4 steps of the data journey

Credit unions collect a lot of data.

By itself, the data isn’t very useful, but taking time to analyze the data can provide credit unions with a wealth of information that can be used to make informed decisions that impact the organization’s service.

“Credit unions have tons of data on members, and it’s a great asset,” says Vicki Potter, senior data and analytics consultant with TruStage. “But in and of itself, it’s not very useful.”

During the Credit Union Board Roundtable in Chicago, Potter offered tips on how credit unions can use the data they’ve collected to achieve a desired outcome. The data journey involves four steps:

1. Data governance. Make sure to create definitions that are consistent across the organization. Also consider what data is needed, where it is stored, and its quality.
2. Business intelligence. Create reports and dashboards to make the data consumable and meaningful. This will allow you to establish current state.
Data is just data until you do something with it.
Vicki Potter
3. Forecast. At this stage, you’ll be able to identify trends and patterns through visuals. Consider different ways visuals present information to those who need to interpret it.
4. Predictive. At this stage, determine next steps and what will happen. Has the data produced the expected results? Do tweaks need to be made? Keep the model and data current.

Potter recommends starting with small data projects. You’ll get insights that will allow you to identify trends and act sooner than a complicated project.

“Data needs to power the action,” Potter says. “It’s a process. It’s a cycle. Data is just data until you do something with it.”