Outsource data science services companies offer all types of IT and business functions, including strategic ones. Increasingly, data analytics is also being outsourced, one of the most competitive technological areas.
For outsourcing, a service provider is hired to analyze the data provided to him. Research shows that the demand for this type of service is on the rise.
A 2017 report by consultancy Hexa Research indicates that the global data analytics outsourcing market will grow more than 30% annually from 2016 to 2024, with sales exceeding $ 6 billion by the end of that period.
Also Read: Benefits of Outsourcing IT support
A high-profile outsourcing service provider has worked with numerous clients from various industries around the world. And with every client who entrusts the development of their solution or data analysis to a supplier, the outsourcing team gains more hands-on experience.
We left the most obvious one for last. Yes, outsourcing is more cost-effective than recruiting, training, and maintaining full-time employees. But this is not because external data analysts have low skills. The number one reason why outsourcing is cheaper than hiring from home is the cheaper cost of living in these countries. That’s all.
When You Need to Outsource Financial Functions
There are times when the temporary outsourcing of part of the financial functions can help or even save the company. Typical cases of this type of financial outsourcing:
- Crisis situation
- The unexpected loss of CFO
- Temporary projects incl. in an atypical business area for the company
- Access to new sources of capital is needed
When is Outsourcing of Financial Functions Optimal?
For many companies, especially small and medium-sized companies, outsourcing financial functions is beneficial. In this case, most often, Accountor data analysis consultancy takes over financial functions on an ongoing basis, remotely, or at the customer’s office. The advantages of this type of outsourcing:
- Instead of paying a fixed salary to a full-time employee, the company pays only for the services actually provided, the number of which the company can change at any time
- 100% guarantee of performance of all financial functions. We have a large team of professionals, and there will always be someone to replace your new outsourced finance officer. Sick leave, holidays, and decrees will no longer affect financial management processes in your company.
Databases and Info Gathering
If you’re already acquainted with Python, Pandas, and NumPy, you can begin studying operating databases and parsing info.
Although NoSQL and Hadoop already have their origins in data science, it’s important to be able to compose and run system SQL doubts.
To be a great data scientist, you require an understanding of how to treat and retrieve data from these databases.