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Can Outsourcing Data Science Fill The Jobs Shortage?
Fayrix Believes So

Fayrix estimates that firms can save 50-60% of their budget on data science outsourcing thanks to reduced office space, equipment costs and by employing workers on lower wages abroad.

This is an article update, which appeared on the Forbes 3 years ago. In this article, we revisited the relevance of data science outsourcing in the COVID era. The topic of big data has been drawing more and more attention. According to a report by IDC (International Data Corporation), by the year 2025, we will be handling roughly 163 Zettabytes of data. It is a tenfold influx from 2016 when 16 Zettabytes had been generated.

Having more data allows us to build projections, be proactive, and make data-driven decisions. That being said, processing and analyzing large amounts of data, even using the latest technologies, is not a simple task.

With demand comes the supply, which is why the market for data science outsourcing is booming. Businesses begin to appreciate data science and analytics and refer to outsourcing companies to take up this challenge. In this article, we will go over the rising popularity of data science compared to the pre-COVID world and discuss the benefits that you will gain from choosing to outsource data science services.

Data Science Outsourcing Popularity in the Post-Pandemic World

The pandemic did not mercy anyone, and only the most agile companies managed to stay afloat. How did they pull that off? By being adaptable and proactive. The application of data analytics allowed them to swiftly react to changes in the market and make intelligent and far-seeing decisions. Nowadays, you can no longer use your gut and experience to operate the business; you need advanced data science techniques to be ahead of the competition.

The novelty of the COVID pandemic forced data scientists to be creative and tweak the existing models to fit into the new reality. Without the knowledge of data science models, you are bound to drown in quantities of data. This is where data science outsourcing comes into play.
"Outsourcing data science is the future because it's the only way to use the latest technologies in the most reliable and efficient manner," concludes Ofer Zvi, the Director of Fayrix. "Furthermore, outsourcing data science is the future because of the ever-increasing rise of big data and the critical demand for data scientists who can make sense out of it. Offshore businesses fill this gap nicely by offering all the range of expertise, top IT talent at a considerably better price."

Fayrix and its employees are governed by SLA liability law in Israel, thus ensuring the safeguarding of sensitive data. Companies like Fayrix offer businesses an opportunity to outsource data science and focus on data-driven decision-making. Data science is a booming industry with a shortage of seasoned professionals. Locating and employing scientists with years-long experience is a challenging endeavor that will require you to be well-versed in this field. Big data outsourcing companies are ready to fill this gap and offer you talented IT staff at a reasonable price.

Benefits of Outsourcing
Data Science in 2021

Let's now focus on the concrete pros of outsourcing data science and what to expect from it. How can outsourcing data science advantage your business?
Cost-effectiveness
Customer-centric approach
Increased sales revenue
Perhaps, the most well-known and significant example of a company benefiting from data science is Amazon. This world-renowned eCommerce giant has famously invested a colossal amount of money into data science, and now it is a company with the highest revenues.

Collecting and analyzing customer data and monitoring behavioral data allowed Amazon to specifically target customers with the products they need and want. Personalized suggestions worked like a charm and greatly increased purchases per user. Now, thanks to the unprecedented success of Amazon, even small businesses strive to implement data analytics in their operations.
When we talk about in-house vs. outsource, the latter is almost always more affordable. Hiring full-time specialists requires a lot of vetting, additional expenses, as well as involves risks. Your HR professional will have to personally find the right candidate and assess their skills, which might be difficult if your company lacks personnel well-versed in data science. Besides, in-house workers are always more expensive due to employee benefits, taxes, and office equipment.

At the same time, the benefits of an in-house staff member do not outweigh the elevated costs. On the contrary, you can simply delegate the entire project to a remote team of professionals and focus on other goals.
The business nowadays is all about the customer and their needs. And without advanced data science and analytics professionals, you will always be behind. To anticipate customers' needs and wishes, you need to reach the right person at the right time with the right product. Especially for marketing activities, predictive analytics is the technique to make predictions and anticipate what the customer might need in the future.
Employee retention
Freed-up resources
Data science outsource services allow businesses to shift the focus to core operations and the big picture. Small and medium-sized companies especially tend to disperse their resources on secondary tasks, thus failing to strategize. One of the greatest benefits of outsourcing data science is the ability to forgo complex and time-consuming tasks and concentrate on making smart decisions. Outsourcing firms are ready to handle data collection, processing, and analysis alongside process automation to deliver valuable insights that will help you make the most informed decisions.
Due to the apparent shortage of seasoned data scientists, you are to expect extremely high competition when offering a position to a candidate. Winning them over will be pricey, and even if you succeed, the candidate could find another offer very soon and leave your organization.

Outsourcing companies provide stability and reliability, meaning that once you sign the contract, you can be sure that the job will be done. Working with a third-party vendor will give you peace of mind and relieve you of constant concern that your employees might find another position.
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Nuances of Big Data Analytics Outsourcing

Pros and cons of outsourcing data science can also be applied to big data analytics. However, there are a few nuances that come into question. Big data analytics outsourcing is a more complex task, but the rewards are even bigger. Keep reading to learn the benefits of deciding to hire a third-party provider to handle your big data.

The complexity of big data analytics systems could be unliftable to small or medium-sized organizations. Without a certain level of scalability, companies will not meet the ever-growing demand for innovations. At a reasonable price, companies will gain access to numerous advanced and cutting-edge technologies they cannot otherwise afford.

At the same time, big data outsourcing entails giving access to your data to a third-party vendor. Data is usually transferred to the company's data center to create machine learning models. For this reason, make sure to address data protection before signing any contracts. Demand adherence to security regulations from your vendor to protect yourself from breaches.

When searching for a trustworthy IT partner, make sure your vendor of choice is compliant with regulations like GDPR, HIPAA, etc. Such data privacy laws will guarantee that your data is safe and complete.

Consider Fayrix Your Trusted Partner

Fayrix is a software development company as well as an IT contractor that offers a wide range of services: software development, dedicated offshore teams, data science outsourcing, etc. We continuously innovate and expand the palette of our services.

Besides offering outsourcing services, Fayrix provides an alternative decision, an R&D offshore development center. The benefits involve higher engagement as your offshore developers will be motivated to bring your company to success. They will be working exclusively on your project, without dispersing their attention on other tasks. As a result, you receive the utmost outcomes with smaller investments.

By building fully functional teams in R&D centers, Fayrix delivers software development for startups. Only after two weeks, you could have a dedicated team of IT professionals working on your product. Our top-notch specialists can create web and mobile apps, build machine learning systems and data analytics algorithms. Contact Fayrix to receive a consultation and get access to the latest advancements in data science.

Final Thoughts

As hard as IT outsourcing is, data science outsourcing is the toughest one. The science behind it is truly complex, and only the most experienced and versatile professionals can help you implement it correctly. Teaming up with a reliable IT partner will bring valuable insights and help you make the best business decisions.
FAQ
How Can Data Science Help Business?
Data science is about collecting and analyzing structured and unstructured data to build projections and extract insights. All that helps businesses navigate in the right direction.
Can Data Science Be Outsourced?
Yes, you can hire an experienced IT partner to handle your data and help you get access to valuable insights as well as top-notch tech solutions.
What Are the Benefits of Data Science Outsourcing?
Data science outsourcing helps businesses increase their revenues and free up resources for core business operations. Besides that, data science is the key to the customer-centric approach that saves money.
What Is Data Analytics Outsourcing?
Data analytics outsourcing refers to delegating the task of processing large amounts of data to build and train machine learning models.

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