Many organizations fall prey to the fallacy that having connected data and generating data analytics will organically cultivate a robust data culture.
This is false.
The actions involved in creating a data-infused culture are similar to developing a new habit; it takes a plan, repetition, and time.
Let's approach this with the end start in mind - Creating actionable insights
Step1: Evaluate your friction
Your member has friction doing business with you, and within your organization, you have friction doing business with each other. It's a fact and part of being human. What we can control is how much friction. Understanding member friction and internal friction because it quickly provides a list of data use cases.
Whoo-hoo!- You just linked data to the business problem.
Step 2: Solving friction using data+ Human-Centered Design + Agile sprint
Working in cross-functional teams, an organization can design solutions with the member as the end-user. Using the member friction list, this is a simple re-focus. The more significant challenge comes in to bring these ideas to the test. Agile has been a predominant methodology in tech development and fits beautifully in this application. Allowing a team to fail fast and often has been proven to generate better solutions.
Congrats!- You have launched a data-driven innovation culture.
Step 3: developing a strong pipeline of member-centric solutions
To continue to produce these impactful solutions, an organization will need to create an innovation value chain. This is a formalized process that consists of three phases; 1) idea generation, 2) idea conversion, and 3) idea diffusion.
Voila! - an innovation capability is born.
A member-centric data culture (the heart) and leveraging data to transform (the head) are complementary processes with the heart helping to accelerate the head. Creating a member-centric data mindset allows credit union talent to achieve the following:
Create a distinctive member experience that is powered by technology and is obsessively member-focused.
Leverage the power of cross-functional teams that generate high-speed innovation and result in a strong pipeline of new products to meet member needs.
Build a robust data consumption capability to propel the credit union to scale fast and efficiently and stay competitive.
How will you leverage the heart and the head of your credit union?
Curious about the current state of data at your
credit union?
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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
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