Let’s face it, we’re visual learners. We have the ability to comprehend information far more quickly when it is presented graphically. This is especially true for complex data.
As a result, leading credit unions are turning to internal reporting technologies known as Digital Corporate Dashboards. These dashboards provide a view of the entire organization and specific departments in key performance areas that can be readily understood by a broader audience. Dashboards allow credit union employees – from the CEO to front line staff – to quickly interpret data and choose the best course of action.
Picture an automobile dashboard. In your car, a series of displays give the driver an overview of the current state of the vehicle. Speed, mileage, RPM, engine temperature, fuel status, battery level, current gear, and caution warnings are all conveyed graphically. Most drivers need only a split-second glace to know if they are going too fast or if the engine is overheating. The dilemma is, in a car you can only have one driver. How can you put more people in the driver’s seat of your credit union?
Consider the regular reports used throughout your own organization. Most likely, a wide range of formats are used in each departments’ standard reports, slowing comprehension for those in different areas. As a rule of thumb, the simpler the visual the more effective it will be in conveying its point to others. Taking this approach, organization-wide dashboards adopt a common visual format for all areas of performance in an effort to increase understanding among the entire staff. In essence, you’re putting everyone behind the wheel on the road to achieving your strategic goals.
Members are the core of any credit union, but how do you measure your success at meeting member needs if you are only tracking data from the balance sheet and income statement in your monthly reporting? What about the number of net new members? Satisfaction survey scores? Online account usage rates? SEG penetration efforts? This information is as important to a credit union’s success as financial data like ROA and net worth to assets.
As the graphics below illustrate, a corporate dashboard integrates information from multiple data sources and displays progress toward goals in the same format, in one location for a comprehensive view of the credit union’s efforts to meet its strategic objectives. Dashboard technology, once configured, allows employees throughout the organization to upload their information into one platform. By synthesizing data from a broad range of sources, the entire organization is better equipped to make decisions and adapt their plans to changing circumstances.