Data has been called one of the most important investments an organization can make by Forbes, McKinsey & Gartner.
Yet 92% of credit unions fail to effectively leverage their available data.
One of the biggest reasons that credit unions fail, is that they do not holistically assess their current state of data. Many credit unions start with an assessment of their current technology, but to be successful with data also need to have a solid and clear data strategy as well as a road map that includes talent data consumption.
Here are the five components needed for data success.
1. A clear data strategy
One that is aligned to the organization strategy
Incorporates a pathway to data maturity (with special emphasis on data governance)
Includes talent development to consume data
Provides clarity on workplace adoption of data
2. The ability to translate data strategy into tangible use cases
3. A clear, high-level road map.
If you have #1 and 2 above, you should have this. Remember best practice for a data road map is to have it fit on one page and clearly communicate the pathway data will be leveraged to improve member's lives.
4. Have a formal data governance program
Many credit unions get overwhelmed with the creation of formal data governance program. Advice: don't boil the ocean; make a nice cup of tea. Start small.
5. Talent that can translate data into valuable action.
This is the area where most credit unions fail. Creating a data-centric organization does not occur organically. A defined plan to infuse data into the credit union is a combination of critical and design thinking embedded in a pro-active environment.
As it is planning season, here is a quick and really easy way to find out how ready you are for data success in seconds, complete the data success assessment. Scroll to the bottom of the page, and within the click of a few buttons, you will find out how prepared your organization is to succeed with data.
A clear understanding of your organization's current data state is the best foundation for setting your organization's future state and success.
Curious about the current state of data at your
Take this quick
Data Success Assessment to find out!
Found at the bottom of the page.
Where can I fill my data knowledge gaps?
With a stop at the
Data Education Center.
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:
What if I want something more? Does someone offer data education classes with real-world applications?
Yep, that is what we do, of course, and so much more. To learn more, please review our data transformation institute