The Decision Maker

Chuck Gulledge, CPA

Recent Posts

This Bank Understands the Importance of Data

Posted by Chuck Gulledge, CPA on Mar 21, 2014 8:43:43 PM

We have been meeting with credit union executives over the last several months with the message of “make data a strategic priority.” While some credit unions understand that the volume, velocity, and variety of data is exploding, most credit unions make data a project, and not a strategy.

A Bank in Australia gets it. On 22 January 2014, Westpac Group was ranked number one in the 2014 list of the ‘Global 100 Most Sustainable Corporations in the World’. Their vision is to be one of the world’s great companies, helping our customers, communities and people to prosper and grow. They know they cannot achieve their vision without making data a strategy.

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Topics: Data Analytics

Existence of Information Silos May Reveal How You Value Data: Top 5 Reasons to Remove Data Silos

Posted by Chuck Gulledge, CPA on Feb 17, 2014 1:59:59 PM

1.Enhance Data Quality and Consistency – Integrated data provides a common data model to allow standardization from the various departments. So you can have more confidence in the accuracy of your data. Accurate data is the basis for strong business decisions. Without integrated data, a credit union runs the risk of making critical decisions based on insufficient or inaccurate information. Making decisions based on "gut feel" with the mountains of data that exists no longer works. Data retrieval is no longer a full time position when data silos are removed. Easy access to a single source of truth will move you from data gathers to data analysts.

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Topics: Analytic Data Model, Data Analytics

The Hidden Resource Waster

Posted by Chuck Gulledge, CPA on Jan 30, 2014 11:53:18 AM

The “Data Explosion” is requiring credit unions to allocate more time, effort and energy than ever before to manage their data. The growth and source (online and mobile) will continue to grow into the foreseeable future. The BI tool used by many community financial institutions is spreadsheets. Spreadsheets have served us well and will continue to be a great tool for use on your personal desktop. Where it falls short is trying to manage and analyze the volumes of member data and transactions at the Enterprise level.

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Topics: Data Analytics

Getting the Right Information at the Right Time

Posted by Chuck Gulledge, CPA on Jan 9, 2014 12:48:57 PM

Reporting – Where are we now?
What is your reporting process to measure KPI’s and to measure productivity within your department? What percent of time is spent on preparing the reports? How much time is used on analyzing the data? How often do you change your reporting requirements? Reporting and measurement can be quite frustrating. Generally, Excel is used in credit unions as the primary reporting tool. While it's a great tool for certain analyses, it is not ideal for reporting enterprise wide. Credit unions are taking notice of the “Big Data” or "Business Intelligence” (BI) themes that are surfacing. One credit union said that, "Not only can we not get the data that we need, we would not know what to do with it". We suggest that credit unions take care of first things first, and that begins with enterprise reporting.
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Topics: Data Analytics