Like any business, a credit union’s data is an important asset for its operations. But if you don’t have the ability or expertise to analyze that data and use it effectively, you’re just sitting in a library waiting for the books to teach you something without you ever opening one.
Data discovery is the process of analyzing your credit union’s data using visual aids and other tools that can help those in your business who are less technologically inclined understand the insights housed within that collection of data. The insights gleaned from good data discovery can help your credit union’s bottom line and your employee performance, and even member satisfaction.
There are many reasons why data discovery is essential to the growth and success of your credit union operations. Let’s talk about some of the biggest benefits of data discovery for your credit union.
You Can Better Understand Your Credit Union Data Logistics
One of the top benefits of data discovery is the knowledge you, your employees, and even your board of Directors will gain on the logistics of your credit union data.
Much like the concept of “the Internet,” how, why, and where your data is stored and used can be a difficult concept to grasp, even though you are likely using or interacting with that data every day.
With data discovery, you can understand where all your different data types are stored and who has access to them. This aids in security matters, as well as productivity. One of the easiest ways to lose momentum in a work environment is to not have the tools or resources you need to complete your tasks.
You can also know which data is being transmitted, how it’s being moved around, and over which channels in your technology network. Data quality starts with data inventory, and a good data discovery tool can help with both of those things.
Data Discovery Reduces Inconsistencies Caused by Multiple Information Silos
Your credit union likely stores and shares information across multiple information silos. Think of it as a filing cabinet system. While the information in these silos may be organized, they aren’t all housed in the same data unit.
These information silos can create serious data issues as you try to aggregate the data you have stored across them all. Inconsistencies in your systems can lead to issues with duplicate information, incorrect versions of dated data, and more. The ability to reconcile these information silos and the data within them is important to your credit union when it comes to keeping data up to date and consistent.
This is even more true now that we are in the age of remote work. If your information silos don’t sync up, you could have staff members or credit union members working off old or incorrect data.
Competitive Advantage Comes from Data-Driven Approaches
The biggest benefits of data discovery come from the competitive advantages you can glean from good data. The days of blanket marketing ads that target whole regions – and even countries – are long gone.
Your approach to data discovery is one of the most valuable tools you can use to grow your credit union member base, offer targeted and high-demand products and services, and teach your staff how to meet the needs of your members and the greater community.
Much like the data housed in information silos must be pulled together, so must your data discovery tool enable you to find the insights that help your credit union operations improve.
In many businesses, certain departments know more (or less) about different initiatives and workflows than others. When this occurs, your operations can lose productivity and even credit union members as you try to hunt down the data and insights you need to form a clear picture of your next steps. Data discovery is a great way to close those gaps in your data analysis.
Data discovery helps drive your understanding of your credit union’s competitive advantages. When you’re able to look at the big picture your full range of data makes, you can create solutions that not only benefit your credit union’s business but can also create differentiators in your market. Data discovery is what positions credit unions to better service specific people and communities than big banks and universal automation do.
IMS Data Archiver: The Key to CU Data Discovery Done Right
The IMS Data Archiver is a powerful data discovery tool that has been tailored to credit union needs. Simple and cost-effective, IMS Data Archiver can save you up to 80% of your primary storage costs, reduce backup times, and can help you manage unlimited file servers in a distributed environment with zero end-user disruption.
This tool includes several powerful tools, a few of which are:
- Ransomware protection
- Data life cycle management
- Built-in data visualization tools
- Multi-remote site management
- Data compliance and e-discovery tools
- Data compression and de-duplication
Check out the data discovery tool and other IMS protection and compliance services on our website or give us a call today.