By utilizing analytics-enabled alerts, credit unions will be able to make strategic decisions on a daily basis.
The amount of activities occurring at a credit union every day can be intimidating when building data-driven solutions. With complex business processes and tasks requiring manual intervention, credit unions are hesitant in utilizing analytics software to improve decision-making. In order to effectively leverage analytics insights, they must implement alerts tools. Alerts are a common feature in consumer technology. Notifications on social media websites, texting, emails and online news are just a few of the examples of alerts that are controlling our everyday actions. Utilizing analytics-enabled alerts in the business setting, executive management will be able to build an alerts strategy to delegate tasks throughout the credit union.
Step 1) Business Strategy
It all begins with the business strategy. In order for an alerts solution to be effective, credit unions must have an analytics (data-driven) business strategy. The executive team must develop and solidify a clear analytics strategy and communicate it to the entire organization. Establishing certain KPIs (Key Performance Indicators) and establishing specific goals for each one will be the foundation for an effective alerts strategy.
Step 2) Tactical Alerts Planning
Once the executive team has established a high-level strategy and delegated responsibilities to middle management, managers must define specific metrics for their respective teams. It is also the managers’ responsibility to assign custom alerts to each employee according to their role.
Step 3) Establish Priorities
Consumers receive various notifications that influence their everyday decisions. This phenomenon is part of the analytics driven environment that is continuing to develop throughout the world. When employees sign into their desktop, they should have alerts tools to establish their priorities. Employees still have the freedom to choose how the task is accomplished, but they will be able to determine priorities according to the business strategy developed by the executive team.
Step 4) Distribution and Execution of Alerts
Alerts must be delivered to employees in an intuitive and clear way. Developing an employee dashboard where all the alerts can flow into one location is ideal. Emails and other forms of direct communication to an employee can end up getting lost. With a dashboard in front of them, each employee knows which tasks are outstanding and their priorities based on the strategic vision of the executive team. Designing the tailored dashboard for all organizational levels and functions will bring accountability to the entire credit union. This will minimize the risk of tasks “falling off the radar”.
Step 5) Continuous Improvements
As employees begin working with their alerts tools, conversations will occur on how to better design and fine-tune each alert. Adding data elements to a drill-down report, tweaking the design of a dashboard or altering the strategy based on the impact each task will stimulate constant discussion. Employees must have a strong role in setting goals for themselves and being held accountable to them.
Step 6) Incentivize Achievement
People want to be rewarded when they finish their tasks and are able to exceed the goals set for them. Developing incentives can be a powerful way to move alerts from “in progress” to “complete”. As employees get used to completing alerts, they will want to be challenged to exceed their prior performance. Monitoring and encouraging the team to achieve higher performance by offering various incentives will increase productivity.
Navigating the Data with Analytics & Alerts
Analytics and alerts tools will give credit unions the ability to survive the data deluge that is sweeping the financial services industry. Credit unions currently have more data about their members than ever before. Developing analytics and distributing tasks via alerts will be the future of successful companies’ operations. With the exponential growth of data throughout the world, the advantage will go to those who can successfully leverage their greatest asset, data.