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How to simplify data science work using an IT outsourcing firm

The huge amount of data that companies have access to has led to a boom in demand for skilled data scientists.

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Though your business may only have access to a small portion of the vast amounts of data generated each day, that portion is likely more than you can easily analyze by traditional means. Yet, to improve your business practices and remain competitive, you should take advantage of this valuable information. 

If you lack the skills to collect data, you can hire trained data scientists to do so. Using coding, mathematics, and statistics, they mine, consolidate, manage, and analyze large amounts of data to generate usable insights. 

However, keep in mind that the demand for these professionals is increasing every year, while their availability is growing at a much slower pace. To meet your data science needs and be sure you’re not leaving valuable information untapped, consider turning to an IT outsourcing company for help.

Is Outsourcing Right for You?

Data science outsourcing might not be right for every company. Generally, the more responsibility you’re willing to take on in-house, the less likely outsourcing data science tasks will be a good choice. Here are some questions you can ask yourself to determine whether it’s best for your situation: 

  • Do you want to obtain valuable insights from your data quickly?
  • Do you expect your data science needs to fluctuate up or down?
  • Are you unable to go through a lengthy search to hire full-time data scientists?
  • Are your time and resources too limited to create and maintain an in-house data science team?
  • Does your company lack the necessary hardware and software to conduct data science projects?
  • Do your current employees lack training and experience in data science?
  • Are you unprepared to regularly update data science technology as it becomes outdated?

The more “yes” answers you gave, the more likely outsourcing your data science projects is a good choice for you.

Key Benefits

Using an IT outsourcing provider for data science projects can give your company numerous benefits. You get access to a global pool of top talent and skilled service providers, experts who have just the right skills for your particular projects and industry, and the flexibility to get help with one specific project or a whole series of them.

These providers use the latest in technology and the most up-to-date data science tools and approaches. You can scale to adjust data science services up or down as needed. All these factors give you faster results, without the lengthy hiring search or training required to create an in-house team. 

Potential Risks and How to Mitigate Them

Along with all the benefits, there are some potential problems to consider, all of which you can take steps to solve:

You’re exposing your sensitive data outside the company, risking a data security breach. To mitigate this risk, make sure the vendor has a detailed security plan to keep your data safe. The plan should include details about security measures, requirements, and liability in the outsourcing agreement.

When outsourcing providers take on more work than they can handle, delays or other problems could occur. To prevent this scenario, include detailed timelines and deadlines in the outsourcing agreement and monitor project progress closely.

Lack of communication can cause confusion and have a negative impact on outcomes. Don’t let this happen with your projects. Instead, arrange for regular updates and meetings with the outsourcing team throughout the project. Agree upfront on the level of detail and frequency of project reports. And, identify who will be communicating with whom and when.

Getting Started 

Once you’ve decided to find a firm to work with, there are several steps you can take that will increase the likelihood of a successful outcome.

  1. Establish your company’s data science goals and how projects will fit into the overall organization.
  2. Include your existing employees in the process from the start, so they can ask the right questions and tell you what they need from the projects.
  3. Research IT outsourcing companies to find one with data science expertise and experience in your specific industry.
  4. Request a dedicated team of data scientists who will work with you throughout the whole project.
  5. Include performance indicators and objectives in the outsourcing agreement to set clear expectations and allow for useful evaluations.
  6. Make sure the provider will continue to innovate and update technology as needed for future projects.

Outsourcing Success

For each data science project, you and the provider should set specific goals that can be measured so you’ll know what success looks like. A project goal might be to obtain predictions for the coming year to guide you in cutting costs and refocusing priorities. Make sure these individual goals all fit well within your overall organizational strategy.

To promote success, expect to be very involved during the initial phase when the outsourcing team is figuring out your specific needs and how to meet them. Your input, and input from your employees, will be invaluable in designing the most effective data science projects. Continue to maintain ongoing communication and feedback throughout the project.

In Summary

The huge amount of data that companies have access to has led to a boom in demand for skilled data scientists. Outsourcing can help your company take advantage of all the benefits without the time and resources required to set up and maintain an in-house team. Don’t leave valuable data unexamined, when you can get help in analyzing it with an expert outsource team.

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