5 Reasons Why You Need Data Analytics Outsourcing
You’ve gathered terabytes of data, and now all you have to do is hire experts to make use of it, right? Well, it’s not all that simple. Finding big data professionals is hard: they’re scarce and expensive. But big data analytics outsourcing just might solve both these issues.
Besides, data-driven solutions are all the rage now. And the faster you deliver them, the sooner your company or startup will benefit. So don’t be afraid to outsource analytics solutions or data science because outsourcing will give you the speed in-house experts won’t. Keep reading for more advantages of data analytics outsourcing.
Big data analytics outsourcing benefits
In 2020, the data analytics outsourcing market was valued at $3.04 billion, and what’s more, it’s expected to reach $9.46 billion by 2026. That’s a growth rate of over 21% a year. And the reasons that propel the popularity of big data analytics outsourcing are:
– the need to retrieve business-critical insights from data ASAP
– acknowledging the shortage of local talent by entire industries
On top of that, outsourcing has a number of benefits you can’t ignore.
Instant access to big data experts
Ranked 7th on Bloomberg’s rating of innovative nations, Israel hosts R&D centers for Motorola, IBM, Alibaba, and 60 more world-renowned companies. And, of course, all the highly-skilled data analytics talents want to work with them. This leaves smaller companies (which, however, have amassed enough data to get lost in it) with either underqualified workers or increased expenses. After all, luring in data professionals means offering them even higher salaries.
Why resort to that when you can rely on data analytics outsourcing? When your talent market isn’t limited by Israel’s 300,000 tech employees, you have a much higher chance of scoring excellent data experts quickly and more cost-effectively. Which leads us to the next benefit…
Indeed, an outsourcing team starts delivering results faster, but it’s not because they’re so much better at time management. They simply can start right away. While you’re looking for an in-house team lead who will be gathering, onboarding, and training a team of data analysts, an outsourced team could have already been working.
All because it takes a couple of weeks for an outsourcing vendor to assemble a team from the talent pool. And there’s a good chance this team, or at least some of its members, have already cooperated on another project. After all, the vendor has probably completed dozens of projects like this, unlike you.
Your outsourced team also doesn’t attend irrelevant meetings and company-wide presentations your in-house workers are made to attend. All they do is work on your project, quickly and efficiently. Speaking of efficiency…
Focus on core activities
Outsourcing data analytics improves your own efficiency since you don’t have to worry about this chunk of work anymore. Setting up or extending your in-house data analytics division is a much bigger pain than finding an outsourcing vendor with experience in big data analytics and letting them take data-related issues off your shoulders.
Now, you can focus on the high-level activities, client relations, and strategic moves – something you can’t delegate. And then, when you combine the results of your work with the insights retrieved by the outsourced data analytics team, your chances of succeeding on the market will skyrocket.
Tapping into expertise
A high-class outsourcing vendor has worked with numerous clients from different industries around the globe. And with every client that entrusts their solution development or data analysis to the vendor, the outsourcer’s team gains more hands-on experience.
Your outsourced data analysts may have dealt with similar issues when working for a previous client and know how to solve them now. Or maybe they saw that one approach worked better with one client but didn’t prove to be effective for others. And they definitely know what tools and big data technologies to use based on your requirements. All this experience will allow you to avoid the mistakes your competitors have made and devote more time to growing than fixing.
We’ve left the most obvious one for last. Yes, outsourcing is more cost-effective than recruiting, training, and maintaining in-house employees. But it’s not because the skills of outsourced data analytics experts are inferior. The number one reason why outsourcing is cheaper than hiring in-house is the cheaper cost of living in these destinations. That’s it.
Take countries like the Philippines, Argentina, or Ukraine. Their experts are just as skilled and professional, but the Big Mac index in Ukraine is 2.2 as opposed to Israel’s 5.35.
Now that we’ve mentioned Ukraine, let’s take a closer look at why this country is an excellent outsourcing partner for Israel.
Why outsource to Ukraine
Yes, there are dozens of outsourcing destinations to choose from. But Ukraine is one of the closest to Israel, both in terms of geographic location and mindset. Plus, Israelites don’t need a visa to travel to Ukraine and vice versa.
Outsourcing vendors from Ukraine can offer:
Cost-efficient pricing without hidden fees
Ukrainian software outsourcing services aren’t the cheapest, but do you really want the most low-priced workers handling your data? A reasonable monthly fee that depends on the number of people necessary for your project – no more – is what you’ll pay for outsourcing in Ukraine.
A qualified data science community
Ukrainian universities can boast of thousands of graduates with tech majors every year. The UCU university also provides a world-class Data Science master’s program. The Data Science US community has gathered over 7,000 followers and organizes events like conferences, meetups, and workshops to keep the community growing.
Kyiv and Jerusalem share Eastern European Standard Time, which is GMT +2, so no one will be up at night conducting meetings. When your team is in the office, their team is in the office too.
A long tradition of outsourcing
Ukraine has been in the outsourcing industry for 30 years, and today, 60% of all companies in this country are outsourcing-focused. Their clients even include data giants like IBM and Cisco and many smaller companies from Israel.
One of the companies that have been nurturing software development outsourcing relations with Israel for years is Quantum.
Quantum’s success cases
Big data consulting comprises 20% of the services Quantum offers. Their strong expertise in data science and software development helped Quantum complete exciting projects for clients worldwide:
FSIGHT is a company from Israel that delivers AI solutions for forecasting solar energy. Their mission is to reduce energy costs while increasing the use of natural energy resources. Quantum provided business intelligence services for them, working on AI algorithms for electricity usage optimization and solar energy production forecasts. The client was pleased with the high level of professionalism Quantum had shown.
Fermata is an AgriTech startup for plant monitoring. They contracted Quantum to build image processing solutions based on computer vision techniques. The software helped achieve 80% accuracy in hemp detection and 90% in picking up diseases. Fermata’s chief data scientist said they were impressed with Quantum’s innovative ideas and praised the clear and responsive communication.
Outsourcing isn’t just delegating the work your in-house employees don’t feel like doing anymore. It has become a widespread strategic step that can become your competitive advantage. So don’t hesitate to contact Quantum for details on how to transform your heaps of data into actionable insights and strategies.