Data science outsourcing has seen significant growth over the last few years and, according to Grand View Research, Inc., the global market size for data analysis is expected to expand at a CAGR exceeding 22.8% from 2018 to 2025. Digital transformation is one of the most competitively advantageous areas you can invest in - making the most of your data and unlocking its power is essential for companies wanting to stay on top of their game. Outsourcing with a trusted partner will give you access to experts who build solutions, perform analytics and help to generate valuable business insights. Data management outsourcing should form a key part of your risk management strategy - most especially if you lack the in-house resources you need. Hiring a team of outsourced data scientists will offer you access to experts in the latest technologies and approaches and it’s often easier, less time consuming and more cost-effective than building your own team from scratch.
So how do you ensure your data management outsourcing keeps risk mitigation and BCP objectives top of mind? Here are four key areas to consider:-
Ensure that training for your outsourced Data Science team is a key part of the partnership you enter into with a data management outsourcing company. This can include knowledge sharing sessions and workshops; weekly meetings; hackathons and masterclasses. Make sure that knowledge sharing business trips can be arranged between two or more locations when possible. These will help to keep your distributed onshore and offshore teams synced and on the same page, as well as boost overall team morale and foster collaboration in a friendly, open-minded, and culturally diverse environment. You may also like to consider purchasing online courses (and putting them as KPIs) to help keep your team up to date in a rapidly changing environment.
Like most STEM jobs, there is a critical global shortage of Data Science talent so outsourcing can be a highly beneficial alternative for companies struggling to find and attract appropriate data talent onshore. Outsourcing the talent you need will also significantly cut the length and cost of the recruitment process. Building data management outsourcing into your business continuity plan can significantly speed up your digital transformation.
If you’re looking for an outsourcing partner who will help you start fast and deliver results quickly, Sharesource could be the answer you’re looking for. Download our eBook, '30 Essential Questions to Ask a Provider Before You Outsource’ to ensure you're informed and have the right questions to ask when considering the next step.