A problem-first approach to data strategy — Krishnan Venkata // LatentView Analytics

Krishnan Venkata, Chief Client Officer at LatentView Analytics, delves into data strategy approaches and driving change with data. Amid the buzz surrounding generative AI and executive pressure, there's a risk of adopting new technologies for the sake of staying ahead of the technology curve. Often, organizations prioritize technology over identifying the specific problems new solutions can effectively address. Today, Krishnan discusses a problem-first approach to data strategy.
About the speaker

Krishnan Venkata

LatentView Analytics

- LatentView Analytics

Krishnan is Chief Client Officer at LatentView Analytics

Show Notes

  • 01:52
    Taking a problem first approach to technology adoption
    A problem-first approach to technology adoption involves identifying the problems within an organization that can be solved with new technologies. Ultimately, organizations must consider the use cases of these technologies first.
  • 03:36
    Technology adoption challenges for organizations
    Pressure from upper management and boards can drive technology investments that don't align with the organization's current problems. Additionally, budgets are often inclined towards AI and ML initiatives, making it easier to secure project approval for gen AI solutions.
  • 04:58
    Investments in analytics and emerging technologies
    Despite increasing client investments in analytics, AI, and ML, concerns about the value are growing. Successful organizations strategically use the latest technologies, beginning with real problems, embracing experimentation, and promptly moving on from failed attempts.
  • 06:39
    Cultivating a problem first mindset to technology adoption
    Leverage knowledge-sharing workshops to identify client problems, suggest potential solutions, and present successful resolutions for similar issues. These workshops educate clients on what other businesses are doing while providing a better understanding of the client's context.
  • 09:24
    Embracing innovation and experimentation for success
    Clients often discover that their challenges are not unique, and many firms face similar issues. Encourage them to embrace and maintain experimentation, even if it means a 25% success rate, as the alternative of doing nothing guarantees failure.
  • 11:01
    Navigating client willingness to experiment
    Clients are typically reluctant to experiment when theyre doing well and when they have structural problems. The most successful clients recognize they have room for improvement and see experimentation as a means to elevate their performance.
  • 15:18
    Using data and analytical solutions to solve business problems
    LatentView Analytics works with C-suite executives in companies making 10 billion in revenue and Directors and GMs in larger organizations. Their typical approach is to identify the business problem, the impact an analytical solution will provide, and develop a roadmap for data-driven solutions.
  • 17:45
    The value of asking "why" in tech adoption and implementation
    When approaching technology implementation, always start with the “why” to understand whether there is even a problem to solve or build a better case for it. This process allows us to determine if were employing a technology-first approach or a problem-first approach.

Quotes

  • "Without a problem-first approach, you're trying to find a problem to fit a solution."* - Krishnan Venkata

  • "Clients that have innovated only have a 25% success rate. However, doing enough experiments helped them succeed. People do a lot of thinking about whether to experiment and try new things. Try it and fail fast." - Krishnan Venkata

  • "Asking the why on anything we want to approach is a great start to finding out whether we are going with a technology-first approach or a problem-first approach." - Krishnan Venkata

  • "Questioning why we need to do something yields two outcomes: discovering no problem exists or gaining clarity on why were solving a problem so we can build a better case for it." - Krishnan Venkata

  • "Do you have a problem that can be solved with some of these new technologies? Or, are you just trying to use technology for technology's sake? We should look at the use cases first rather than the technology." - Krishnan Venkata

About the speaker

Krishnan Venkata

LatentView Analytics

- LatentView Analytics

Krishnan is Chief Client Officer at LatentView Analytics

Up Next: