The Decision Maker

Data Management Framework - 7 Essential Components

Posted by Merrill Albert on Oct 22, 2019 12:05:00 PM

Managing your data takes work. Just because you have data does not mean it is the correct data. You must make sure that you have useful data to inform the rest of your operations. People who are good at managing data are usually those who like having structure and disciplined processes that others will support. These are the people you want on your team to ensure you have data you can count on. If you can’t count on your data, it will not produce useful insights for reporting and business decisions.

Building data you can rely on means following a good data management framework. Data infrastructures built on sound management principles yield reliable data. This useful data, if used correctly, leads to engaged members who trust their credit union and want to do more business with you. Plus, you need to have reliable data when you are submitting reports to regulatory bodies and mitigating risks.

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Topics: Data Analytics, Data Quality, Enterprise Data Management

Data Insights - Building a Foundation

Posted by Merrill Albert on Oct 15, 2019 11:55:00 AM

Data insights start, naturally, with data. Get the data wrong, and your insights will be wrong.  Who wants to take business actions on insights based on bad data?

The real problem is when you’re acting on data insights that you don’t know are based on bad data. You need to prevent that from happening because you don’t want to make incorrect assumptions. If you’ve done nothing to build useful data, why should you expect it to be good? 

The data industry has been around a long time and has proven techniques for building that solid foundation upon which to base your insights. Using these techniques and following a structured methodology provide the discipline needed to make that foundation. But building a good foundation that produces valuable insights takes time. Don’t try to cut corners and don’t assume your data is useful.

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Topics: Data Standards, Data Quality, Enterprise Data Management

Lagging Contenders: How Credit Unions Can Catch Up in Data and Analytics - Part 1

Posted by Peter Keers, PMP on Aug 8, 2017 11:18:43 AM

The message has been ringing load and clear throughout the credit union industry for years: make better use of data and analytics or lose “member share” to more progressive CU peers or (horrors!) banks and fintech startups.

Despite the warning cries, the proportion of credit unions embracing this trend is (horrifyingly!) low.

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Topics: Data Integration, Analytic Data Model, Data Analytics, Data Quality

The Dirty Data Debacle

Posted by Peter Keers, PMP on Aug 26, 2015 3:12:00 PM

Credit unions today are increasingly aware of the mountain of valuable data accumulating in their core and other operational systems. With technology evolving at a rapid pace, opportunities to leverage this data are becoming not only more available but also more affordable than ever before.

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Topics: Big Data, Data Integrity, Data Quality