What is Data transformation?
It is a process that 1) involves connecting data systems to generate insights, 2) transforming the enterprise based on new, connected data intelligence.
Nope, this is not easy.
It is complex and can quickly feel overwhelming. Here is a five-step framework to help launch your data transformation journey.
Step 1. Assess current condition
Understanding the current condition of data utilization to solve internal business and member problems is the foundation upon which to build. The insights derived from this assessment should include competition, ongoing disruption, and member engagement and spend behavior.
Step 2. Determine enterprise data vision
Critical components of this vision should be the identification of the business use case(s) that the organization is harnessing data for.
Step 3. Develop a member-centric data use case
Take a chapter out of a software development firm and build out the data use case’s end-user story. This helps to frame up the narrative around the results and helps achieve buy-in across business verticals.
Step 4. Build the foundation for a data maturity capability
This is where the heavy bricklaying needs to happen so that the data “house” can stand firm. Of course, this involves building both a formal data governance program and business intelligence.
Step 5. Adoption of data into the workplace
Workplace adoption is the ultimate destination for a data transformation journey. To achieve this successfully, organizational talent needs to know how to consume data output and translate it to create business value.
While this is quite a bit to consider, it should be. Data transformation is very much like climbing the tallest freestanding mountain in the world. Neither are simple tasks nor should be taken lightly. That is why incremental growth and concurrent work streams are crucial to success.
If you are looking to learn more about how to leverage data to improve your member’s lives, you can find many more articles as well as the first chapter of the Big Data/Big Climb: A credit union playbook for leveraging data and talent to achieve revolutionary member relationship at www.anneleggTHRIVE.com