“Without big data analytics, companies are blind and deaf, wandering out onto the Web like deer on a freeway.”
_ Geoffrey Moore, Author of Crossing the Chasm & Inside the Tornado
With the increasing digital transformation, industries have to keep up with the latest technology, the business and institutions have to adopt the new versions of technology if they have to survive and thrive. The credit union is better-positioned if they take on data analytics programs that provide individualized member experiences, stay in compliance, or identify attributing members. Those who leverage data analytics programs are most often have a competitive advantage and therefore become one of the strongest in the industry.
Here are a few fundamental factors behind the success of credit unions
- HIRING THE RIGHT ANALYTICS PEOPLE; the most crucial decision-makers are the management team members responsible as a driving force to keep the organization moving. The people who work with the data are the IT staff, data developers, architects, subject matter experts, and report developers, and a credit union data analytics team does need proper input from these data handlers. These are the teams that recognize the importance of credit unions, and thus, credit union’ data analytics solutions are made for business users.
- HAVING THE RIGHT ANALYTICS PROCESS; there are four essential steps in the journey of a successful credit union data analytics, which are as follows:-
- Strategic planning; the primary stage is to brainstorm all the ideas and ask questions such as what issues you want the credit union to address, what the CUDA (Credit union data analytics) team needs, and what you require.
- Analytics platform implementation; this stage is all about assembling your team, your infrastructure. It would help if you were assured that you have all the hardware, software, and key players in place. Also, make sure that you have access to all the data when the need arrives.
- Analytics adoption and penetration; once you have done the work of assembling, the next stage that comes is to continue the momentum. Get the actionable data to your business users and follow through with the process of analytics instead of focusing on the goal.
- Control measures and management are meant to conclude and provide the solutions that data analytics are programmed to do. It provides the necessary metrics, reports, measures impact, and calculates your organization’s ROI.
These four basic processes build the very foundation of a successful credit union data analytics solution.
- Acquiring the right analytics tools; the very last factor that determines the success of a CUDA program is using and having the right tools to deal. Whether you have a set up of on-premise, hybrid, or cloud, you will indeed require capable hardware and supporting systems. You will need to depend heavily on software that stores your data and data analytics tools to maintain your data’s safety, quality, accessibility, and mobility.