What does Data Success look like?
It is a process that 1) involves connecting data systems to generate insights, 2) transforming the enterprise based on new, connected data intelligence.
Nope, not easy.
It is complex and can quickly feel overwhelming. Here is a five-step
framework to help launch your data transformation journey.
Step 1. Assess current condition
Understanding the current condition of data utilization to solve internal business and member problems is the foundation upon which to build. The insights in this assessment should include competition, ongoing disruption, and member engagement and spend.
Step 2. Determine enterprise data vision
Critical components of this vision should be identifying the business use case(s) to harnessing data.
Step 3. Develop a member-centric data use case
Take a chapter out of a software development firm and build out the data use case's end-user story. This helps to frame up the narrative around the results and helps achieve buy-in across business verticals.
Step 4. Build the foundation for a data maturity capability
This is where the heavy bricklaying needs to happen so that the data "house" can stand firm. Of course, this involves building both a formal data governance program and business intelligence.
Step 5. Adoption of data into the workplace
Workplace adoption is the ultimate destination for a data transformation journey. To achieve this successfully, organizational talent needs to know how to consume data output and translate it to create business value.
While this is quite a bit to consider, it should be.
Creating data success and climbing the tallest freestanding mountain in the world are not simple tasks and should not be taken a such. That is why incremental growth and concurrent work streams are crucial to success.
Is there a book out there that can help me navigate data transformation?
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 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.
Does someone teach a credit union how to build innovation as a capability?
Of course, we do, and so much more. To learn more, please review our consulting services.
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