The concept of entrepreneurship is in constant flux. Innovation and research adds to a growing knowledge base which organizations are leveraging to innovate while remaining true to their missions. While any entrepreneur can launch a business, successful entrepreneurship is an ongoing process where profit is the reward for addressing uncertainty and coordinating resources.
The Founder and CEO of xtLytics, Deepak Mittal, is one such accomplished entrepreneur with a proven track record in strategy development, business intelligence, and business development.
Early in his career, Deepak developed large scale software products and build complex algorithms for a number of Fortune 500 clients in healthcare, finance, retail and other industries. Academically, he has a strong background in engineering and data analytics, having graduated from IIT, which is a historically competitive institution. After receiving an MBA from Columbia Business School in New York City, he found himself in the heart of Silicon Alley. He is proud that a number of his peers are leading Fortune 500 companies today.
“Fate loves the fearless,” is Deepak’s favorite quote and it has served him well in moments of self-doubt, especially in the early stages of xtLytics He is supremely fortunate to be surrounded by a competent, devoted and cohesive team in both business and software development.
He says, “It’s the people in our organization that meet the ultimate challenge of disrupting industries and unseating incumbents one day at a time. My goal is to make xtLytics the analytics company of choice for healthcare, life sciences, insurance and marketing and possibly also other industries into which we’re currently considering expanding.”
Delivering Fast and Uncompromising Services
xtLytics currently offers predictive analytics for the healthcare, life sciences and insurance industries, all powered by modern, machine learning algorithms. Some of the company’s noteworthy clients are Columbia University, Promius Pharma, Novartis, and Tufts Medical Center.
Along with predictive analytics, xtLytics also provides powerful data visualization tools that assist and simplify the decision-making process at every level. Their architecture is flexible enough to be easily integrated into existing infrastructure without disrupting business operations, i.e. ‘Analytics on Demand.’
xtLytics knows they don’t have to settle – not only do they have access to more data sources and bundles than other similar companies, but also superior, self-iterative statistical and machine learning methods. These relatively new data mining methods have been statistically proven to extract significantly better signal, lift and, ultimately, deliver superior actionable insight.
The company’s clients demand quick, concrete and monetizable insights; xtLytics is able to deliver them faster than its competitors.
The Pivotal Moment
The convergence of Big Data, cloud computing, machine learning, and data mining methods created the perfect storm. The world of analytics was thrust into a new era. Having worked with demanding clients for over 20 years and anticipating the challenges of the future, Deepak felt that he was at an inflection point, and ready to ride the wave into the future.
Already familiar with various IT architecture designs, he came up with a model that could easily integrate into almost any legacy system while making the best use of data and offering quick, actionable, unparalleled insights.
The product/market fit was validated relatively quickly for the company. Brand name client adoption followed and that is the most reassuring market signal an entrepreneur can hope for.
The Role of a Good CEO
According to Deepak, a good CEO should have vision and pragmatism. Ability to look beyond the ‘second bounce of the ball,’ into the future that pushes the frontiers of human ingenuity and through pragmatism reverse-engineer his way to the present and then transform that vision into a concrete product. Deepak believes that humility and sensitivity are critical for a successful calibration of these two elements.
“The most pressing challenge is time, also known in our world as ‘shelf life’. The half-life of tech products is getting exponentially shorter. Few companies and CEOs fail because of a lack of funding or incompetent teams, but many do because they can’t deliver the promised future fast enough. This is especially true in our industry where Big Data makes the future constantly available and yet cannot be converted into insights fast enough. I’m proud to say that we’ve been able to meet this challenge better than many larger, better-funded competitors,” he says.
Management is Part Art and Part Science
Deepak says that it takes a lot to push him outside his emotional bandwidth. His even-temper has served him well, especially in the beginning when pressure was high, certainty low and the competition grew quickly as addressable markets expanded.
His calm, controlled attitude seeps into other layers of the organization, setting the tone for companywide interactions. He doesn’t like to micromanage and says that ‘Management is part art and part science.’ This approach hasn’t disappointed him so far.
Advice to the Budding Entrepreneurs
Deepak is an inspiration to budding entrepreneurs. His advice to them is simple, yet hard to initiate.
He says, “Whenever you’re bogged down by mind-numbing pressure, doubts and fears, get out of your head! Let space seep in between your thoughts! Sounds simple but it’s harder than it sounds. Reach out to friends, children, and people whose paths you wouldn’t necessarily cross as part of your routine. Listen to a violin concerto. I find that these things can change your thought process in unexpected ways to build that much-needed sensitivity. It’s that sensitivity that makes you aware of subtle, yet imminent changes, fostering new trends and opening up new markets. That’s how innovative companies are born.”
Creating the Future
Deepak is always willing to delve into new markets, and brings that trait to xtLytics. The company seeks to unseat incumbents by challenging their arcane models, and to give clients greater control over their own data, while retaining its trademark flexibility and nimble structure.
Deepak empowers his team members and expects them to take full ownership of the end product while reminding them that, ‘There are no passengers on this ship. We’re all crew!’