Well we’ve reached a critical turning point and there’s no going back. Artificial intelligence (AI) is no longer a competitive advantage – it’s a business necessity. Many organizations have already jumped on the bandwagon, using AI for improved workflow, customer service and running their businesses better.
It’s popping up everywhere. Insurers are using it to sell loans, automotive manufacturers are using it to enable cars to drive themselves and healthcare providers are using it to predict when patients will get re-admitted to hospitals.
The funny thing about it is that AI isn’t new. In fact, it was developed in the ‘70s and ‘80s and updated in the 2000’s with deep learning technology. But it hasn’t been until recently that the hardware caught up to the software enough to capitalize on the business opportunity.
That’s the good news. The more challenging news is that machine learning, a form of AI that relies on using huge amounts of data to train algorithms to detect patterns and “learn,” depends on data scientists to develop algorithms and train the software – and there are just aren’t enough of them to go around.
This need, however, is fueling a huge growth in the nearshoring market, especially in Puerto Rico, home to the largest engineering university in the Caribbean. This world-class university graduates a large pool of software engineers and data scientists every year—and, because there is not enough demand yet in Puerto Rico for their expertise—they are available to offer their skills in an outsourcing capacity.
And while there are economic challenges in Puerto Rico’s government, private Industry is a different story. Most technology businesses are growing at a very rapid pace (including Wovenware which grew 60% last year), fueled in great part from the need for software engineers with expertise in AI – from chatbots and other smart apps to deep learning and predictive analytics.
Nearshoring to Puerto Rico Provides an Ideal Solution
In addition to its high-level technology talent, Puerto Rico is an ideal nearshoring location for several other reasons. Because of its proximity to the mainland U.S., it is easy for companies to communicate, collaborate and conduct business based on a similar time zone. As a territory of the U.S., Puerto Rico, shares the same culture, language, rules and compliance as the rest of the U.S., and its residents, who are U.S. citizens, can fulfill U.S. regulatory requirements.
Additionally, there are economic benefits to working with nearshorers in Puerto Rico. Companies can save between 30-50% by using nearshorers in Puerto Rico, rather than outsourcers in the mainland U.S.
AI solutions are rapidly becoming “must-have” technologies companies need to remain competitive. While it can be challenging – and often costly – to find the highly-skilled data scientists and high-level expertise you need, you don’t have to look far to find it.
Many companies are finding that nearshoring to Puerto Rico is giving them the expert resources required to take advantage of the cognitive solutions that are changing the face of business, more quickly and cost-effectively than possible on the mainland. No wonder nearshoring is on fire!