Data science has exploded in popularity and use cases over the last few years – and for good reason. The power of collecting, interpreting, and using data to make solid business decisions cannot be overstated. Data is the new currency and raw material for businesses of all types and sizes, and the amount of data created and collected on a daily basis is only growing.
With the appreciating volume of information, there is an incredible demand for trained professionals who are able to make sense of the data and interpret it for good use within an organization. Data scientists are adept in the analyzing and extracting of helpful knowledge and insights from massive amounts of data.
Unfortunately, there simply is not enough supply to fulfill the demand for data scientists in the current IT landscape. A recent report found that there is a nationwide shortage of more than 150,000 data scientists to be exact. For this reason, and plenty more, many companies are turning to nearshore development companies as their go-to data science solution.
What is Nearshore Development Outsourcing?
Nearshore development outsourcing is the practice of hiring or partnering with a third-party company in a neighboring country to gain access to a variety of benefits. In terms of general outsourcing of projects, benefits include overall cost reduction, access to additional or unique talent, better use of operational resources, and a more efficient and reliable production timeline.
Benefits specific to nearshore development outsourcing include closer time zones and locations to the hiring company, no language barriers for better communication, and cultural proximity.
Many companies choose to partner with a nearshore company instead of an offshore outsourcing company. Offshore companies are typically located in foreign countries where the prices are generally lower due to a lower cost of living. An example of nearshore outsourcing would be a company in Canada hiring a company in the United States or Mexico rather than a company located in Ukraine.
This type of outsourcing allows organizations to accomplish their data science goals with a third-party team while avoiding complicated time zone issues and a possible loss of efficiency.
The Benefits of Choosing a Nearshore Development Company
Outsourcing, in general, is beneficial for companies of all industries, sizes, and specialties. Nearshore outsourcing is especially beneficial for businesses looking to find the best solution for their data science needs. These benefits include:
Access to Talent and Staff Augmentation – Hiring for an in-house team of data scientists is nearly impossible in today’s world as there is a massive shortage of skills data scientists on the job market right now. Many companies experience difficulties recruiting, hiring, and retaining talent for a more general job position – it may even take months to find the right candidate. Going through this process for the unique and extensive skills of a data scientist may take even longer than that.
Nearshore development outsourcing provides companies with access to the data science experts they need while relieving the pressures and costs associated with the employment of in-house data scientists. They provide the necessary experts for the requirements of the hiring companies as needed.
In addition to specific skill sets, nearshore outsourcing companies also allow for scalability should there be a lull in business or a reduction in the need for data science projects. Additionally, they are able to add more employees to the outsourced team should they need more hands-on a project.
Enterprise Data Warehousing
It’s crucial for businesses to ensure the proper security and storage of the enormous amounts that they encounter on a daily basis. This makes enterprise data warehousing a very important aspect of not only data science but also overall business security. Enterprise data warehousing is the practice of consolidating, managing and controlling data from a wide variety of sources.
This practice ensures the logical and easily accessible storage of data. Without proper enterprise data warehousing, data scientists are not only responsible for analyzing and reporting on data, but they are also responsible for the data sources, collection, and consolidation.
It’s rather common for companies to neglect this important aspect of data management that comes along with data science. Outsourcing to an experienced nearshore data science outsourcing company allows businesses to ensure the proper management of their information and that their data is not sitting idly in a data storage container.
Cost-effectiveness is one of the top reasons why companies choose to outsource their data science needs to nearshore providers. In addition to a salary, there are many different costs associated with keeping an employee as part of an in-house team, including benefits, insurance, taxes, software, and hardware. In-house data scientists may also require additional or regularly updated training.
With a nearshore outsourcing partner, companies rest assured knowing that they only need to pay a flat rate for their data science team. Many nearshore providers are located in a country with a cost of living lower than the hiring company’s normal rates as well.
Nearshore outsourcing is an ideal solution for companies looking to expand their data science capabilities and projects but also want to keep costs at a minimum while accessing talent they may otherwise be unable to access. With more effective data management and warehousing capabilities as well as niche experts, these third-party teams help organizations succeed by harnessing the power of their data.