At its simplest, data maturity is the extent to which an organization utilizes the data it produces. One of the ways an organization utilizes data is the creation of a data analytics capability. The purpose of any data analytics capability is to make data meaningful. To achieve this, a credit union needs to have appropriate tools, skillful talent, and an operational structure that transforms data and monitors its quality.
For an organization to have quality and structure to its data, it needs to create a data governance program. The mission of a data governance program at a credit union is to give a formal structure to its data. Just like loans, data needs to be defined, categorized, prioritized, and documented to maintain quality and set policies and procedures. Data governance is part of organizational data maturity efforts and works best when aligned with the data strategy. An enterprise can not become data mature unless it has integrity in its data, this is only achievable with formal data governance. The following is a sample of a data maturity framework assignment.
Identify Data Maturity Opportunity
1. Data maturity opportunity
List the current state and future state of cu data maturity:
2. Current State
Building out primary blocks of data in our data warehouse along with incremental additions for new use cases. Data in the warehouse is clean, but some definitions need to undergo review.
3. Future State
The data warehouse contains all the CUs primary data sources, with additional derived data for specific use cases, and all data element definitions are agreed upon.
To see a complete example of a data maturity exercise output, please request a copy of the Data Activation Series white paper.
Launchable
Data Governance
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Yes, launchable is a word :) And it describes what needs to happen to your data governance program in 2023! THRIVE will give you the knowledge and framework (aka ppt deck) you need to launch this effort in JUST three hours!
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Data Strategy
Case Study:
First City Credit Union
Helping you fill knowledge gaps!
We believe that data transformation doesn't have to feel overwhelming or expensive to be impactful. After helping over 600 credit union leaders launch their data journeys, we have identified several consistent knowledge gaps. We have worked hard to fill these gaps with a variety of educational artifacts: