It is honestly mind-boggling to consider how much the world has changed in the past six weeks. As organizations re-emerge from their shelter in place and begin to function in this post-lockdown world, it is hard to know where to start and how to gain a clear direction. Reviewing strategic plans that once seems quite logical, now look like they were written in Greek.
One opportunity in this current "new normal" is the amount of data created. Identifying data that can provide clarity to member/customer purchase behavior, competition, and employee satisfaction is a great start. Here are four questions to help assess the current condition of your organization's data strategy to provide clarity on direction in this new world.
#1 Is the enterprise data vision relevant?
Take a moment to review the organization's data vision. What was the business problem identified that data will solve? Does it seem relevant? How should it be adjusted or completely scrapped?
#2 What friction do your members/customers experience doing business with your organization?
Your members/customers are engaging with your organization in ways they may have not before. It is important to identify areas of friction that members may have doing business with your organization. If the friction is too much, members will take flight, so the quicker these friction points can be identified the better. Please note that changes do not need to be massive process overhauls. In most cases, smaller, iterative changes are better. The quicker your organization can begin to reduce member/customer friction the quicker you will experience short and long term rewards.
#3 How has our current data culture change?
With the increase of remote work and workplace PPE, work has simply changed. This, too, has also changed your culture. Taking a moment to identify the good, the bad, and the ugly of your "new normal" will help bring clarity to positive aspects of your organization's culture and what to continue to encourage, foster and feed.
#4 What is the current state of our organizational data maturity?
Take a moment to review the current state of your organizations' data maturity. What does your organizations' data maturity look like? Do you have a formal data governance program? If data maturity feels like a low priority, then please take a moment to adjust your thinking. Data maturity is the foundation, the blueprint, the architectural renderings to your dream data home. Most home building experts will never head to an open piece of land and just digging and hope to create a home. Why would you do that with your data?
Now is a perfect time to align the data vision to the friction and create a plan that will leverage new culture and focus on achieving impactful member relationships
We've got your back.
THRIVE Strategic Services is offering two ways to fill your data knowledge gaps.
#1: Join our monthly ONLINE data education offerings!
Plan on attending any of these online learning opportunities.
Learn & Listen Casual Conversations are FREE 45 min casual conversations around key data topics. They are the starter or appetizer in your data education. Not too heavy but still satisfying.
Power Hour - deep topic drill-downs are 1 hour ($35) lecture format sessions that will provide clarity and value. These are definitely your power backed energy-bowl of data topic. Densely packed with information that will make you happy you experienced one.
#2 Purchase the best foundational primer on data transformation available to the credit union industry. Written for credit unions by a credit union expert Big Data/Big Climb: A credit Union playbook for leveraging data and talent to achieve revolutionary member relationships is a must-have book!
It 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.