How much do Data Science projects cost?
Data Science initiatives have a low cost base and a high ROI
The best financial aspects of Data Science projects aren’t only its low cost base but especially its large return on investment (ROI). It is one of the best financial investments you can make in your business. In this post we give you more details and explain how it can be done with great financial returns, low initial investment and no hidden costs (now and in the future).
Instead of the very expensive software mandated by large vendors, Data Science projects can be done with open source software that costs nearly nothing. There is a very active community, including some of the best and brightest minds in the academic world, that is designing and implementing new and better Data Science algorithms and techniques continuously. Not only have you access to the latest and best, but they also cost nearly nothing and can be changed and enhanced by your data scientists to fit your needs. What else can you ask for?
Another great financial advantage is that a Data Science project in a critical business area can already be done with only a small team involving just one single data scientist. And the good news don’t stop there. Important projects can be realized in just a few months. It all depends on its size and complexity. And the return on investment can be huge.
However, when evaluating a new Data Science initiative, be mindful that some inflexible IT people, an usually small but persuasive group, may co-exist with IT visionaries in your company. Don’t let them turn you into a digital dinosaur and make you lose business competitiveness that can be seriously detrimental to you.
You can even reduce your financial foot print and your risks by first having a proof of concept project that can last less than a month. But It should be done in a critical business area so that you can see the benefits immediately and properly evaluate them. And, as we have explained in other posts, all Data Science projects should be headed and managed by a business line leader. And not all by an IT expert or someone from your IT department. Then your success is guaranteed.
Originally posted on my blog Cyzne.com
