Lending Perspectives: When it comes to utilizing data, you must have a plan!

If you’ve read enough of my columns, you should have a sense that I write about things I’m experiencing in the office. That’s intentional! First of all, it makes the writing process a lot easier! Secondly, I think my process results in content that’s much more interesting and adds value for the reader.

Collecting and utilizing data to generate value for your organization should have a process as well. Before tracking down data, you should have a business need and an idea of what you want to do with the data. Starting with an end in mind makes the process of using data to make better decisions simpler and more effective.

My Recent Experience

Recently I had some one-on-one time with an analyst in my lending group. She had compiled some data on our auto repossession history and was working on making heads or tails of it. She showed it to me to get some feedback and, frankly, there was no way I could analyze the data and make better business decisions from it.

 

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