Outsourcing your need for data scientists not only alleviates your hiring problems, it may also turn out be a cheaper and a more convenient solution.
Joe Wallen reports on an Israel-based company that specializes in outsourcing data talent in this story from Forbes:
Fayrix is a revolutionary Israeli-based company which allows companies to even outsource their data science. Thanks to increased demand for scientists the firm opened thirteen offices across the globe – unprecedented geographical coverage within the industry – employing over 1500 experts. Fayrix allows companies to hire its scientists on short or long term contracts to fit their changing data-related needs. Clients pay directly to the company, which in turn pays salaries to its employees who work directly with the client in question.
Some companies have been cautious (in outsourcing) their data science departments due to fears over the loss of intellectual property. However, Fayrix and its employees are governed by SLA liability law in Israel, thus ensuring the safeguarding of sensitive data. Instead, the outsourcing of data science brings a host of advantages.
Firstly, the company has estimated that firms can save 50-60% of their budget on data science thanks to reduced office space, equipment costs and by employing workers on lower wages abroad. Many of Fayrix’s data scientists are from in Eastern Europe, for example, which is a hub for IT-specialists and engineers, in part thanks to the legacy of the maths-heavy Soviet schooling system.
Secondly, the ability to outsource and hire data scientists across the globe means a company can ensure it has employees working round the clock in different time zones and it isn’t limited to the set working day.
Thirdly, Fayrix itself puts together teams for its clients, depending on their needs. This eradicates the need for a client to spend time and money on recruitment while Fayrix has a full array of scientists at its disposal, from those that are junior right up to a “Kaggle Grandmaster”.
