As the world rebounds into a new state of "normal," many organizations are turning to their data to help them understand their members'/customers' current conditions. Credit unions, while having more data than Amazon, find that it is living in 60 to 100 data systems and 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.
Organizational also knowns as enterprise data, like a human, doesn't arrive in a fully mature state. 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 is learning about its body and how it 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 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 a set of 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 are beginning to take 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 has as well. Data management is practiced and governed across the company with effective policy 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 an essential component to understanding current member/customer needs. This is the heart of survival, as well as bringing some certainty to this uncertain world. The data maturity framework is a critical foundation to build upon as an organization builds its data capability and leverages data to transform.
Reason #3 It is a foundational road map
Data journeys are more successful when there is a road map to guide the stakeholders. A data maturity framework is a foundational road map to start. It helps to provide an easy assessment tool and plot a course for data success.
Curious to find out who is more mature, your data, or a teenager?
To find out please plan on attending the 6.24 Learn and Listen data education session.
Click here to register.
Can't make it?
No worries, we have your back, click here to request an archived session.
Looking for more insights on data, journey, and how it can transform your members' lives?
Please consider Big Data/Big Climb: A credit Union playbook for leveraging data and talent to achieve revolutionary member relationships.
Written for credit unions by a credit union expert, this book 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.
Click here to learn more about the book.
Comments