Gartner's 100 data analytics predictions for 2025 offered this data-driven transformation roadmap. Let us dive into this a bit deeper.
Phase 1: Selling the value
At a very fundamental level, the value of activated data can be boiled into three simple tenets:
Identify new sources of revenue
Reduce member friction
Increase talent productivity
These should be easily understood by all levels in the credit union and how each person can impact them. This should lead to conversations about the knowledge gaps that exist in pursuing these tenets.
Phase 2: Envisioning
Here is where the value propositions are brought to life in creating the data vision.
Critical components of your organization's data vision should identify the business use case(s) to harness data. Here are four questions to help assess your organization's data strategy's current condition to clarify the direction.
Is the enterprise data vision relevant?
What friction do your members/customers experience doing business with your organization?
How has our current data culture changed?
What is the current state of your organizational data maturity?
Phase 3: Assessment
Your organization will want to examine data literacy and cultural readiness.
A few key areas to assess include the current state of;
Enterprise data strategy
Member-centric data strategy
Enterprise data road map
Data governance program
Data consumption by your talent
Workplace adoption of data
Phase 4: Education
Here, Gartner offers to fill knowledge gaps and create curriculum and training plans. While this may feel overwhelming, don't worry. We have your back with the only CPE-accredited Data activation course. Of course, feel free to create your own if that expertise exists internally.
What I like best about this nugget from Garner is that It does NOT start with hiring or purchasing a tool. Let me repeat that, data success does NOT begin with purchasing any resource. It DOES start with understanding the value of data and selling it inside the organization, then envisioning the value to progress to a current state assessment and then education.
Education can come from various sources, including books, articles, webinars, and online classes. Ensure the education is credit union industry-specific and offers application of the knowledge.
For true data success, take the time to build up a data knowledge capability. It will pay back in dividends.
We are offering LAUNCHABLE Data Governance on Wednesday, April 12, 2023, from 9 am PST/ Noon pm EST - Noon pm PST/ 3 pm pm EST.
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!
You won't want to miss this virtual Data Governance Deep Dive workshop!
Ready to ACTIVATE
Then plan on attending the
It's hard to know where to go when you don't have a map,
the same is true with activating your data.
Next Class Starts: May 2!
Data activated by Memorial Day
Perfect time to send more than one team member AND check that
"launched data journey in 2023" box DONE!
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: