Lots of tech companies claim they can solve big problems in business with big data analytics. A new startup in Northville, Loven Systems, believes it can do it better than everyone else by making technology that can mimic its user’s decision-making process.
"We look at how people make decisions," says Satyendra Rana, CTO of Loven Systems
Loven Systems is developing a cognitive software solution that will help business users outside of the IT department gain valuable insights from their available data. Rana is a serial entrepreneur who has worked in data analytics for decades. He co-founded Wayne State University's Big Data and Business Analytics Symposium and has worked to expand the data industry in the region.
Rana knows where the pitfalls are when it comes to big data’s potential and its reality.
"There is a big gap between what businesses want and what technology can produce," Rana says.
Loven Systems bridges that gap by crafting its software to think like its users. The idea is that if it makes decisions like its user would, then they will be more comfortable with the software's results and follow through on the insights. Rana points out that too often big data analytics firms come up short because they are used to running perfect information, which isn’t easily found in the real world.
"In the business world there is no perfect information," Rana says.
Loven Systems got its start 18 months ago with just Rana. By January of 2015, the company had a team of four people. Today it employs 30 individuals who are helping the firm lock up new clients in the retail and healthcare sectors. It's aiming to add financial sector firms soon, which will create the need for more hiring.
"We will probably have 40 people by the end of the year," Rana says.
Read more about Metro Detroit's growing entrepreneurial ecosystem at SEMichiganStartup.com.