When should a firm build new skills in Data Science, and when should they buy those skills from the market? The “build vs. buy” dilemma is an old problem in innovation economics, but it becomes more urgent and more problematic in times of rapid change. If a firm buys data science solutions, then who within the company selects the vendor, evaluates the results, and maintains solutions going forward? Does the firm understand what they are buying? If the firm builds new capabilities in data science from the market, then again - who prioritizes objectives and assesses risks? Who recruits new employees? Does the firm understand the tradeoffs they are making along the way?
In this talk, I discuss many of these issues and how they related to the rapid re-training of executives, managers, engineers, and other professionals to become “data science ready.”