Many organizations fall prey to the fallacy that having connected data and generating data analytics will organically cultivate a robust data culture.
This is false.
The actions involved in creating a data-infused culture are similar to developing a new habit; it takes a plan, repetition, and time.
Let's approach this with the end start in mind - Creating actionable insights
Step1: Evaluate your friction
Your member has friction doing business with you, and within your organization, you have friction doing business with each other. It's a fact and part of being human. What we can control is how much friction. Understanding member friction and internal friction because it quickly provides a list of data use cases.
Whoo-hoo!- You just linked data to the business problem.
Step 2: Solving friction using data+ Human-Centered Design + Agile sprint
Working in cross-functional teams, an organization can design solutions with the member as the end-user. Using the member friction list, this is a simple re-focus. The more significant challenge comes in to bring these ideas to the test. Agile has been a predominant methodology in tech development and fits beautifully in this application. Allowing a team to fail fast and often has been proven to generate better solutions.
Congrats!- You have launched a data-driven innovation culture.
Step 3: developing a strong pipeline of member-centric solutions
To continue to produce these impactful solutions, an organization will need to create an innovation value chain. This is a formalized process that consists of three phases; 1) idea generation, 2) idea conversion, and 3) idea diffusion.
Voila! - an innovation capability is born.
A member-centric data culture (the heart) and leveraging data to transform (the head) are complementary processes with the heart helping to accelerate the head. Creating a member-centric data mindset allows credit union talent to achieve the following:
Create a distinctive member experience that is powered by technology and is obsessively member-focused.
Leverage the power of cross-functional teams that generate high-speed innovation and result in a strong pipeline of new products to meet member needs.
Build a robust data consumption capability to propel the credit union to scale fast and efficiently and stay competitive.
How will you leverage the heart and the head of your credit union?
Does launching your data transformation initiative feels like climbing Mt. Kilimanjaro?
If so, THRIVE is here to help. Our proven data transformation approach will take your credit union to the summit AND back down in 90 days or less!
Think of us as your guide up the data transformation mountain and down. At the end of our time together, your credit union will have;
developed & launched a member-centric data strategy,
built on actual, live data
cultivated a data culture deliver impactful member solutions
launched your enterprise data journey
Looking for a solid data transformation resource?
Big Data/Big Climb Book Written for credit unions by a credit union expert, this book has been described as "a quintessential read for those who are looking to improve their members' lives using data." 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