It’s undoubtedly the age of Big Data, simply because the amount of data in existence is only continuing to grow at an exponential rate. In fact, it’s estimated that approximately 90% of the data in existence at the current time came into existence in the last 2 years alone. Over the next 5 years, the amount of collective data across the world is expected to reach an incredible 175 zettabytes. To put that into perspective, a single zettabyte equals a trillion gigabytes.
Needless to say, data is growing in terms of volume, but it has also grown in importance as humans have learned to gain actionable insights from it. Companies in all business verticals now realize just how many insights they can unlock and how they can propel their company forward with the power of data science. This is accomplishable with the help of an in-house data science team, offshore software development teams, or offshore programmers.
What Can Data Science Do for Businesses?
Data science is the study of data through the extraction of useful information from said data. The data scientists are developing methods of effectively recording, storing, and analyzing information to gain insights and knowledge from any type of data, including structured and unstructured. These insights and advantages of data science include:
Using data science, along with machine learning and artificial intelligence, helps unlock data to put companies ahead of their competition. These advanced tools lead to detailed, advanced insights that are then put to good use as actionable tasks and goals for companies. They also help identify potential issues before they happen to prevent problems in the future.
Many companies use data science to identify the inefficient aspects of their operations. They are then reevaluated and fixed for maximum efficiency. With a wide variety of use cases, data science is implementable across nearly every industry to help find areas for improvement.
As companies continue to become more and more digital, they collect more and more valuable data. Data science and this digitization go hand-in-hand and allow companies to take a data-driven approach to their unique business.
Customer analytics is the process of collecting and analyzing customer data. This gives companies incredibly valuable insights into customer behavior to help identify pain points, create effective marketing strategies, and offer more personalized recommendations to the company’s niche market.
Why Choose to Outsource Data Science?
Data science is still a relatively new area of technology, and experts are only in the beginning stages of unlocking its true potential. As it is such a new field and the IT industry is going through a skills shortage, it’s rather difficult to find available and qualified data scientists to work as part of a full-time in-house team.
For this reason, among many other benefits, it’s common for businesses to choose to hire third-party offshore software development companies to handle their data science needs. These additional benefits include:
Getting Started Right Away
When working with an external partner, it doesn’t take an enormous amount of time for recruiting and training to get started on a data science project. While finding the right company does take diligent research, preliminary interviews, and discussions on how to succeed together, companies save quite a bit of time by outsourcing.
Outsourcing companies typically offer a portfolio of their success stories and case studies so that businesses will know if they are a fit for their needs. It helps ensure that the third-party partner not only delivers what the business needs, but also if they work well together if they are successful at what they do, and so on.
Outsourcing data science needs an offshore software development company that allows businesses to save money in a variety of ways. Project completion is faster, thus saving both time and money. Companies don’t have to worry about paying expensive in-house salaries for data scientists nor their health insurance, benefits, and other full-time employee requirements. Outsourced teams also allow for scalability. When there are more outstanding projects on the table or a deadline is fast approaching, outsourcing companies can quickly add new collaborators to the team. On the flip side, if there’s a reduction in projects or things slow down a bit, the team is able to scale down to cut costs.
Access to Highly Skilled Experts
Outsourcing gives companies access to many highly-skilled data scientists that they may not have had access to otherwise. Hiring someone in-house for this need sometimes means only one or two experts in the field. During a time when these skills are in high demand and short supply, the ability to gain instant access to highly-skilled professionals with a wealth of industry experience is incredibly helpful.
Outsourcing data science is a beneficial practice for companies of all industries and sizes. Data science itself empowers companies with insights into their customers, more effective marketing techniques, company optimization, and provides a competitive leg-up against the competition. While it’s a relatively new field, data science is sure to become even vital to company success as its full potential is fully discovered.