3 ways to use data to validate strategy

Today’s smart credit union leaders are leveraging data to benchmark and track goals, identify opportunities, and uncover weaknesses.

The intersection between strategy and performance can be difficult to maneuver for many credit unions.

A strategic plan is often the culmination of months of discussion and work that encompasses a range of factors and drivers that impact every area of the institution. For department heads responsible for ensuring the credit union’s business plan aligns with its strategy, a common but underappreciated challenge lies in determining how to quantify progress for their individual goals as well as the collective goals of the credit union.

Some indicators are leading. Others are lagging. Still others can only be gauged through correlation and proxy measures. However, without accurate, detailed knowledge of the credit union and its competition, decision-makers run the risk of being uninformed or one-sided.

 

continue reading »

More News