Big data is a great way to discover effective opportunities to grow your business. To properly analyze this data, however, you need a specialist that can dive into this content and discover pearls of useful information. This is why data scientists are in demand right now.

A look at what a data scientist brings to the table

In essence, a data scientist is responsible for delivering process optimization. They bring a different viewpoint to market segmentation, where they use their in-depth statistical and data analysis skills to discover new insights and innovative solutions. They translate findings into outcomes that are easily understandable for their colleagues, with information being presented in a visual and creative manner.

A data scientist can also help businesses avoid costly mistakes and can advise them into best practices. This can be purely through financial analysis, they can analysis data and metrics brought in from marketing to improve your advertising efforts, and they can even analysis workplace processes and procedures and offer solutions, be that better time management or workplace injury advice if they notice a problem.

As you'd expect, it isn't easy to recruit for this mixture of skills.

Do you have what's needed?

For a data scientist to do their job properly, they need a certain something – data. Yet, they cannot get away with just a minimal amount of data taken from a small product range. This is going to limit the amount of research and work they do. What they need is huge data sets, the type that allows them to go in-depth with their analysis, where they can reveal the opportunities and solutions you seek from a data scientist.

The cost of hiring a data scientist

If your business has reached the stage of hiring a data scientist, you likely have a strong understanding of how much it costs to bring on board a permanent employee. With that said, it's still important you factor in the full cost of enlisting this type of specialist.

In the UK, for instance, it is reported the average annual wage for a data scientist is around £47,000. This isn't small change – particularly when you factor in the other costs associated with hiring an in-house employee.

When you consider all of these points, you may feel it is better to go the freelance route to get the services of a data scientist. You still receive the specialist skills and knowledge you desire from the role, but there's much less responsibility involved in terms of paying a regular wage or having them on-site at your workplace.

Recruiting the right person for the job

You know why your business requires a data scientist. You understand the cost of hiring this type of specialist. Now it's time to complete the most important step: hiring the right data scientist for your organization.

With the nature of this role, you obviously want to employ the best person for the job. This means you shouldn't rush into handing the position to the first applicants that send over their CV.

Due to the significance of this step, it could make sense to partner up with a recruitment agency. They are experts in finding the most suitable candidates for your vacancy, which means you are likely to find the best available data scientist in your area.