Data scientists are ‘sexy’ but an expensive investment

Create disruptive machine learning products with Chatterbox Labs NLP Framework

Data scientists are in demand. Data science is being rapidly adopted by companies in all industries; applying themselves to ‘big data’ analytics, machine learning methods and algorithms. The Harvard Business Review declared “Data scientist” to be the sexiest career of the 21st century.

The global supply of data scientists is limited however; the best have a Masters degree and a PhD and they take time to acquire. The increasing recent demand has outstripped the number of candidates pushing salary demands for a junior data scientist to in excess of $90k. Team leaders are obtaining $250k and above with average bonuses of $56k and an average 8% annual salary increase.

In assembling a team to build a new product; identifying, acquiring and training a data science team is going to be a significant investment from Day 1. Recruitment fees, salary and relocation demands will require a significant budget and sunk investment; and they will start from scratch with your concept to deliver potentially too late to the market.

Chatterbox Labs have developed an extensible NLP Framework that allows strategic partners to build real-time NLP products within days to suit industries and use cases, and the framework is adept at dealing with market dynamic changes. We have spent 6+ years in academia honing our solution to enable a small team within one of our partners to rapidly build new NLP Machine Learning products – that will be scalable and enterprise ready out of the box.

Chatterbox Labs’ leading product, Path 2 Purchase, monetizes real-time data streams to cut through the noise in billions of online conversations and pinpoint high value in-moment buyers across their path to purchase. Additionally, working with historical partner data ensures we maximise sales and predict future growth patterns. Within Path 2 Purchase there are many different ‘filters’ or ‘classifications’ of data that we pinpoint; and we have the ability to tune these to suit our client’s requirements.

Here is the really interesting part however for our partners; using our NLP Framework we can rapidly prototype and create a brand new product focussed on one of more or these classifications. We can productise and deliver new NLP products to our partners in days; we can deliver in a new language in days – we can turn around product faster than it would take you to setup a meeting with the recruiter you plan to use to search for your new data science team.

Keep an eye out for some exciting news from us over the comings weeks and months as we release a whole new set of products to demonstrate the power of our NLP Framework.

Data science may be sexy; but it’s an expensive business to go out there and buy a team; especially when the world is changing so quickly what they might deliver to you will miss the mark. Don’t build from scratch; utilise our NLP Framework to rapidly build, deliver and fine tune to market demands. No need to recode all the time; we have done the hard work to help you monetize your data today.

For more information please contact Andrew Watson, VP Strategic Alliances Andrew@chatterbox.co or visit our web site www.chatterbox.co

http://www.forbes.com/sites/gilpress/2012/09/27/data-scientists-the-definition-of-sexy/ http://www.forbes.com/sites/gilpress/2015/04/30/the-supply-and-demand-of-data-scientists-what-the-surveys-say/