Four Actions to Adjust your Data Strategy for 2021


Leveraging data is going to be vital to moving forward in 2021. But where to start? Let's start with the existing strategy and making a few adjustments. Thanks to the wonderful people at MIT Sloan, their fall issue is devoted to rebooting strategy. In the "Plotting strategy in a dynamic world," the authors offer up four activities that executives should be doing to help develop a strategy in these ever-changing conditions. They are Sense, Organize, Capture, and Renew. Here are they are modified for the credit union industry leveraging data.

SEEK

Credit unions need to understand their landscape to be able to respond to it. Areas that credit unions should be seeking insights are competition, disruption, and member spend. Fortunately, these insights are found in credit union data. Here is an example of competitive insights. This graphics shares three credit union revenue drivers (auto, credit cart & home loans), their perceived competition, and the actual.



GAPS

Understanding the capabilities needed to adjust to a dynamic world provides clarity to the credit union's capability gaps. One capability gap is data consumption. This capability specifically addresses how effective a credit union is consuming data to become a data-driven organization.

VALUE CAPTURE

Transitioning processes from in-person to online has given credit unions a jumpstart in identifying new ways to create and provide value to members. While the argument can be made that members will want to return to the "old way," and equally compelling argument can be made that digital experiences are more robust and provide a quicker time to value.

MONITOR

Identifying new metrics to watch in the dynamic work is key to identifying trends and ultimately setting strategy.

Leveraging the insights from the SEEK section is a great start. A credit union can leverage spend insights for purchase, flight risk, or early warning system indicators.

As the future may not be crystal clear, leadership teams must leverage their existing data for insights and trends to develop a deeper understanding of their value exchange and fill knowledge gaps.

Is there a book out there that can help me leverage data and improve members' lives?

Yep!

Written for credit unions by a credit union expert, Big Data/Big Climb has been hailed as a "must-have". The book 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.

What if I want something more interactive than the book?

For the same time that it takes to enjoy your lunch, you could be learning about the elements of a disruption analysis. Click here to learn how to access the recorded session on this topic.


Where can I find a partner that will leverage data to uncover new sources of revenue, reduce member friction, and build a data consumption capability?

We do, of course, and so much more. To learn more, please review our consulting services.




If you liked this article, you might enjoy these:

How to Manage Disruptive Forces & Build an Innovation Capability

How to Build a Data-infused Culture


Embrace Disruption


1140 Wall Street #305

La Jolla, CA 92038-0305

P:858.255.0636

anne@anneleggthrive.com

  • White LinkedIn Icon
  • White Twitter Icon
Send Us a Message

© 2020 THRIVE Strategic Services