Remember when the phrase “big data” was everywhere? In the analytics world every headline and strategy discussion was about big data and the need to manage it, tap into it, grow your business with it. We were practically beat over the head with the phrase and the urgent “why aren’t you into this nowwwwww!” mentality.
With just those two words the phrase “big data” does eloquently capture the situation: it’s big, it’s impactful, it’s far-reaching, and of course quite literally… it’s data.
But in recent years the urgency and omnipresence of big data messages seems to have slowed. I have a theory on this: I think it’s because data is now simply data. It is no longer “big” in our minds, it simply exists. It’s the future that is big and data is no longer the future, it is today.
Data is everywhere, engagement isn’t
But does everyone engage with it today? I think credit unions understand they have access to incredible amounts of data and do use it to some capacity, but I think many still fall short on efforts to expand access and applications with various players in the organization. I endorse and encourage the following idea stated by McKinsey & Company in their 2018 report, Analytics Comes of Age: