How important is onshoring to our economic stimulus? Today, onshoring is increasingly beginning to play a crucial role in the return of the American Renaissance and is quickly developing into one of the most important global trends.
For decades, major US corporations subscribed to the paradigm shift of moving operational functions offshore for a more globalized approach to reducing labor costs while improving profitability, entering into new markets and refocusing resources to concentrate more on core business processes. The playing field is now quickly leveling out as gaps in price and quality have narrowed.
One could argue that the services sector is best positioned to become highly successful in the short term. Areas such as Customer Care have evolved into becoming a primary focal point of doing business. In many instances, the customer experience outweighs the cost because it enables the brand to build customer loyalty which ultimately increases purchasing frequency and values. Customers will also share their experiences with family, friends and colleagues which is a marketers advertising dream.
As business and customers dictate the need to further invest in domestic talent acquisition, this will significantly trigger economic growth, speed to market through innovation and improved quality all while reducing the risks of relying on offshore partners.