As we move towards a more sustainable global environment, every facet of our lives is set to be transformed, and international business is no exception.
Key investment players are now seeking more sustainable responses to the infamous decade-long reconfiguration of global supply chains to remain cost-effective, competitive, and profitable in an ever-evolving global business landscape.
This new era of supply chain preferences (exacerbated by the COVID-19 global pandemic), has meant savvy investors have been turning away from traditional ‘offshoring’ and towards ‘nearshoring’ as the viable alternative; effectively bringing their international operations closer to home for a greater ease of doing business.
Given its prime geographical location, Jamaica is an increasingly more attractive solution to market changes for multinational corporations, becoming their new global services destination of choice particularly for higher-value services.
This game-changing shift in the international business landscape has prompted a unique ‘reimagining’ of the conventional outsourcing model into a next level global services paradigm, supported by visionary goals which bolster value chains and increase organizational capacity.
Welcome to … ‘UpSourceJamaica’
Let’s be honest, when we think of ‘outsourcing’, it does not always conjure up a favorable impression.
The reputation of outsourcing as a business practice is notoriously linked with poor service, ‘cheap’ labor, ‘lost in translation’ customer service, impersonal communication, unstable operations, and a sense of ‘cutting corners’ just to make a dollar.
While it’s true that outsourcing can be a risky venture, the inherent nature of a concept like outsourcing means it can be used a powerful tool for expansion, increasing a business’ adaptability to changing market conditions as well as providing significant service level improvements and global brand strengthening for investors.
However, the outsourcing of old no longer fits the business model of 2023 and beyond.
Global Services Sector (GSS) outsourcing and offshoring has transitioned away from the traditional purpose of establishing primarily low-cost business processing. Global services prospects are increasingly demanding that service hubs and providers demonstrate value in areas such as talent management, innovation, digital transformation, and automation to transform their operational processes and enhance business outcomes.
Jamaica’s proven strength in data-driven and digital solutions uniquely sets the island’s business environment apart from the run-of-the-mill outsourcing prototype of days gone by. Global services, particularly digital services, are hot commodities in today’s market and Jamaica is now at the forefront of delivering these world-class business processing services.
The UpSource Opportunity
Jamaica is redefining and revolutionizing the GSS and is creating lucrative and competitive advantages for those who choose to invest in the burgeoning UpSource movement.
The Government of Jamaica is renowned for providing an unprecedented level of support to investors to be able to serve the global market, evidenced by strategic enhancements to the island’s physical infrastructure, new trade policies and incentives such as a 40%-60% cost reduction on key operational functions, Special Economic Zones, improvements in local energy initiatives, and the targeted upskilling of the local workforce.
Jamaica’s strong financial ecosystem, political stability, highly skilled human capital, being home to the region’s most modern port, and a notable legal regulatory and public-private partnership (PPP) framework also distinguish the island head and shoulders above its competitors.
The Competitive Edge
There is now high international investor demand for business support services from the region, and given Jamaica’s geographical positioning alone, the island is at the cutting edge of logistics and trade facilitation capabilities, providing convergence for North, Central and South America, along with the Caribbean region.
Offering an unparalleled level of service excellence and quality control, Jamaica is becoming the fastest growing global services market in the Americas, rivaling competing global services jurisdictions such as Mexico.
UpSourceJamaica is additionally receiving international acclaim, with the island noted as one of the world’s most dominant players in the global services sector and the preferred domicile of choice for leading global investors.
In 2018, Kingston was impressively named the BPO Nearshore City of the Year by Nearshore Americas. In 2019, Jamaica was voted the Best Caribbean Country for Doing Business by Forbes, as well as ranked the 6th Easiest Place to Start a Business by the World Bank Doing Business Report.
Jamaica’s economy has also been recognized by Bloomberg as the number one performing stock market in the world in both 2015 and 2018, and the country rated 9th on the innovation list amongst Latin American and Caribbean economies (Global Innovation Index – WIPO).
In 2020, the Japan Times even coined the island The Best Place to do Business in the Caribbean, and business confidence in the island has increased annually by 24.1 points in the last decade.
This kind of transformational growth is attracting some of the world’s most high-profile investors to UpSourceJamaica and to lead the charge in reimaging and redefining the global business landscape as we know it.
Be part of this wave of elevation.
Join us in Jamaica.