The term data science has widely increased in popularity over the past several years. LinkedIn Workforce Report 2018 states that there’s a serious data science skills shortage in the U.S. The demand for skilled data scientists is far ahead of the supply and this shortage is creating disruption in a lot of global sectors.
But what is data science and what’s the hype behind it?
Data science refers to a field of study that uses scientific methods, coding, statistics, mathematics, and other approaches to extract useable insights from data.
Businesses hire data scientists to collect, analyze and manage data and then report beneficial findings. The question is, why exactly are these skilled data scientists in high demand? The answer is: the Internet.
In a few short years, the amount of data received and transmitted over the internet has quadrupled! Studies show that 2.5 quintillion bytes of data are transferred every day, and this figure is only increasing.
Almost every device that we use today is processing and transmitting on a daily basis. The problem is; How will companies possibly keep up with this sea of data? That’s where data scientists and analysts come in!
The Role of Nearshore Outsourcing
A Forbes survey states that 27% respondents cited skill gap as an obstacle in their analytics efforts. One-way financial services have coped up with the skill gap is by using external vendors.
With the right outsourcing partner, businesses can have quick access to individuals and teams with skill sets, state-of-the-art compliance and management tools and industry experience. The remote teams provide analysis, data health checks and insights.
This way, businesses not only have valuable information at hand, but they’re also able to scale their needs as they arise. More than half of the respondents stated that third-party services proved to be far better compared to their in-house analytics.
Data science outsourcing is rapidly becoming a highly favorable solution for businesses that require skilled individuals who are not only data scientists but also have expertise in enterprise data warehousing, business intelligence, data integration and big data.
If you don’t wish to spend time and efforts in hiring an in-house team, partnering up with experts who can provide these services at competitive rates is a great alternative.
If you’re looking for an outsourcing partner that provides you access to a team of experienced software developers, QA testers and engineers experienced in some of the most cutting-edge technologies, look no further! EX² Outcoding provides top-of-the-line software outsourcing services, nearshore development services and IT augmentation services.
Contact them today for more information.