Setting the Stage for Success Part 2: Cultural Adoption of a Data Informed Mindset

Have you ever bought a new piece of helpful technology that sits unused despite there being a good reason to have purchased it? We’ve all been there. The same concept also applies to getting your team members to adopt a data informed mindset to make every data-driven initiative a success, and while you’re exploring cloud software applications to help manage data, provide reporting, cash forecasting, and more—it’s important to begin by thinking about the data itself. There are already well-defined strategies in place that you can use to ensure the process toward a data informed mindset and an operational structure are as efficient and easy to follow as possible.

Building a strong foundation with proper management and cultural guidelines is key to a seamless adoption of something new, in this case, we are talking about a data informed mindset. Below are four best practices for getting your team members to adopt a new mindset which will increase the overall success of your data adoption initiatives.

4 Best Practices for a Successful Adoption of Change

roadmap-1

1. It all starts at the top.

Leadership and executives should set the example first. In the case of the adoption of a data informed mindset, we recommend that leadership should begin leveraging data to make decisions that impact the overall success of the financial institution’s team members and communicate how and why that decision was made.

2. Continue to learn and embrace collaboration.

No matter what someone’s position is in a bank or credit union, everyone should be encouraged to learn more about the things that will help them be successful in their role. There should also be a sense of collaboration among team members and other related roles.

3. Create a common goal.

An adoption of change is easier if teams know why they’re making a change and are motivated to work toward a common goal that shows how the new change helps them succeed.

4. Show how strategic decisions were made based on data.

The best way to encourage your team to adopt a data informed mindset is to show them how strategic business decisions were made based on data, but also provide them with the evidence. Numbers never lie and data is one of the most powerful tools in your arsenal to get your team thinking with a data informed mindset.

The best practices shown in the roadmap repeatedly work together to encourage the adoption of a data informed mindset among your team. Once your team fully adopts a data informed mindset, you’ll notice there is more of a sense of ownership and responsibility for their work. The team will be more apt to follow and maintain processes while there will also be an increase in the overall data integrity. In the end, your team will have a stronger sense of trust in leadership.

To learn more about adopting a data informed mindset, be sure to download Part 1 of our new e-book, “Supply Chain Management 101 for Financial Institutions.”

Click Here to Download the E-Book

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