BY BREWSTER KNOWLTON
As I travel around the country working with financial institutions that are ready to implement a data analytics program, I realize a common denominator throughout them. Many have yet to align their data analytics strategy with their overall corporate/business strategy.
When the business objectives and analytics strategy do not operate from the same playbook, it creates competing priorities, putting the various departments within a financial institution at cross-purposes. Even worse, when these strategies do not blend, the credit union will struggle to see a return on the data analytics investment! If you’re ready to put your strategy into action, here are seven steps to keep in mind as you implement your data analytics initiatives:
The first step is to attain a thorough understanding of the credit union’s strategic business initiatives and ascertain how data analytics will help achieve those objectives. Knowing your business goals today, and in the coming 2, 5 and even 10 years will help the credit union devise a strategic plan and roadmap that ultimately aligns analytics with key business imperatives. During the strategic planning and goal setting phase, make sure key objectives for the data analytics program are documented and communicated throughout the organization.