In this episode of Leading with Data, we have with us, Prithvi Chandrasekhar, the driving force behind consumer finance at InCred. With an extensive background spanning renowned organizations such as Capital One, Accenture and McKinsey, Prithvi brings extensive experience in analytics and data-driven decision making. In this insightful conversation, we explore his journey from starting data analytics to leading a dynamic team at InCred. Discover how Prithvi's passion for building lasting organizations intersects with her commitment to social impact, making this episode a must-watch for aspiring data enthusiasts and business leaders alike.
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Key insights from our conversation with Prithvi Chandrasekhar
- Creating a great place to work and fostering a culture of intellectual rigor are crucial to a successful data-driven company.
- A diversified business model from the beginning can provide stability and resilience in the face of economic crises.
- The Indian market infrastructure for algorithm-based and data-centric decision making has matured significantly, surpassing many Western counterparts.
- Generative ai is expected to have a long-term transformative impact, but immediate practical applications in business are still emerging.
- Developing T-shaped skills (broad capabilities combined with deep expertise) is essential for a long and adaptable career in data science.
- Reading and continuous learning are vital for personal and professional growth, and books such as “Data Science for Business” and “The 7 Habits of Highly Effective People” are highly recommended.
- Engaging with diverse perspectives and staying curious about the world can enhance leadership qualities, as exemplified by cricket legend Rahul Dravid.
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Now, let's get into the details of our conversation with Prithvi Chandrasekhar!
How did your journey in data analysis begin?
I started my career long before terms like analytics or data science were coined. My first job was at Procter and Gamble India, where I was drawn to the power of rigorous analysis of quantitative and sometimes qualitative data. This work gave me conviction for its substance and impact. From there I moved into consulting, which allowed me to delve deeper into market opportunities and business strategies. Eventually, I joined Capital One, which was essentially an analytics firm, and then went on to work as a consultant at Accenture Strategy and McKinsey. Now, at InCred, I practice what I once preached about analytics and data-driven decision making.
What motivated you to return to India and join InCred?
The decision to return to India was personal and sentimental. My wife and I wanted to come home, be closer to our elderly parents and give our children a sense of their roots. InCred made a significant commitment by being an India-oriented company. Joining InCred was an opportunity to build a company as great as Capital One right here in India, which impacted me then and continues to do so.
Can you describe InCred's growth path?
InCred has been a successful journey from the beginning. We started operations in 2016 and today we are a Rs 8,500-crore NBFC, part of a larger group that includes investment banking and wealth management divisions. We have grown from 20 people to approximately 1500-2000 in the entire group. Despite our size, we still consider ourselves just starting out, with plans to further expand the size of our books and operations.
What were the key aspects of building a Capital One-like company in India?
Two aspects that matter deeply to me are creating a great place to work and committing to intellectual rigor or the pursuit of truth. At Capital One, we were proud to be recognized as a best place to work and we strive to replicate that at InCred. We treat people well, hire the best people, and provide opportunities for personal growth. When it comes to finding the truth, it's about staying true to the data and evidence, persisting until you get to the heart of what's really happening, and making informed decisions.
How is the vision of the search for truth and intellectual honesty institutionalized?
First of all, it is about setting an example from above. I try to embody the search for truth and intellectual honesty in my work. Secondly, it's about surrounding myself with people who respect and support this culture. Thirdly, it is about having nuances in decision-making, combining concrete data with pragmatic solutions. Finally, celebrating our successes reinforces the culture, making it easier for the next generation to adopt this way of thinking.
What was the reason behind InCred's diversified business model from the beginning?
From the beginning we were confident that we would grow into a diversified business, so we built with that end in mind. While it made execution more challenging, it has proven to be the right decision as it provided stability and resilience in the face of various economic crises that India has faced.
How ready was the Indian market for a data-centric, algorithm-based decision-making approach in 2016?
In 2016, I believed India's infrastructure was ready for the Capital One style of algorithm-driven, data-centric decision making. The quality of data and decision making in India is now better than in most of the Western world, thanks to advancements like UPI, Aadhaar, credit bureaus and favorable regulatory environments.
<h2 class="wp-block-heading" id="h-what-is-your-take-on-generative-ai-and-its-adoption-in-business”>What is your opinion on generative ai and its adoption in companies?
While I believe that generative ai will have a transformative impact in the long term, I do not see it changing our business significantly in the next 3-5 years. We're looking at the technology and may experiment with it, but we're waiting for the hype to die down and more practical applications to emerge.
What advice would you give to someone starting or in the middle of their data science career?
Your career will span decades and you will need horizontal skills (such as communication and leadership) and vertical skills (deep knowledge in specific areas). Start your career doing what you love, and as you progress, work on developing the other dimension of your T-shaped skills. This approach will set you up for a long and fulfilling career.
What are some books that have had a significant impact on you?
“Zen and the Art of Motorcycle Maintenance” is one of my favorites and teaches harmony between the arts and sciences. For career-oriented reading, I recommend “Data Science for Business” for analytical fundamentals, “Fooled by Randomness” for understanding the role of chance, “Skin in the Game” for insights into risk and decision-making. decisions, and “Deep work.” because of the importance of concentrated and uninterrupted work. “The 7 Habits of Highly Effective People” is also a classic that offers timeless advice.
How has cricket influenced your life and leadership?
Cricket has taught me a lot about leadership, teamwork and resilience. My interactions with Rahul Dravid, a cricket legend and brand advisor at InCred, have been enlightening. Not only is he a great ambassador for our brand, but he is also genuinely interested in understanding our work. His curiosity about the world beyond cricket and his ability to relate to people from different walks of life are qualities that I admire and learn from.
summarizing
Prithvi Chandrasekhar clearly stated that his dedication to creating impactful organizations resonates deeply. His career exemplifies the transformative potential of analytics in business. With invaluable insights into how to foster a truth-seeking culture and the importance of continuous learning, this conversation offers a roadmap for the changing landscape of data science and leadership.
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