It is hard to find a really gifted data science specialist, so now and then companies have to make unusual decisions. Even if the company has already hired a reasonably large data science crew, third-party participation may still be useful and crowdsource projects can help.
Improve Existing Algorithms
Developing a stable model or algorithm takes years of gradual evolution. While the data science team is lost in numerous opportunities for improvement and the specialists are busy with endless testing, it may be a good option to launch a competition. Hundreds of other specialists are able to think outside the box, provide solutions beyond the native team’s routine and, as a result, the organization can make use of an actual data science breakthrough.
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Solve the Unsolvable
Sometimes problems are deemed unsolvable basing on the previous experience of the data science crew. Technologies are constantly developing, though, and it is hard to keep on with all the modern tendencies, approaches and theories. On the other hand, skilled experts are likely to accept the challenge and implement the most unusual methods to solve a difficult problem.
Hire the Best
Data science competitions may serve as a perfect recruiting ground. Everyone strives foe a prize and show what they can. The first positions in a competition ranking is an obvious indication of a person’s talent. All the HR manager has to do is to contact the person and offer an interview for a position. What is more, lists of high-ranked competitors may form a pool of specialists in case of company’s enlargement or if a need in extra hands arises.
Public attention is crucial to almost any sphere of a large-scale activity. It takes time to publish your research, while crowdsource competitions offer a fast solution to inform the potential investors, developers, researchers and anyone else interested in a particular field of science.
Save your Assets
Last, but not the least is the price. Probably, there is no any other way to make so many leading specialists worldwide work on your project for quite a modest investment. Sponsoring a competition give the organization an opportunity to benefit from the joined global effort, the result of which will surely exceed the initial investments.
Get Additional Data for Research
Acquiring high-quality data for certain deep learning algorithms may be a challenge. Crowdsourced efforts, though, can give access to such data from diverse sources.