How Can Offshore Software Development Effectively Fulfill Demand Supply Gap for Data Scientists

By Ofer Zvi On Sep 30, 2019

“Data is a precious thing and will last longer than the systems themselves.” – Tim Berners-Lee, inventor of the World Wide Web

One significantly observable trend in today’s times is the rise of Big Data and Data Scientists jobs. Why? Because there is something very absolute and objective about numerical information, that’s hard to ignore. For businesses worldwide, data is the new currency and raw material. But is it just this escalating inflow of information which is giving multi-national conglomerates sleepless nights? No.

With the appreciating volume of incoming information, there is a crucial demand for professionals who can make sense out of all that data. These professionals are known as Data Scientists, who are adept in analyzing and extracting useful knowledge from this new influx of information.

According to the Harvard Business Review, it is ‘the sexiest job of the 21st century’. In the U.S. alone, the number of open positions for all data experts will reach 2.7 million by 2020.

Unfortunately, there isn’t enough supply to fulfill the aforementioned demand and there is a gnawing shortage of Data Scientists in the United States and Western European countries:

A 29% increment in demand for Data Scientists has been registered year over year

There is a 344% appreciation in demand for Data Scientists since 2013

Based on data gathered from its platform, LinkedIn reported that there’s a shortage of about 151,717 folks with professional Data Science skills in the U.S. This was in August 2018. Combining that with a 15% discrepancy between job postings and job searches on Indeed, it’s evident that demand for Data Scientists outstrips supply

However, there is a way out of the woods. A solution that can effectively address the pain-points mentioned above.

Offshore Software Development

Once considered only as the strategic step is undertaken by organizations to drive down operational expenditure, Offshore Software Development is now seen as an investment to improve quality of operations with scalable and flexible services. As a matter of fact, 70% demand for Software Development services and outsourcing is generated in the USA and Western Europe.

However, these organizations are often found stranded at crossroads while issuing offshoring requirements. The enticement of dramatic cost savings isn’t always enough to move forward:

Quality Control can become very difficult
Logistical problems, among many others, can quickly blow up into serious frustration on all sides. This can result in budget, timeline and scope excesses.
Fear for loss of intellectual property and development rights
Miscommunication due to language and cultural barriers – Cultural barriers can also put entire projects in jeopardy due to entirely different expectations or communication styles.

But in spite, of the aforementioned shortcomings, offshoring still stands out to be one of the most efficient means of maximizing production output and there are numerous reasons responsible for the radical shift to outsourcing critical Software Development work:

Lower operational and labor costs, which, significantly boost an organization’s overall revenue
A meticulously executed offshore development project contributes to 50-60% savings on the overall production budget and time-to-market
Space management, scalability, and effective risk management.
Offshoring allows the organization to focus on its core competency
Client Customization

Owing to the booming trend in Offshore Software Development, it is quite evident that the supply-demand gap of Data Scientists can be quite easily fulfilled, and proactively paving the way towards the same, is an Offshore Software Development company based out of Israel, Fayrix.

Fayrix provides world-class Custom and Offshore Software Development services. The company has a collective IT experience of 14+ years and boasts of a talented team of 1500+ developers, which includes 3 (1 Grandmaster And 2 Masters) of the world’s most renowned Data Scientists as per Kaggle Competition Ratings.

With the ability to deliver a swift implementation of Software Development projects (of any scale), Fayrix ensures 24/7 availability of highly trained and industry-grade professionals out of 10 R&D offices located globally. Some points which differentiate the company from the existing offshore players in the market are:

Flexible terms
Competitive rates and different models of partnership – time and materials
Meritorious team of world-renowned and professional Data Scientists
Guaranteed SLA and liability insurance to ensure quality. Liability insurance covers all risks and ensures responsibility. The entire expenditure is eligible for reimbursement in the scenario of client dissatisfaction
Agile Software Development methodology which includes Transparency, Inspection, and Adaptation
Legal support through the Israeli jurisdiction
Expert software developers from Eastern Europe
Intellectual property and copyright protection is given top-notch importance, owing to the fact that Israel as a country is closely related to the United States and Western Europe
Build Operate Transfer (BOT) – Educating and training the client’s team with the latest trending technologies in practice, doubling up as a makeshift HR team

Fayrix was founded to infuse innovation in the traditional mechanisms of commercial IT companies. Owing to 100% online presence in terms of Sales and Marketing, Fayrix does not have any travel, representative or rental costs. This leads to a budget-friendly proposition while preserving quality in the services provided.