. Is it innovation, cost reduction, or market expansion?

2. Due diligence: Research potential partners rigorously, considering their track record, expertise and cultural compatibility.

3. Effective communication: Ensure that communication channels are robust and well-established. Overcoming language and cultural barriers is vital for success.

4. Data security: Address data security concerns and compliance issues. Protecting sensitive information is paramount.

5. Start small: Begin with a pilot project to evaluate the partner's capabilities and cultural alignment before scaling up.

Remember, multishore is not just about cost savings, the true game-changer is innovation. It's about approaching challenges and opportunities from different angles, harnessing the creativity of a global team and pushing the boundaries of what's possible.

Consider this scenario: A company in North America partners with a multishore provider in Asia. The collaboration introduces fresh perspectives, cultural insights and out-of-the-box thinking. Together, they devise a revolutionary product that resonates with customers on a global scale.

If the multishore strategy has piqued your interest enough and you’re considering a multishore approach for the first time connect with EX Squared to explore the possibilities.