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What benefits does Latin America offer?
Figure 6
April, 2010
Cultural Similarity: North America and Latin America have plenty of cultural similarities and they both have European immigrant groups that share their own cultural similarities as well. Europe has influenced countries, like Argentina, that has been heavily impacted by Italian and Spanish immigration throughout its history. In addition to this, a significant number of young professionals migrated to US and European countries to acquire higher educational degrees and to avoid local economic crisis and high unemployment rates South American countries suffered in the last couple of decades. A lot of this labour pool have returned to these countries and have brought with them not only greater skills and experience, but some of the cultural similarities that play a key factor on business relationships. These cultural similarities help improve the business strategy and communication between the retained organization and the outsourcer.
Most people would relate to the benefits and advantages the region offers to US based companies. In a certain way this is true; its proximity and the similarity in time zones eases up the interaction with their US customers and allows greater control over the operations. But certainly Latina America offers much more than that, not only to US based companies but to Europe as well. Below are some of the key benefits the region offers:
Figure 4 Figure 5
Colombia; ministry of education,
Source: Wipro research
Figure 3
labour observatory, Mexico; labour observatory,
Latin America has various locations on where, depending on the business strategy, companies can look to setup their operations and reach a more efficient operating model. Popular locations in the region currently are Argentina, Brazil, Chile, Mexico, Costa Rica and Colombia. The table below identified their strengths and weaknesses.
Latin America vs Asia
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Latin America: A destination worth exploring as an offshoring destination
Source: EIU Worldwide Cost of Living Survey, Ministerio de Minas y
Figure 1 Figure 2
There are however other locations gaining more popularity in the offshoring world. For instance, Capgemini opened operations in Guatemala in 2005 to provide nearshore services to US clients and in 2008 started F&A Operations for Coca-Cola. Guatemala is a country that has cultural affinity to the US, high qualified labour force with bilingual capabilities (Spanish and English) and, similar to Colombia, it shares a neutral accent that allows them to assimilate any Spanish accent, ideal for call centre services.
Costs: Latin America offers an average cost reduction of around 30% to European and US based companies. Colombia is the location with the most favourable cost benefits in the region, followed by Argentina. It's worth mentioning that cost savings do still remain higher in Asia, however it's hard to predict how long the low Asian costs will be sustainable. Asia is seeing far higher wage inflation than Latin America and the projections do not foresee any reduction in the annual increase in the years to come (inflation in India reached 15% in Feb. 2010). This trend is clear not only to offshoring clients but also to Indian BPO service providers such as Wipro, Infosys and TCS who have recently entered the Latin America market. This new market is an opportunity to expand their business offerings and capabilities; and their move here confirms they see business development in this region. Compared to European offshoring/nearshoring locations, Latin America does provide greater savings. A study from A.T. Kearney shows that Eastern Europe reduces cost from 15%-25% while Latin America is delivers savings from 20% to 40%.
Latin America continues to raise the attention as an eye-catching destination that offers great value and resources when compared to other offshoring locations. BPO, Share Service Centres (SSC) and Calls Centres industry have grown significantly during the past years due to the fact that not only big companies such as American Express, General Motors, Intel and others are running their operation here, but also well known global BPO service providers like, Wipro, Accenture, ACS, Genpact, IBM, Infosys and TCS have established delivery centres in the region.
Average Utilities Cost by city for a family of 4
Which location is brings the best benefits?
Energía; Comisión para la Integración Eléctrica Regional x
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Skills: Latin America has a large pool of young (an average of 27 years of age) and well skilled workforce for ITO and BPO services. Brazil has the highest number in the region because of its large population size (57.5 M). There are many universities within the main cities and the constant economic crisis South America has suffered over the last decades has made the working market extremely competitive. This has not only improved the labour skills, but has made universities and other education facilities to invest in new and high quality programmes.
University graduates in the sector (2007) Index Availability of Qualified Labor
Uruguay is also looking to place themselves in a strong position within the BPO and SSC sector. They have recently open on march 2010, a free trade zone (Aguada Park) which consist of 600,000 square foot aimed to provide high-tech infrastructure to companies delivering contact centres, BPO and SSC services (among others) in a well located region and with low infrastructure and labour costs.
Source: Economist Intelligence Unit, Pay Scale 2005 Source: Colliers International
Language capabilities: Latin American countries are known for their strong English skills which allow them to provide services to both English and Spanish customers. Argentina, Mexico and Costa Rica are the countries with the best language capabilities in the region. Other countries also emerging due to their language skills and capabilities are Guatemala and Nicaragua. Many people in Guatemala are good English speakers and posses a neutral accent that allows them to assimilate other Spanish accents. Nicaragua has seen languages skills improve as many of its citizens are returning back to the country, from the US, after they had relocated there for political reasons. However, the current political instability the country phases continues to hold back foreign investments.
So where does it stand in comparison to the Asia market? Although Latin America shows a promising future, is not as mature as Asia is today. Currently, Asia still remains the most developed and popular destination for offshoring clients due its low labour cost, specialised skills and for being the most experienced outsourcing community. However, Asia is struggling with factors such as rising wage costs, increasing Inflation, and currency fluctuation. Latin America doesn't suffer the inflation rates and wage increases Asia suffers every year and it contains a good mix of labour skills and low operational costs.
Average wage cost (US$ - Annual) Average Building rent prices US$/m2
Source: Higher Education Secretariat, Brazil;
When considering an offshoring deal, companies should evaluate all offshoring locations and consider the one that best fits its business strategy and that brings the greatest benefit in the long term. Latin America is an option that certainly should be considered, along with the other main offshoring locations today, when putting together your business case.
Argentina; ministry of education. Source: The World Competitiveness Yearbook 2008 - (10=Fully
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