Data Science is the process of analyzing data with the intent of converting it into knowledge. The process starts with the collection of raw data then cleansing it, preparing it, exploring and modelling it and then, finally, communicating the results. The final objective is to extract insights that will help organizations make better, smarter decisions. The process involves statistical analysis, machine learning and natural language processing.
Data Science requires specialized skillsets and is usually done by a statistician and/or computer scientist and plays a vital role in any organization that utilizes data analytics. They find creative ways to solve the problems their companies face by using various techniques like statistical analysis. However, data scientists are lucrative earners which means they are expensive to employ for businesses. Therefore, a large number of businesses choose to outsource their data science projects over hiring an in-house data scientist or a team of data scientists (depending on the nature of the project). It is more cost effective and they get the job done much quicker than the time it would take to hire and familiarize an in house data scientist(s).
This article will discuss the 8 major benefits of outsourcing data science projects to a data science provider. It will provide your business access to those specialized skillsets without having to hire a full time data scientist and will allow your project to be completed as it should be. Data science services can be provided by a range of companies like software development companies like Conaxiom which employ tools like AI and machine learning, both of which are integral to data science.
1. Cost Effectiveness:
The foremost advantage of outsourcing your business’s data science projects is the cost effectiveness of it. Outsourcing allows you to hire a data science provider for a specific project that requires their specialized skillsets and this contract is terminated after the completion of the project. Hiring a full time data scientist is extremely expensive since their rising demand tends to be translated into high salaries. Outsourcing the project to a data science provider is cheaper comparatively and they already have the necessary skills, resources and experience to get the job done.
Outsourcing your business’s project to a data science provider means that the vendor will apply the specialized people as per the requirements of the project. Data science is a vast field with numerous areas of specialization. Outsourcing to a data science provider will ensure efficiency as their experience will right of tell them what exactly your project requires whereas hiring a full time team or even an individual data scientist will not guarantee that level of efficiency.
3. Specialist Knowledge:
Outsourcing allows businesses access to expertise and knowledge that they will not be able to find in house. This expertise does not only stem from the range of specialized skillsets employed by the providing company but also from experience of working on projects like yours. By virtue of their work, you have access to limitless specialist knowledge and the people possessing that knowledge. This access is invaluable in complex projects for your business and also for tackling problems faced by your company which requires unconventional and creative solutions.
When a business outsources projects to a data science provider, they can easily scale up or scale down their operations as needed. This is owing to the fact that data science providers can effortlessly ramp up or reduce their sources dedicated to your project or projects in line with the requirements of your business. This scalability is a big plus of outsourcing your projects to a data science provider which would not be possible with a full time in house data scientist, let alone a full time in-house team of data scientists.
5. Focus on Core Activities:
Every business has its own set of core activities that form the premise of the entire business. When businesses stray from their core activities to dedicate the necessary resources to certain one time or even sporadic projects that are not strictly in line with their core activities then that cause grave losses. This also holds true for hiring in-house data scientists for a business project because it is using the business’s resources (capital) that could otherwise be spent on core activities. Outsourcing, therefore, is the best solution because it allows the business to focus more on their core activities with the required resources as it is the cheaper option. Moreover, the data science provider takes over the entire project end to end so the business’s employees are not tied up in liaison or collaborative meetings with the vendor.
6. New Opportunities:
Outsourcing projects to a data science provider allows businesses access to new markets, customers and opportunities including, but not limited to, strategic business opportunities. This can be done via completed projects pertaining to these but also by leveraging the data science provider’s network and connections. This allows your business to stay ahead of the curve when it comes to competition. This would not be possible if the businesses chooses to hire an in house team of data scientists.
7. Connections with Academia:
A lot of businesses sometimes choose to outsource data science related projects because of the data science provider’s connections with academia. The reason for this is that by leveraging their contacts, businesses also gain access to academia and, therefore, to the latest research and developments in the field of data science. This not only helps move their outsourced projects along but also allows businesses a competitive edge over their competitors.
8. Pace to Market:
Another major benefit of outsourcing data science projects to data science providers is the pace to market that businesses get. The vendor has the necessary skills and experience to complete the projects efficiently and, more importantly, quickly which allows business to put their products or services on the market much faster than the time it would have taken had they started by hiring their own in house team of data scientists. This speed is invaluable in the business world with increasing competitions and new businesses springing up all over the world.
Businesses stand to benefit greatly by outsourcing their projects to data science service providers instead of hiring an in-house team of data scientists. Some businesses may only have one time data science related projects which would render in-house hires obsolete after the project is completed. Moreover, by outsourcing businesses stand to benefit from the efficiency and faster completion of the project. Furthermore, access to the vendor’s network of connections, academia and new opportunities which would result from those connections, outsourcing projects to data science providers is the best solution for businesses in the world today.