In today's data-driven world, it is more important to leverage the power of data to understand the market and customers better. Based on this, one can create a strong presence in operations. Data analytics, predictive analytics, and artificial intelligence can help make better and informed decisions. Implementing these helps optimize the performance and reduce costs by identifying more efficient ways of doing business and enriching relations with customers by understanding their requirements. 

At CULytics Solutions Showcase, Jeff Thomas shared his journey and future planning at GECU, focusing on descriptive analytics and building an enterprise data warehouse. He is VP of Business Analytics at GECU and holds a strong background in the health care sector with 15+ years of experience in the specialization. 

 Here are the highlights from the session:

• Data Analytics: GECU is data-driven from a non-technology standpoint; it knows its data. Initially, there were no enterprise data warehouse and no technology-driven initiatives. As a result, steps have been taken to construct it to meet the organization's needs.
• Internal Readiness: A good experience in the industry, technological expertise, and strategy to meet expectations have helped throughout the journey. Bringing a five-year plan to the table and an approach to execute it without wasting resources and other stuff has helped gain a good name in the industry. One should review and revise the targets from time to time for continuous growth.
• Reach Out: Keep focusing on where you are now and where you have to go. So, to do the work, never fail in reaching out to people if required. Spend time to build things; it is a must to try different ways to create what is needed.
• Learn From Others: Everyone is giving the best in their respective area. So, try new things and learn from failures and successes – to create the story. Think bigger, simplify things, and analyze how data can help win.
• Reporting: In any organization, there might be additional staff for different tasks, including supervisor business intelligence, Data scientist, BI architect, and BI analyst. Other people might be reporting to different people in a hierarchy. Keep in mind the focus and the path to follow to achieve the set goals.
• What Makes Sense: Focus on the vital business intelligence and data analytics elements required to meet the targets. Come up with ideas and solutions. Credit union size matters, and doing things in the budget is also essential to justify what is done.
• Resources: Data management has its importance. So, build a team of members who can better understand the data, how it goes in, and how it comes out. Besides, a training session can keep the workforce aware of the industry trends and work methods.
• Technology: Investing in technology helps simplify tedious tasks. Use different tools to handle different sorts of data. There might be multiple kinds of data elements, including benchmark data, HR data, enterprise data, data analytics, and many more. Choose technology-driven tools depending upon the individual requirement.
• Interact and Engage: Good communication should be at the core of achieving organizational goals quickly. Never try to prove anyone wrong; ascertain what is suitable to be there. Know the requirements in advance. Development requirements might change. So, be flexible to make changes in strategy at any time.
• Data Governance: Data governance and related tools & technology might be pricy. Knowing the requirements should be the first step, and you should make investments accordingly. A small or large committee can be formed to share ideas, suggestions and make decisions for data governance. It should be on the priority list to understand and work on data flow.
• Power Analysis Ability: In any organization, Power BI, Machine Learning, and Data Analytics can be used for ease of work. Dashboard management and related development responsibilities might be shared in a team or single-handedly by an individual depending upon the needs of an organization.
• Business Engagement: Being a leader, keep an eye on the subordinates regarding requirements to do the task, strategies to complete it in time, and related troubles. Organize meetings to discuss the goals and priorities to be on the same page.

Conclusion-

Member satisfaction is all a credit union needs to expand and survive in the industry. So, be with them in their needs and provide solutions to develop lasting relationships. As a leader, be specific when it comes to requirements, involve the team – early and often – look at the strategy as there is no need to work traditionally. Conduct regular meetings with the team to discuss the plan and make suitable decisions. Know the requirements and accordingly choose the tools & technology to meet them.

To find the full keynote video, click here: https://culytics.com/articles/data-analytics-strategy-and-execution-jeff-thomas