The amount of data worldwide is increasing every day. It is estimated that around 90% of the data currently existing was created in the last years. Futurists estimate that in 2025 the collective sum of all the data in the world is reaching 175 Zettabytes.
The still increasing data growth brings new opportunities for companies to gain actionable business insights from their historical data. In cities like Singapore and San Francisco, companies have seen the amount of value hidden in the various dataset and working on unlocking the insight and knowledge their collected data contains. The primary purpose is to push business to the next level. The work with understanding and creating actionable insight is called Data Science, and the people doing it is called data scientist.
Why use data science
There are many ways data science can create value for your business.The ‘golden’ beginning is to start asking: Why, How, and When based questions. Then data scientists can provide you with the best possible answer.
By analyzing historically collected customer data, data scientists can identify your customer’s pain points, shape data-based marketing strategies, determine the best way to personalize customer recommendations, and so much more.
Identify where and how to optimize inefficiencies in your business, departments, or workplace operations.
By analyzing various datasets and cases, data scientists identify friction, time lost, or erroneous outputs in your business.
Having data scientists identify the value hidden in your data can put your business ahead of your competitors.
Data scientists can turn your dataset into actionable knowledge and goals for your business with the correct algorithms. The algorithm will identify problems you did not know you had or warn you about issues you will have in the future.
Data analysis and data science go hand-in-hand with digital transformation. There are only a few companies in Europe there isn’t digital or on the digital transformation journey. As companies become digital, they enter the realm of data collection and analysis possibilities.
By making data-driven decisions and having the data-driven approach, companies stand to gain a significant value based on analyzes made on in-house datasets. Data science allows using the value in collected data – the best possible way.
Reasons to outsource your data science department
Harvard Business Review named data scientists the “sexiest job of the 21’st century“. Unluckily for the companies, the amount of data scientist are shocking low, but the demand is increasingly high. Which is, of course, are increasing the salary of data scientists.
By outsourcing your data science department, you can have all the analysis benefits without struggling to create a data science department and spend excessive money on salaries. By outsourcing the data science task, you get an exceptionally highly skilled data scientist ready to start working from day one.
Furthermore, outsourcing your data science team gives you a high degree of flexibility when choosing which task to focus on. When you start to experience the value data science can bring, your focus might shift. By outsourcing your data science department, you can tailor the experience to suit your company. It allows you to try new ideas and create ‘Proof of Concepts’ without further obligations.
When your primary business value is not data and data-understanding – it takes a lot to create a new data science department focusing on this. If you are unsure how and which data science operations suit your business the best way, outsourcing is the best option. Then you can focus on your primary goal. While data scientists will provide your business with the correct analysis, it will benefit your business the best way while limiting your spending area.
If you already are handling your data science in-house, you may spend more money by hiring employees only to find there isn’t enough work for them to do. Or that your data science needs are different than you initially envisioned.
By outsourcing your data science department, your company still gets the data’s value, but without you have to invest in a whole new department. When you outsource your data science department to Borbaki, we take care of everything from infrastructure and support to data management and data analysis.
We will create the algorithm matching your needs to help you make data-driven decisions in the future.