The foundation for a successful analytics program is data. But, without accurate and quality data, it’s nearly impossible to make informed business decisions. As data becomes an even greater asset for the credit union, the ability to store large amounts of complex data in a unified, central database, known as a data warehouse, is critical.
The data warehouse is the perfect solution for credit unions that are trying to centralize data integrated from several applications. This single source of truth is the repository for all the data that has been collected and integrated from multiple sources across the organization. It puts all of your data into one place, accumulating history, and makes your information easy to access and analyze by your team. The result is that everyone in the credit union is using the same data derived from the same source, which leads to quick, easy access to accurate data and better decision-making.
Data warehousing solves the ongoing problem of analyzing separate data and converting it into actionable information you can use. Consider these benefits a single source of truth can bring to your data analytics initiatives:
Greater Data Governance and Consistency:
Creating an ongoing set of rules, policies and procedures for collecting and managing data ensures that the credit union’s data strategy and business strategy are aligned. Without a single source of truth, data governance and data quality disciplines that govern the overall management, usage, storage, monitoring, and protection of the is data is nearly impossible. Consistent, high-quality data leads to strategies that create enhanced member service, greater employee productivity, data-backed decision-making, and better business outcomes.
With a data warehouse you can process, integrate and consolidate large volumes of complex data into a single stream of data. This eliminates the need to rely on multiple data sources for reports and analytics. Employee time is saved, and consistency and accuracy are greatly improved across the organization.
Enhanced Business Intelligence:
By integrating data from various sources into a single source of truth, managers and executives will no longer need to make business decisions based on limited, inaccurate data or gut instincts. In addition, data warehouses and related BI can be applied directly to business processes including marketing segmentation, member retention programs, financial management, and sales and other business reporting.
Time Saving Reporting and Process:
Data warehouses are also designed with speed of data retrieval and analysis in mind. You are able to store large amounts of data and rapidly generate results. Since data analysts and business units within the credit union can quickly access critical data from a number of sources—all in one place—they can confidently make informed decisions on key initiatives. They won’t waste time retrieving data from multiple sources and guessing which data is updated and most accurate. A single source of truth also allows your credit union to analyze the data effectively as well as trust it! It creates accuracy, dependably and unrestrains the data so that more than just the analysts and CDO/ data scientists can access it. All employees can use the data.
Positive Return on Investment:
Having a single source of truth for your data enables the credit union to generate higher amounts of revenue by making more timely, accurate and informed business decisions. As data warehouses produce greater efficiency, employee productivity and time savings, credit union can often see a clear cost savings due to the implementation of a data warehouse.
Don’t be encumbered by a number of common challenges that stem from not investing in a data warehouse for your data analytics program (e.g., impaired decision making, inaccurate data, slowed workflows, negative business outcomes, inefficient processes.)
It is clear, when a data warehouse is implemented and designed properly it leads to significant advantages for your organization. Do you need guidance on selecting the right data warehouse for your credit union and ensuring it is properly implemented? The Knowlton Group is ready to help! Contact us today.