Building an Enterprise Data Strategy

An enterprise data strategy is table stakes for community banks and credit unions. Either your regulators are asking for data governance policies or your competitors are using data to gain an edge. In either case, how do you leverage scarce resources to move your organization forward and make a positive impact? The simple answer is by putting one foot in front of the other with the tools and expertise you already have. Don’t wait for the perfect data, perfect technology solution or perfect time because you know it will never come. The following approach, focused on business intelligence, is one place to start and Smith Consulting Group has the expertise to help you every step of the way.

Narrow your scope

First, pick an area to focus on so that you can gain traction with a business unit and ensure the data is consumed by your stakeholders. Don’t try to boil the ocean, instead make one cup of tea. Determine where your initiative will have the most impact. Areas to consider include executive dashboards, measuring strategic plan effectiveness with key performance indicators or sales enablement repots. You can target the c-suite, retail leadership or commercial development teams. Start with one and allow your success to motivate others.

Inventory current reporting

Create an inventory of the reports currently used in your organization. Data governance best practices recommend a data dictionary to act as a bridge between business units and the technical team. Understand what reports are currently used, sources of data, authorship and validation processes. Use this research as a launching point for discussions with business units and prioritizing activity.

Interview Stakeholders

Once a focus has been established, interview key stakeholders to determine the types of reports that would be most beneficial to streamline and enhance their current initiatives by providing data to help drive informed decisions. It is important to approach this conversation with suggestions based on your capabilities. Mock ups of analytical dashboards or reports aligned with the business unit’s goals provide a great starting point. Educate leadership on the goals around data strategy and allow them to feel they are part of planning for their business line by prioritizing needs and incorporating their feedback.

Prioritization

Knowing what to prioritize can be difficult, but it is a good problem to have because it means your institution is embracing a data culture! To set priorities refer to overall strategic initiatives and start with reports and dashboards that meet those goals.

Build reports

Now it is time to deliver content to meet the businesses objectives. This should be a collaborative effort with your stakeholders where you receive feedback on design and content. During this phase validate the accuracy of the data provided. Incorporate all of the necessary fields for the end user to execute on what the report reveals. For example, a sales enablement report should include the client contact information. Now is also a good time to explore data visualization options. Consider highlighting key insights or graphing trends to allow for quick interpretation of results.

Launch

A successful roll out will include organizational communication. Educate the audience on the available reporting and intended use. Encourage end user buy-in with a consistent message. For sales enablement reports consider an organizational wide initiative that ties marketing messaging to front line activity. Competitions are a great way to engage front line associates and can be cost effective while having a positive effect on morale.

Evaluate & Evolve

The data strategy of your organization is an ongoing process. Evaluate how the reports available are being leveraged by tracking usage. Continue to meet with stakeholders to enhance reports as business needs change.

Data driven organizations are proven to outperform peers. Providing objective, relevant and timely data is a key to this success. Data allows people to focus efforts on the opportunities with the greatest value and align scarce resources to the activity with the best return. Whatever your motivation to embrace and move a data strategy forward we are here to help guide you through the process.