One credit union executive stated, “If it’s not getting measured, it’s not getting done.” While credit unions have had a long history of monitoring their key performance indicators (KPIs), the challenge has been getting the information in a timely and consolidated manner.
Currently, credit unions generate these reports in various report-based applications. Excel and Crystal are two very popular report-based applications used by credit unions to supply information on KPIs. One of our current credit union customers said it best – “Before iDashboards software was installed, I was getting our KPIs once a month. By the time I received the report, the information was outdated!”
While applications like Excel and Crystal allow technical people to write and generate reports, they lack the ability to move these reports into a graphically rich dashboard in a timely manner. I have spoken with a number of IT departments in various credit unions that are getting pressure from their own business groups to take these reports and give them a visual interpretation for their daily monitoring. Dashboard reporting software provides up-to-the-minute data that engages and informs.
The credit union Industry has real challenges to overcome when making the decision to implement a dashboard solution. While valid issues such as a lack of budget, no resource employees to set up the charts and graphs, and extreme resistance to change exist, it is not hard to see how credit unions can save money and increase sales by implementing a dashboard solution. An example of how powerful the use of a dashboard solution can be was best illustrated when one of our credit union customers released a new loan product to their branch loan officers. They allowed all 50 loan officers to monitor how many products each salesperson had sold through a simple dashboard. As salespeople are very competitive, this access created a very competitive environment which increased sales on the new product by tenfold.
If you consider the hours it takes the credit union industry to generate their KPI reports using their current applications, it is easy to see how implementing a dashboard solution within these organizations will save man hours, provide real-time KPIs, and most of all it will keep the executives and all of the employees focused on what they need to be “getting done” every single hour of the day.
Lynwood Taylor, iDashboards