If data transformation were easy - you would have done it by now. Seriously, you would have.
But it is not. It is complex and can quickly feel overwhelming. Here is a five-phase framework to help successfully launch your organizations' data transformation.
1. Assess current condition
Understanding the current condition of data utilization to solve internal business and member problems is the foundation upon which to build. The insights in this assessment should include competition, ongoing disruption, and member engagement and spend.
2. Determine enterprise data vision
Key components of this vision should be the identification of the business use case(s) to harnessing data.
3. Develop a member-centric data use case
Take a chapter out of a software development firm and build out the end-user story of the data use case. This helps to frame up the narrative around the results and helps achieve buy-in across business verticals.
4. Build the foundation for a data maturity capability
This is where the heavy bricklaying needs to happen so that the data "house" can stand firm. Of course, this involves building both a formal data governance program and business intelligence.
5. Adoption of data into the workplace
Workplace adoption is the ultimate destination for a data transformation journey. To achieve this successfully, organizational talent needs to know how to consume data output and translate it to create business value.
While this is quite a bit to consider, it should be.
Data transformation and climbing the tallest freestanding mountain in the world are not simple tasks, and should not be taken a such. That is why incremental growth and concurrent work streams are crucial to success.
Achieving great things is rarely simple or easy.
Look for more?
DIY (Data It Yourself) Wednesdays
Leveraging your robust credit union data to improving your members' lives is now more important than ever, but resources are uncertain.
We are offering data education sessions to build a solid foundation on all the concepts we have found successful in leveraging data to help members. Sessions are being held every Wednesday from now until the end of July.
Topics include:
Data strategy
Data governance
Data maturity
Data consumption
Member - Centric Data Use Cases
And more.
Here is what recent data education participants said.
"It was helpful to see the 7 elements of data strategy and realize that the CU has been doing them, just in a very informal way."
"I loved it when you explained how data governance should be managed into small digestible use cases.
That made it reasonable and not so huge."
Register today
Purchase the best foundational primer on data transformation available to the credit union industry.
Written for credit unions by a credit union expert Big Data/Big Climb: A credit Union playbook for leveraging data and talent to achieve revolutionary member relationships
Hailed as a "must-have book," It cuts through techno-jargon and translates data transformation concepts into a playbook filled with real-world examples, assessment guides, and other tools needed to reduce member friction, analyze actual competition, and identify disruption to improve the lives of its members and gain competitive advantage