Nowadays, scale-ups often apply data-driven approaches, from predictive systems to AI-driven automation, because more data allows us to build projections, be proactive, and make data-driven decisions. The COVID-19 pandemic has led to the significant growth of accessing online digital technologies and data-driven decisions that enable things like working, teaching, schooling, seeing the doctor, grocery shopping, and even attending digital conferences from home—all necessary activities for suppressing the rate of infection. Consequently, data growth and analytics-driven decision-making are likely to continue increasing.
However, processing and analyzing large amounts of data is not simple; many business problems still get solved through traditional approaches and take months or years to resolve. With demand comes the supply, data science outsourcing market is dramatical booming. According to Fayrix, firms can save 50-60% of their budget on data science outsourcing thanks to cutting down fees for office space and equipment and by employing workers on lower wages abroad.
Some key benefits of outsourcing Data Science are listed:
Cost effectiveness: Hiring full-time Data Science experts requires a lot of vetting, additional expenses, and risks. Moreover, in-house employees are always pricier due to employee benefits, taxes, and office equipment. At the same time, remote professional data science teams would help companies to focus on other goals and reduce hiring costs.
Increased sales revenue: the more data scientists, the more benefits they bring to the company. By looking at Amazon, a vast number of data scientists have been hired by the company to collect and analyze customer data and monitor behavioral data, which allows Amazon to target customers with the products they need and want specifically.
Freed-up resources: Data science outsourcing services allow businesses to focus on the core operations and the big picture. They provide the ability to forget complex and time-consuming tasks and concentrate on making intelligent decisions.
Flexibility: To decide which tasks to focus on sometimes is not easy and outsourcing your data science tasks gives you a high degree of flexibility.
For most businesses, outsourcing data science will be the right option. Outsourcing guaranty you a high degree of flexibility and scalability in finding the right employees in a highly competitive industry.
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