Data Analytics – Is This Thing On?

Do you know what your data is telling you about your clients and the market you serve?  It’s 2014 folks, this isn’t that difficult.  But I acknowledge – it isn’t that sexy either.

In every bank and credit union there exists a wealth of actionable intelligence.  Jim Collins, in his book “Good to Great,” said it more than a decade ago…as did Sir Francis Bacon 400 hundred years ago…  “Knowledge is Power.”  Collins was more specific to us today by saying, “the kind of information available to the average institution and the great one is about the same.  The difference is that the great institution will turn the data they have into information they cannot ignore.”

Is your institution great?

There has been a lot of talk about the promise of Big Data.  Whatever.  Big Data is like snake oil.  That is unless you are Bank of America or Navy FCU.  For the rest of you, data analytics that benefit management, sales, marketing and the profit-oriented folks at any financial institution are derived from what many call an MCIF.  What is an MCIF?  Check an e-book, here.

Who should own the analytics: Marketing, Sales, I/T, operations…your CFO?  The answer is not difficult.  Whomever will actually perform the analysis, leverage the information for revenue and profit growth, and share it with those who make that happen is the right person.  Not sure you have such a person?  No problem.  A variety of vendors make services and consulting available to help you.  Is software or services better for you?   I can’t say.  In either case, the information isn’t expensive to get and the value is undeniable.

Get my book, “Marketing Execution,” and see how your peers have leveraged the power of data.  I would be happy to send it to you with my compliments.  That means – FREE – for those of you not paying attention.

Is this thing on?