Making data based decisions makes instinctive sense, and evidence is mounting that it makes strong commercial sense too. For instance, the McKinsey Global Institute indicate that data driven organizations are 23 times more likely to acquire customers, six times as likely to retain those customers, and 19 times as likely to be profitable as a result.
Data science is increasingly important to a growing number of fields, from transport to healthcare, but there is a big difference between knowing that data is important, and being able to capitalize on it.
A central challenge for organizations to overcome is finding the right talent to meet their data requirements. Data from CrowdFlower recently showed that 83% of organizations are struggling to meet the data skills requirements they need. Similar findings were revealed in a study by Gartner. It highlights the challenge faced by companies increasingly awash with data but without the skills to truly capitalize on it.
Indeed, it was noticeable that Theresa May chose to focus on technical skills in her Industrial Strategy statement earlier this week, as it's an area that the country has lagged behind in for some time.
Data science capabilities
It's with this in mind that data science company Pivigo has recently launched what is believed to be Europe's first data science marketplace to help companies and data scientists get together.
The platform, which aims to take a leaf out of the various gig economy websites on the market, allows businesses to easily outsource their data projects to the market at a time and price of their choosing.
Such organizations will be able to post their requirements onto the Pivigo platform, at which point data scientists can apply for the projects that take their interest. What's more, if companies have specific requirements, the platform can help them to locate the talent they need to fulfill their needs.
"Businesses who are first to realise the power of data science have a first mover advantage. They gain the ability to apply previous inaccessible insights to increase sales, improve efficiency and save money. Not many businesses however have access to a team of data science experts from around the world. The on-demand marketplace we have created is the solution for any business who wants to use data science to grow and improve their overall performance," Pivigo say.
Given the oft-reported shortages in the marketplace however, the challenge will inevitably be to ensure that enough data scientists are attracted to the Pivigo platform rather than lucrative offers to work full time at organizations striving for that talent in-house.