Building a Data team is essential for every organization, in this fast paced world. If you are a business owner, there are multiple opportunities for gaining insights, collecting data, mining data etc everywhere; and this data is your investment. But here is the million dollar question: when you are looking for a power packed data team, how do you know whether you should build a team internally or whether you should outsource a team?
This article will explore key themes around building internally versus outsourcing. The objective is to break this down by sharing pros and cons of each so you can make an informed decision.
Pros of building a Data team internally:
- Moving towards the Organization’s aim:
When you are building a data team internally, you focus extensively on the kind of employees that you recruit. Each employee will have the company’s values and goals embedded in the way they work. Besides, every company has their set processes. When building internally, employees tend to align the work to these processes and ethics.
- Keeping it secure!
When it comes to a data resource, a lot of aspects must come into consideration. The most important aspect is of course the security of data. When you have a team from within, it is easier to manage and access sensitive data and ensure that it doesn’t travel to different repositories. Access to sensitive data can be more secure when managed internally.
- Invest in your people:
Not only is it possible for an internal team to grow in expertise and become a core competency, but also there is scope for the team to expand their expertise and help achieve business goals in different areas.
Pros of Outsourcing a Data team:
According to an article on Whats The Big Data, the Global revenue of the IT outsourcing industry is projected to reach a milestone of 777.74 billion in 2028. According to ISG, in 2019 as much as 92% of G2000 companies were using IT project outsourcing. Now, the global IT services outsourcing market size is expected to reach $1,180.42 billion by 2030, registering a CAGR of 8.0% from 2023 to 2030.
- Unlocking External Expertise in the blink of an eye!
When you consider outsourcing, you bring the invaluable advantage of assembling a dedicated dream team to the table. Rather than analyzing your existing employees, or hunting for new employees; there is a lucrative option that allows you to tab into external talent pools. In this, you gain immediate access to highly skilled and experienced professionals who can offer expertise that might not be readily available internally.
Keeping in mind the fast-paced business environment of today, agility and speed to market can easily make the difference between success and stagnation. This is where the concept of outsourcing shines brightly, mainly in its ability to provide an immediate and ready-to-roll external team. All of this in the blink of an eye.
In outsourcing, it is all about the External Expertise – remember, you’re not just hiring individuals. Rather, you are forming a team of specialists who bring diverse perspectives and deep domain knowledge to the table. These experts often come with a proven track record in their respective fields, honed through years of building insights and working on data for other clients. This access to external expertise can be transformative for your projects.
- Budget matters
Organizations with a smaller budget for their data resources tend to often opt for outsourcing their data teams. Outsourcing can be cost-effective, especially for projects or when immediate results are needed without the overhead costs of maintaining a full-time team.
An article on Indeed mentions that having an in-house team can be a lot more costly. It may require you to hire more staff, increase pay to retain current staff, or bring in some special equipment so that you can accomplish the task. This can all drastically increase your budget and make the project no longer viable if the budget climbs too high.
You can leverage the latest industry trends, technologies, and methodologies without having to invest extensively in training or hiring full-time staff for short-term projects.
- The value of a scalable team:
Businesses experience changes in data flow – sometimes you may need to scale up and sometimes you may need to scale down depending on the project. Outsourcing allows for scalability, and thereby allows businesses to expand or contract their data operations based on changing needs without long-term commitments. Moreover, external teams often bring fresh ideas and innovative approaches that can breathe new life into your initiatives. Their external viewpoint can challenge existing norms and push your organization towards greater efficiency and creativity.
How businesses can decide:
If your long term goal is to grow and expand the company and build a very tightly knitted team, you may want to consider an in-house data team.
But if your business needs a different perspective, a larger team of specialized experts, budget friendly options, industry experts and so on; then you must consider outsourcing to a company like Jay Analytix for all data aspects. Engaging a company such as Jay Analytix, celebrated for its recent accolades including the Global Spring 2024 and Champion Spring 2024 awards from B2B platform Clutch, could provide a multitude of advantages for your business in the long run.
