kpis - CULytics Community2024-03-28T21:14:58Zhttps://culytics.com/blogs/feed/tag/kpisAre you accurately interpreting your Key Performance Indicators (KPIs)? Are they impacted by biases.https://culytics.com/blogs/are-you-accurately-interpreting-your-kpi2023-08-12T14:30:50.000Z2023-08-12T14:30:50.000ZNaveen Jainhttps://culytics.com/members/Naveen<div><p class="zw-paragraph heading0" style="text-align:left;"><span style="font-size:10pt;"><a href="{{#staticFileLink}}12187873495,RESIZE_930x{{/staticFileLink}}"><img class="align-center" src="{{#staticFileLink}}12187873495,RESIZE_710x{{/staticFileLink}}" alt="12187873495?profile=RESIZE_710x" width="227" height="197" /></a></span></p>
<p class="zw-paragraph heading0" style="text-align:left;"><span style="font-size:10pt;">In today's ever-evolving business landscape, data-driven </span><span style="font-size:10pt;">insights have become a cornerstone for making well-informed decisions. However, </span><span style="font-size:10pt;">it is crucial to remain aware of the inherent biases that can infiltrate data </span><span style="font-size:10pt;">analysis and interpretation, potentially leading us astray.</span></p>
<p class="zw-paragraph heading0" style="text-align:left;"><span style="font-size:10pt;">Allow us to share a captivating historical anecdote involving </span><span style="font-size:10pt;">Abraham Wald, a brilliant Hungarian mathematician during the Second World War. </span><span style="font-size:10pt;">The Allied Forces were grappling with substantial losses of aircraft due to </span><span style="font-size:10pt;">relentless German anti-aircraft fire. To counter this threat, they contemplated </span><span style="font-size:10pt;">reinforcing their aircraft with armor in strategic locations to bolster their </span><span style="font-size:10pt;">survival rates.</span></p>
<p class="zw-paragraph heading0" style="text-align:left;"><span style="font-size:10pt;">The crux of their strategy was derived from analyzing the bullet </span><span style="font-size:10pt;">hole patterns on the returning planes. They assumed that the areas with the </span><span style="font-size:10pt;">most bullet holes were critical targets, necessitating additional armor.</span></p>
<p class="zw-paragraph heading0" style="text-align:left;"><span style="font-size:10pt;">However, <strong>Abraham Wald</strong> proposed a counterintuitive perspective. </span><span style="font-size:10pt;">He pointed out a critical flaw in their analysis— they were exclusively </span><span style="font-size:10pt;">examining the planes that had made it back safely. What they had overlooked </span><span style="font-size:10pt;">were the planes that did not return. By considering these missing aircraft, </span><span style="font-size:10pt;">Wald realized that the presence of bullet holes in certain areas on the </span><span style="font-size:10pt;">returning planes did not necessarily indicate vulnerability. Instead, it </span><span style="font-size:10pt;">revealed the areas where the surviving planes were inherently strong enough to </span><span style="font-size:10pt;">withstand the attacks.The absence of bullet holes in specific regions, such as </span><span style="font-size:10pt;">the cockpit or engines, suggested these spots were more vulnerable and </span><span style="font-size:10pt;">potentially caused the loss of planes.</span></p>
<p class="zw-paragraph heading0" style="text-align:left;"><span style="font-size:10pt;">This phenomenon, now known as '<strong>survivor bias</strong>,' serves as a </span><span style="font-size:10pt;">powerful reminder to remain vigilant about the potential exclusion of crucial </span><span style="font-size:10pt;">data in our analyses. To ensure accurate interpretations, we must consider the </span><span style="font-size:10pt;">complete context and not just the available data.</span></p>
<p class="zw-paragraph heading0" style="text-align:left;"><span style="font-size:10pt;">As you delve into your data and draw insights, being mindful of </span><span style="font-size:10pt;">survivor bias and other biases becomes essential. It can mean the difference between </span><span style="font-size:10pt;">uncovering genuinely successful insights and making flawed decisions. The </span><span style="font-size:10pt;">impact of these insights can significantly influence your product, strategy, </span><span style="font-size:10pt;">and the overall financial health of your organization and its members.</span></p>
<p class="zw-paragraph heading0" style="text-align:left;"><span style="font-size:10pt;">To address these critical aspects, our executive workshops on </span><span style="font-size:10pt;">"<strong>Achieving Successful Business Outcomes</strong>" are designed to provide </span><span style="font-size:10pt;">in-depth knowledge on biases and various other concepts. Through these </span><span style="font-size:10pt;">workshops, we aim to assist you in aligning your organization's business </span><span style="font-size:10pt;">objectives with your vision and strategic priorities effectively. Our expert </span><span style="font-size:10pt;">guidance encompasses setting measurable objectives and key performance </span><span style="font-size:10pt;">indicators, implementing robust monitoring processes, and fostering innovation </span><span style="font-size:10pt;">to advance your data analytics practice.</span></p>
<p class="zw-paragraph heading0" style="text-align:left;"><span style="font-size:10pt;">If the idea of exploring biases and gaining deeper insights into </span><span style="font-size:10pt;">KPIs intrigues you, or if you wish to learn more about our executive workshop </span><span style="font-size:10pt;">series, we encourage you to reach out to me. Together, we can unveil the hidden </span><span style="font-size:10pt;">truths behind KPIs and empower your organization to achieve authentic business </span><span style="font-size:10pt;">success.</span></p>
<p>Let's connect and embark on an engaging journey into the fascinating world of KPIs! We are excited to discuss how our workshops can equip you with the knowledge and tools to accurately interpret KPIs and propel your organization toward remarkable achievements.</p>
<p> </p></div>Unveiling the Hidden Dangers of Cobra Effect on KPIshttps://culytics.com/blogs/unveiling-the-hidden-dangers-of-cobra-effect-on-kpis2023-08-08T20:46:59.000Z2023-08-08T20:46:59.000ZNaveen Jainhttps://culytics.com/members/Naveen<div><p class="zw-paragraph heading0" style="text-align:center;"><img src="{{#staticFileLink}}12187517900,RESIZE_710x{{/staticFileLink}}" width="290" height="193" alt="12187517900?profile=RESIZE_710x" /></p>
<p class="zw-paragraph heading0" style="text-align:left;">Have you heard of the Cobra Effect on KPIs? It's a concept that recently surfaced with concerns surrounding one of the largest banks in the US, where overzealous employees were opening new accounts on behalf of clients without their permission.</p>
<p class="zw-paragraph heading0" style="text-align:left;">Let me share a story from a town in India that sheds light on the Cobra Effect. The local government wanted to combat the growing population of cobras and decided to offer a small financial incentive to anyone who brought in a cobra head. Their intention was to control the cobra population this way.</p>
<p class="zw-paragraph heading0" style="text-align:left;">Initially, they experienced the desired outcome as the cobra population decreased. However, they soon discovered a disheartening truth. People were bringing in more and more cobra heads. It turned out there was an underground industry involved in breeding and nurturing cobras for the sole purpose of claiming the reward.</p>
<p class="zw-paragraph heading0" style="text-align:left;">In your organization, it's essential to identify if any KPIs are being manipulated or gamed. One approach to mitigate this risk is to establish parallel KPIs for checks and balances. For example, to maintain a healthy balance between member satisfaction and fee income, you may not want fees to be refunded only for deserving members, ensuring high satisfaction and engagement without compromising financial sustainability.</p>
<p class="zw-paragraph heading0" style="text-align:left;">At our executive workshops on Achieving Successful Business Outcomes, we delve into the concept of the Cobra Effect and so much more. Our workshops are designed to help you align your organization's business objectives with your vision and strategic priorities. We provide guidance on setting measurable objectives and key performance indicators, implementing effective monitoring processes, and fostering innovation in advancing your data analytics practice.</p>
<p class="zw-paragraph heading0" style="text-align:left;">If the notion of Cobras has piqued your interest or if you'd like to learn more about our executive workshop series, I encourage you to reach out to me. Together, we can unveil the hidden truths behind KPIs and empower your organization to achieve genuine business success.</p></div>Performance Measures for Digital Serviceshttps://culytics.com/blogs/performance-measures-for-digital-services2021-06-16T15:28:39.000Z2021-06-16T15:28:39.000ZMedhavi Singlahttps://culytics.com/members/MedhaviSingla<div><p><a href="{{#staticFileLink}}9103608077,RESIZE_930x{{/staticFileLink}}"><img class="align-center" src="{{#staticFileLink}}9103608077,RESIZE_710x{{/staticFileLink}}" alt="9103608077?profile=RESIZE_710x" width="710" /></a></p>
<p><span style="font-weight:400;">Credit Unions exist to serve their members. However, when it comes to the digital experience, credit unions continuously strive hard to find the sweet spot where technology and personal service intersect. Statistics show that credit unions are on a slow-moving digital journey in comparison to their traditional banking counterparts. </span></p>
<p><span style="font-weight:400;">So, to gain a better understanding of the maturity of the digital services initiatives and better understand how good performance measurement can improve the results, a session was conducted by CULytics in which Bob Little, Advisor at CULytics , and Naveen Jain, CEO at CULytics, hosted a discussion on measures that must align with the strategies of the organization.</span></p>
<p><span style="font-weight:400;">The agenda of the session was to discuss the maturity of digital services in credit unions, practical examples of digital service performance indicators, and best practices for implementing digital service metrics programs. Here are some key points that are worth reading.</span></p>
<p><strong>The Impact of Digital Services</strong></p>
<p><span style="font-weight:400;">Traditionally, the member has to go to the branch to meet the representative for his/her work and take follow-ups for approval and receive funds. In the digital era, it has become very easy to apply online through mobile devices and receive approval and funds instantly. From a credit union's point of view, providing a digital experience to members is great from a strategic point of view.</span></p>
<p><strong>The Modern Member Experience</strong></p>
<p><span style="font-weight:400;">With the advancement of technology, the new member onboarding has become smooth as things happen digitally – be it for paperwork, deposit details, and feedback, among others. Serving members has become tremendously easier as they can opt for self-servicing using chat-bots, online portals, and mobile phones. Options for assisted service are call center, relationship manager, and grievance redress. </span></p>
<p><strong>Digital Banking Maturity Model</strong></p>
<p><span style="font-weight:400;">There is a difference in what happens at the front office, mid-office, and back office. When it comes to measuring maturity, it is important to analyze where you were, where you are, and where you have to go. Nobody can move from manual to digital in a moment; there are stages that require a proper strategy to reach there. The model comprises of thesis:</span></p>
<ul>
<li><span style="font-weight:400;">Front Office: Here, much of the work is done at an advanced level as compared to the middle and back offices. The front office member experience should be as digital as possible.</span></li>
<li><span style="font-weight:400;">Middle Office: Much of the work is done at the basic level here. </span></li>
<li>Back Office: The medium level of the maturity model is used at the back office.</li>
</ul>
<p><span style="font-weight:400;">With a more sophisticated approach to data and analytics, organizations can adapt to change before it happens. And, working on descriptive, diagnostic, predictive, and prescriptive analytics will help in the optimization of the work. </span></p>
<p><strong>Unconscious Technology Bias</strong></p>
<p><span style="font-weight:400;">Believe that the technology is mysterious and a “wonder” and that it is better than current options. Also, sometimes, leaders may favor a new technology even if it is unproven. These kinds of beliefs about new technology can lead to poor decisions. This bias needs to be avoided.</span></p>
<p><strong>How to Avoid New Technology Biases</strong></p>
<p>These biases can be avoided:</p>
<ul>
<li>By focusing on a new technology’s functions, actual performance, and practical relevance </li>
<li>By knowing the actual needs of the organization</li>
<li>By knowing the needs of the users</li>
<li>By including non-experts and everyday users on decision-making teams about new technology as many of the problems that arise with new technology become apparent only when non-experts attempt to use it</li>
</ul>
<p><span style="font-weight:400;">An organization needs both strategic and operational goals to ensure that the growth of the organization is as per expectations. And a good goal focuses on the outcome. Strategic goals are not the tactics used to deliver outcomes — programs, initiatives, or projects. These are </span><strong><em>qualitative</em></strong><span style="font-weight:400;"> and </span><strong><em>memorable</em></strong><span style="font-weight:400;"> descriptions of what is required to be achieved. They should be </span><strong><em>short</em></strong><span style="font-weight:400;"> and </span><strong><em>engaging</em></strong><span style="font-weight:400;">. KPIs quantify the outcomes you expect to achieve. They are </span><strong><em>measurable</em></strong><span style="font-weight:400;"> on a sliding scale (e.g., increasing from 10 to 25 or reducing from 70 to 55) over a period of time. Activities, on the other hand, are the programs, initiatives, tasks, and projects associated with achieving objectives. They are usually binary (done or not done). These are the ways to achieve strategic objectives.</span></p>
<p><span style="font-weight:400;">To ensure success in achieving goals, make sure that goals focus on the outcome. Try to be able to measure progress toward that outcome, so it will be easy to know if the plans are performing as expected. Key Performance Indicators (KPIs) can be organization-wide or may focus on departmental goals. KPIs can be developed.</span></p>
<ul>
<li style="font-weight:400;"><span style="font-weight:400;">By putting the right metrics in the right place</span></li>
<li style="font-weight:400;"><span style="font-weight:400;">By knowing whether the agreed measures encourage the right behavior</span></li>
<li style="font-weight:400;"><span style="font-weight:400;">By knowing what the success target for the KPI is</span></li>
</ul>
<p><strong>Common Performance Metrics for Digital Services</strong></p>
<ul>
<li style="font-weight:400;"><strong><em>Active Clients</em></strong><span style="font-weight:400;">: Evaluate the number of members who use online banking or mobile applications regularly over a period of time (daily, weekly, monthly).</span></li>
<li style="font-weight:400;"><strong><em>Digital Member Acquisition Cost</em></strong><span style="font-weight:400;">: Amount spent to acquire a digital member. This is valuable to compare with the cost of acquiring traditional members.</span></li>
<li style="font-weight:400;"><strong><em>Digital Member Lifetime Value</em></strong><span style="font-weight:400;">: Amount of revenue obtained from digital members</span></li>
<li style="font-weight:400;"><strong><em>Retention Rate</em></strong><span style="font-weight:400;">: The retention rate can be measured using parameters such as repeat purchases and satisfaction scores.</span></li>
<li style="font-weight:400;"><strong><em>Cross-Sell and Upsell</em></strong><span style="font-weight:400;">: The percentage of lead generation is another key performance measurement tool. This KPI might be useful in assisting organizations to gauge how effective in-app lead generation is.</span></li>
<li style="font-weight:400;"><strong><em>Goal Abandonment Rate</em></strong><span style="font-weight:400;">: Measuring the number of tasks that are not completed (and at what step) can help detect underlying issues with digital services.</span></li>
<li style="font-weight:400;"><strong><em>Task Completion Rate</em></strong><span style="font-weight:400;">: This indicator helps to measure the user experience of digital services. Are users achieving their intended tasks? At what rate is that happening? </span></li>
<li style="font-weight:400;"><strong><em>Application Launch and Load Time</em></strong><span style="font-weight:400;">: The time it takes users to launch an application is critical. Members today expect state-of-the-art applications.</span></li>
<li style="font-weight:400;"><strong><em>Comparison of the Digital and Other Platforms</em></strong><span style="font-weight:400;">: The percentage of customers and the number of transactions done online compared to traditional platforms. </span></li>
<li style="font-weight:400;"><strong><em>Return on Investment of the Digital Platform:</em></strong><span style="font-weight:400;"> A comparison between the total amount of resources channeled to the platform and the returns realized in the form of upselling and cross-selling and overall cost reduction.</span></li>
</ul>
<p><strong>KPIs vs Metrics</strong></p>
<p><span style="font-weight:400;">Before beginning to track these, it is important to understand the difference between these two. Which one is strategic and which one is important-it is imperative to know. </span></p>
<ul>
<li>A metric is any standard of measurement
<ul>
<li>Number of requests logged</li>
<li>Number of data owners identified</li>
<li>Percentage of requests resolved within SLA</li>
</ul>
</li>
<li style="font-weight:400;"><span style="font-weight:400;">A Key Performance Indicator is a quantifiable metric that drives improvement and that links to strategic business outcomes</span></li>
<li style="font-weight:400;"><span style="font-weight:400;">A KPI is a metric, but a metric is not necessarily a KPI</span></li>
</ul>
<p><em>Proxy metrics</em> are an indirect way of measuring what is required to achieve.</p>
<p><em>Lagging indicators</em> enables to act after the fact whereas <em>leading indicators</em> help in predicting future behavior and enable proactivity.</p>
<p><strong>Balance Quality and Efficiency</strong></p>
<p>“For every metric, there should be a paired metric that addresses adverse consequences of the first metric”-<em> Andy Grove</em></p>
<p>So, while trying to change some specific behavior, it might be backed by cost.</p>
<p><strong>Digital Obstacles </strong></p>
<p>Things that should be minimum are:</p>
<p><strong>-Member Friction</strong></p>
<ul>
<li style="font-weight:400;"><span style="font-weight:400;">People will give up on the process if it is too time-consuming or asks for too much information. </span></li>
<li style="font-weight:400;"><span style="font-weight:400;">Minimizing these aspects is key to keeping things simple. </span></li>
<li style="font-weight:400;"><span style="font-weight:400;">Features that eliminate manual entry are helpful. For example, enabling autofill fields and pulling any information you’ve already captured are ways to reduce the time the member spends entering data.</span></li>
</ul>
<p><strong>-Security & Compliance</strong></p>
<ul>
<li style="font-weight:400;"><span style="font-weight:400;">While digital services emphasize convenience and member experience, safety and security cannot lose priority. </span></li>
<li style="font-weight:400;"><span style="font-weight:400;">It is important to ensure that the platform has high-end encryption and compliance with regulatory requirements. </span></li>
</ul>
<p><strong>-Personality</strong></p>
<ul>
<li style="font-weight:400;"><span style="font-weight:400;">Without the personal touch of interacting with someone, digital services can run the risk of seeming detached. </span></li>
<li style="font-weight:400;"><span style="font-weight:400;">Make the process feel less robotic to help drive home the character of the institution.</span></li>
<li style="font-weight:400;"><span style="font-weight:400;">For example, instead of a generic message like “Processing payment,” consider one with a little more personality, such as, “We’re working on your payment now.” </span></li>
</ul>
<p><strong>-Stagnation</strong></p>
<ul>
<li style="font-weight:400;"><span style="font-weight:400;">Technology moves fast. One can’t launch a digital banking program and expect it to work, untouched, for years. </span></li>
<li style="font-weight:400;"><span style="font-weight:400;">It will be needed to keep up with trends and understand what features can help the organization and its clients. </span></li>
<li style="font-weight:400;"><span style="font-weight:400;">Explore how members feel about digital banking and identify areas where there is friction. </span></li>
</ul>
<p><strong>-Data Management</strong></p>
<ul>
<li style="font-weight:400;"><span style="font-weight:400;">The organization may need to walk a fine line between collecting so much data that the members get annoyed and not collecting enough to serve them or stay compliant. </span></li>
<li style="font-weight:400;"><span style="font-weight:400;">Be upfront with the members about the kind of data to be collected and why it is done. This kind of warning may help them be more patient while inputting data. </span></li>
</ul>
<p><strong>Keys to Digital Success</strong></p>
<p><span style="font-weight:400;">Put someone in charge of digital services and understand the members. Try to connect early and often and develop an omnichannel experience. Collect, measure, and test to establish a strong relationship and earn trust.</span></p>
<p><span style="font-weight:400;">Do not forget that it’s all about the outcome and not the actions. Try to avoid watermelon KPIs as they are green on the outside but red on the inside. For improving performance, measure often and adjust quickly—be a dolphin, not a whale. Make smaller changes to analyze and enjoy growth. </span></p>
<p><strong><a href="https://culytics.com/ppm-digital" target="_blank">Here is the full workshop on Performance Measures for Digital.</a></strong></p></div>Executive KPI's - The Pulse of The Organizationhttps://culytics.com/blogs/executive-kpis-the-pulse-of-the-organization2021-04-25T15:07:34.000Z2021-04-25T15:07:34.000ZMedhavi Singlahttps://culytics.com/members/MedhaviSingla<div><p><a href="{{#staticFileLink}}8834248275,RESIZE_930x{{/staticFileLink}}"><img class="align-center" src="{{#staticFileLink}}8834248275,RESIZE_710x{{/staticFileLink}}" alt="8834248275?profile=RESIZE_710x" width="710" /></a></p>
<p>In order to grow the business to new heights of success, it is imperative to communicate the business objectives across the organization. This is where KPIs came into the picture. KPIs (Key Performance Indicators) are important as they help in keeping the business objectives at the forefront of decision making. And, to manage KPIs, a dashboard can be used to ensure that the business goals are kept at the top of mind. Kelly Gage explained the Key Performer Indicator Dashboard at the Transformation Summit 2020 organized by CULytics. Here are the details shared.</p>
<p>Red Canoe Credit Union started in 1937 and rebranded in 2007 and became a community charter. The organization is approaching 1 Billion in assets with a member base of 59,054 Members (including at least one in every state). Red Canoe Credit Union is operating from Longview, WA with an aim to serve the best to its members and associates.</p>
<p>The Business Intelligence Team at Red Canoe started in 2013. The team comprises of Russ Peters (Business Intelligence Development Manager), Jim Jesska (Senior Database Administrator), Dustin Leinweber (Business Intelligence Developer), and Kelly Gage (Senior Business Intelligence Analyst).</p>
<p><strong>Problem Definition</strong></p>
<p>The motive was to produce a concise report on the state of the Credit Union to make the regular weekly meetings more effective and efficient. Microsoft excel was used as a reporting tool at that time. Reports were prepared by business line managers most by hand and came from disparate systems. Existing reports were manually refreshed with a live connection to the core general ledger data. It was not an easy tool to manage as it was:</p>
<ul>
<li>Inflexible to change, often broken, difficult to interpret</li>
<li>Not enough data for those who wanted to dig deeper</li>
<li>Business lines provided additional reports to their leadership and sometimes had conflicting information because of disparate systems.</li>
<li>With all the discrepancies, it took time to get on the same page and to get through the meeting agenda.</li>
</ul>
<p>Then, the business intelligence team provided a consistent, easy, and digestive set of information that can be shared by the executive team and reviewed at the meeting. This was the time when a thought was given to the Key Performance Indicator Dashboard.</p>
<p><strong><em>“Begin With The End In Mind” -</em></strong>Dr. Stephen Covey, 7 Habits of Highly Effective People</p>
<p><strong>The Key Performance Indicator (KPI) Dashboard </strong></p>
<p>It was a – from-scratch - project. At the time, nothing existed with Credit Union Metrics all-in-one place. For Red Canoe Credit Union, the goal was to provide appropriate visualizations for the information and more frequent updates to enable faster ingestion of and reaction to the information. The main focus was on:</p>
<ol>
<li>More efficient data sources:</li>
</ol>
<ul>
<li>Streamline and automate the data gathering process to improve consistency, accuracy, and efficiency</li>
<li>Start at the deepest level and aggregate up- providing flexibility, leverage as a data source for other things</li>
<li>Also benefits operational staff by automating their regular reporting</li>
</ul>
<p>Three phases to deliver visualizations:</p>
<ul>
<li>Board/executive level metrics- this is the subject of today’s presentation</li>
<li>Operational metrics</li>
<li>Business line metrics</li>
</ul>
<p><strong>Laying a Foundation- GL Data and Views</strong></p>
<p>GL data was important for the existing reporting. It was necessary to provide accurate validation and trending but there were some noticeable points to observe while working with the GL data. It made it easy to replicate most of the data points that appeared in excel reports and create fields as per the approach and 360 data warehouse. Dependency was on 5 SQL views – 3 GL views, KPI view, and Members view.</p>
<p><strong>3 GL Views</strong></p>
<p>Filtered to what was required for the production and portfolio measurements at each level:</p>
<ol>
<li>GL Category (Loan/Share portfolios)</li>
<li>GL Branch (Branch portfolio)</li>
<li>GL Transactions (Production and Prepayment Speed)</li>
</ol>
<p><strong>KPI View</strong></p>
<p>Aggregate major components by month: Total Loans, Total Shares, Investment Income, and Total 60+ DQ for use in calculations</p>
<p><strong>Members View</strong></p>
<p>Static count of new members by the branch at a monthly interval (gross new member count)</p>
<p>During the research, it has been found that reporting was being updated in excel report but it was not being connected with the underlined system. This was one of the data integrity problems exposed to this project. By creating the required SQL and table views, it became easy to update if corrections are necessary.</p>
<p><strong>A Dashboard is Born!</strong></p>
<p>5 months under the projects helped in gaining a solid database foundation that was good enough to start working towards visualization. Red Canoe Credit Union invested in Tableau and it was a perfect tool to design and implement graphics with the best ways suggestions to implement data. Leveraging SQL and Tableau views, Red Canoe Credit Union developed a dashboard of high-level metrics, using branded colors and fonts to provide a familiar look/feel to the users. It is interactive with features like tooltips and being able to summarize by selection. The user can also export the underlined data to excel for those who want to take a deeper dive.</p>
<p>The Chief Executive Officer, The Chief Financial Officer, and The Chief Information Officer are the primary stakeholders. In the initial dashboard, they decided to put more details. Therefore, the data models were prepared as per the requirements. After 6 months of work, the final version had 7 dashboards combining 30 worksheets. The dashboards were published to an internal server and source from extracts that refresh daily- a fast and automated process!</p>
<p><strong>Keys to Success</strong></p>
<ul>
<li><strong><em>Ensure successful adoption by Executive Team:</em></strong></li>
<li>Dashboard walkthrough during a regular meeting to demonstrate interactivity and time for Q&A</li>
<li>Created training materials for Tableau and this specific dashboard</li>
<li>One-on-one follow up after the initial meeting</li>
<li>Email subscription pushes either mobile or desktop view with a link to the interactive dashboard.</li>
<li>Additional Factors:</li>
<li>Core System Conversion completed 6/1/2019</li>
<li>Changed data warehouse platforms 6 months later- the second iteration</li>
<li>Standardization of data led to consolidated third iteration- 8 tabs from 16 sheets including operational metrics and more interactive features.</li>
</ul>
<p><strong>Comparing Results (MS Excel Vs KPI Dashboard)</strong></p>
<ul>
<li>MS Excel (old way)</li>
<li>Manual reporting in data tables using Excel</li>
<li>Monthly report updates or Weekly/bi-weekly external reports Slow response time; waiting for data</li>
<li>One-off requests for any specific asks or more granular view.</li>
<li>Multiple sources could be inconsistent; data in multiple places and disconnected.</li>
<li>KPI Dashboard</li>
<li>Automated visualizations in Tableau. Initially high-level data trending</li>
<li>Timely: New standard of daily reporting and monitoring drastically increased speed for decisions.</li>
<li>Consistent: Multiple levels of granularity in the same place from the same source</li>
<li>Monitor branch, region, and institution performance. Can focus in the right areas.</li>
</ul>
<p>This project helped Red Canoe Credit Union to be data-centric and data-driven culture and operate more effectively and provide better experiences to members and staff. So, look into the company requirements and expectations of the members and adopt the right method to deliver the best of the offered services.</p></div>