In recent years, many companies realized how much competitive advantage big data analytics can bring to their business model. This has drastically increased the demand for big data professionals. Since top talents in this field are already hard to find, companies often need to outsource big data analytics in order to bridge over labor market’s skill gap.
Many companies invested huge funds in data science in order to follow new analytic trends. Unfortunately, in some cases, these investments produced much smaller ROI than expected. This is one of the reasons why many entrepreneurs decide to completely outsource this department.
Adding big data analytics department to company’s business scheme is not always the best thing to do, and this move can slow down company’s development on many different levels. If hiring top big data experts requires drastic budget cuts in other departments, you might end up with less competent production, sales or marketing teams. This will definitely have an effect on your company’s overall profitability and outsourcing big data tasks is definitely the best solution. Of course, you won’t be choosing this option if the data you want to analyze is critical for the survival of your business. In this case, you will need to conduct in-house big data analysis.
When deciding to outsource big data analytic work, entrepreneurs should have very precise goals in mind. Goals like ‘increasing sales’ or ‘cutting delivering costs’ aren’t well formulated, and may result in no meaningful analysis conclusions. Changing your company’s business process with big data requires you to give very strict and precise orders to future partners, which should include due dates, percentages etc. So, before you ask some third-party agency to do your business data analysis, analyze your needs and determine the things you expect them to do.
Choosing the right partner
The second step in outsourcing big data is choosing the right agency to conduct structuring and analysis tasks. Like with other types of outsourcing, it’s always better to choose a steady partner with whom you will build mutual trust than to always search for better offers and separate your big data assignments into small projects that you will give to the best bidder.
In Western World, most people associate outsourcing with assigning overseas agencies or individuals with business tasks, because they are able to do it for much lower price (due to cheap labor). Price should definitely be one of the top priorities when choosing the right outsourcing partner. But you should also think about your country’s laws and regulations. Many countries forbid companies in different niches to export their customer data abroad.
Also, if you choose an outsourcing agency from a different side of the world, you might have various other payment and communication issues. That’s why many companies choose to outsource their big data to domestic or nearshore agencies.
Another important question to pose, when choosing an outsourcing agency that will conduct your big data analysis, is whether you should stick to agencies specialized for a particular industry or hire big consultancy firms that work with hundreds of other partners. For specialized analysis tasks, small agencies that already work in the field are much better choice.
Try out your consultants
Please keep in mind that just because you hired on somebody to analyze your big data doesn’t mean that you’re stuck with them. When hiring consultants, find people who can help with your current projects rather than compel you to commit to long-term, cyclopean tasks. Ideally, you should first hope to see tangible results with smaller projects, and build trust this way.
Protect your data
Anybody who analyzes your big data needs access to information behind your firewall or in your cloud. However, it’s a good idea to be smart and secure about how you provide this data. For example, provide customer information without identifiers like names. Imagine how terrible it would be if your customer data was somehow linked to competitors or the general public!
Why is it worth outsourcing big data analytics to Ukraine?
A rapidly growing community of data scientists has been organized by Data-Science UA. Its goal is to make Ukraine the global hub for data science outsourcing services. To this end, is organizes coursework, workshops, meetings and more so that IT engineers can move into this field, under the tutelage and mentorship or some of the best in the business.Ukraine’s reputation for IT expertise in software development, AI, and now data science. As reported by Kyiv Post, in a series of articles, in 2017 alone, revenue from data science outsourcing services in Ukraine reached $2.5 billion. Figures from 2018 are expected to be at least double that.
As well, several Ukrainian IT startups competed in the January, 2017 CES show in Las Vegas, and a co-founder of GitLab is now listed in the Forbes 30-under-30 success list. Ukrainian IT professionals are, as a group, experts in Java and Apache Spark platform – perfect combinations for data science consulting.
In looking at pros & cons of using Ukrainian IT outsourcing firms, most western countries prefer them because, according to Dou.ua, almost 80% of IT and data science professionals speak English.One of the biggest benefits of outsourcing data science to Ukrainian IT companies, of course, is cost. With the same level of expertise as their Western counterparts, Ukrainian data scientists cost far less. According to StatisticBrain, in fact, of all countries to which the West outsources services, Ukraine cost index is 6.3 on a 10-point scale. And given that 43% of all U.S. companies outsource IT services, from the purchase of software products to customized development services, big data outsourcing is a natural extension of already-formed relationships with firms and their developers.