Credit unions, while having more data than Amazon, find that it lives in 60 to 100 data systems and is hard to wrangle to get meaningful insights. The extent to which an organization utilizes the data they produce is the simplest definition of data maturity.
Corporate data, also known as enterprise data, like a human, doesn't arrive fully mature. Enterprise data takes three stages to achieve maturity. The following is a quick review of each stage.
Stage 1: Nascent, Yep, we've got data.
This is the data in its earliest form. It is raw, ideally clean, and living in silos. The organization is in its infancy of understanding the power of connected data, similar to how a child learns about its body and functions. It recognizes that it has data but no formal data strategy. And it takes substantial effort required to produce data reports.
Stage 2: Functional - We heart Excel
Like a child, the organization is in a reactive position to data—spreadsheets are used as a primary means of reporting. Reporting is limited to tasks that are critical for business operations. There is no formal BI & Analytics tools or standard. No data governance, and there is a low level of confidence in data. Descriptive analytics are employed.
Stage 3. Exploration - What if?
As the organization begins to mature, it begins to resemble a teenager. They are confident in some capabilities but explore beyond childhood boundaries to increase knowledge. They take a proactive position to data. Data is being used to create what-if scenarios in financial reporting. Standard sets of reports are being produced regularly with ad-hoc capabilities available. The organization is beginning to track KPI. An exploration of statistical analysis and data management standards is taking shape. BI & analytics are in their early stages of implementation and are used to report on activity.
Stage 4. Enterprise Adoption - kicking butt and taking names
Similar to Adulthood, where physical, emotional, and, ideally, financial maturity has occurred, allowing the person to make a meaningful impact, data also has. Data management is practiced and governed by effective policies and procedures. Data is pulled in real time and is used to predict outcomes. Prescribe solutions and improve upstream processes.
Why is this important to your organization? Here are three reasons
Reason #1: It is your data destination
Data maturity helps define the destination of the organizational data, culture, and importance to achieve its goals.
Reason #2: Helps to drive digital transformation
As mentioned earlier, data is essential to understanding current member/customer needs. This is the heart of survival and brings some certainty to this uncertain world. The data maturity framework is a critical foundation to build upon as an organization makes its data capability and leverages data to transform.
Reason #3 It is a foundational road map
Data journeys are more successful when a road map guides the stakeholders. A data maturity framework is a foundational road map to start. It helps to provide a straightforward assessment tool and plot a course for data success.
As you start thinking about the current state of your data maturity, realize that it may be more like a tweener than a child or a teenager.
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:
NEW! Read the Data Education White Paper (found at the bottom of the page)