Trellance just concluded its annual conference, IMMERSION19, where ideas and strategies took the shape of keynote presentations, breakouts and networking among credit union professionals. As in past years, there were many key takeaways. Here are the top 10 takeaways from the keynote presentations.
60% of all data analytics endeavors fail.
Tom Davis, President & CEO of Trellance, shared a warning in his opening keynote that many data analytics efforts within organizations fail more than they succeed—and cost more money than expected. Tom urged credit unions to consider partnerships to advance their moves into big data.
Take big data and make it small.
Credit unions have more data about some of their members than what Amazon knows about its customers, according to Erik Qualman, an author recognized by Forbes and Fortune as one of the Top 100 Digital Influencers. Credit unions need to be using their collective data to customize the member experience according to each member’s unique needs. That’s taking big data and making it small.
Digital leaders are made, not born.
Eric Qualman also spoke about how, with advanced technologies, everyone can exert more direct and indirect influence than ever before and become an effective digital leader — anywhere at any time.
Disrupt or die.
Former IBM Chief Innovation Officer and best-selling author Linda Bernardi gave several examples of companies that didn’t see changes coming. Nokia, Motorola, Kodak, Blackberry, Toys R Us, were just some corporations that were blindsided by changes in consumer preferences and changes in technology. Linda suggested that companies have two choices – be the innovator or get pushed out of the way.
If someone is going to eat your lunch, it might as well be you.
Eric Qualman also shared the same cautionary message as Linda Bernardi regarding companies that need to innovate or be left behind. His perspective, though, was to not be afraid to disrupt your own organization. He gave the example that Netflix used to be in the business of mailing out discs; at its peak in 2002 Netflix was mailing around 190,000 discs per day. But the company also saw that streaming content was about to take off, so it created a streaming video product that cannibalized its own video-by-mail business, and upended Blockbuster’s market.