Preparing to Compete
An NFL football team uses the off season to plan for the future. They evaluate past performances, personnel, and on field strategy to reach their desired goals. It's a process that starts with the basics and strives towards excellence. It's a process that demands full attention to their data.
BI can be a daunting thought for credit unions. Credit Unions have told us that their not sure what to analyze or how to analyze their own data. This thought process skips the basics and jumps right to game day. Just like an NFL team, planning for game day is a process.
Do you have the basics?
The basics start with a vision, a culture focused on performance management, identified KPI's, and a single repository for all your data. Replace spreadsheets with highly intuitive dashboards, move from monthly updates to daily visibility, and advance your platform from manual updates to technology driven auto updates. Analytics aside, these basic changes will provide enormous benefit to your credit union. One of these benefits is transparency and accountability. Also, we have seen credit unions improve sales and productivity at the branch level through the use interactive dashboards.
Where's my data?
Can you imagine an NFL team that spends 80% of its time and energy on gathering the data and 20% on analysis? The offensive coordinator says to his head coach; "we are going to use 5 days of the week gathering data and 1 day analyzing data." The team would not only not compete, but the coaches would not be around very long.
If you ask those responsible for the data in a credit union, they will tell you without hesitation that a majority of their time and effort is focused on gathering data and very little time on analysis. Even those responsible for the analysis do not have the necessary tools and timeliness of data. In fact, the manual process of gathering data reduces the trustworthiness of the data. If an NFL team cannot compete without analyzing data, then how can we at credit unions compete in the future, considering the explosion of data?
Is BI just another project that is on your to do list?
Surveys show that about 65% of the mid/large size credit unions understand the importance of BI, but only 5% of credit unions have made it a strategic priority. The 5% are data driven and performance driven organizations that will “leapfrog” the competition.
Does data matter?
In the book Competing On Analytics by Davenport and Harris, Amazon is featured as an “Analytic Competitor”. Amazon sales more online than its next 12 largest competitors. Companies like Amazon use data to make you love them. Leading organizations not only understand the importance of using data to compete, they make data a strategic priority.