8 steps to make data analytics work for you

Credit unions interested in advancing their data analytics efforts will find a wealth of information in a recent article in the McKinsey Quarterly. Simply entitled, “Making Data Analytics Work for You – Instead of the Other Way Around” (Mayhew, Salah, and Williams), the article provides an easy to follow list of steps for any organization to get the most out of their investment in data analytics.

The authors emphasize that improving corporate performance is the only meaningful reason for organizations to pursue data analytics. As a result, they state two important principles:

1. The data used for analytics must be “purpose-driven”. That is, data points used in analytics must be chosen carefully to ensure they align with high value processes within the organization.

 

 

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