A credit union’s journey to rapid business clarity

Every business is looking to get leverage through BI, but it doesn’t happen overnight.

In our recent webinar, “How Texas Tech Credit Union Activated Its Data to Boost Engagement,” I spoke with Brian Jackson, director of BI at TTCU, to learn about their journey.

It is a story that continues to this day as they further evolve and expand the way they implement best practices and provide access to information for people in their organization—from frontline sales workers, up to those in the C-suite.

It all started more than two years ago, when, TTCU’s BI team, led by Brian, started looking at what it wanted to achieve. To gain clarity on what the group required, he generated a mind map of all the systems that needed to integrate into the organization’s BI solution. From this exercise, the team determined that an effective BI solution for its business would include the following elements:

• A cloud-based platform that could easily blend and rapidly process data
• Real-time data down to the transaction level
• Out-of-the-box connectors that could pull in new data
• Partner support and best practices for implementation to accelerate the journey to business clarity

At Domo, these elements are core to what we do, because we know our customers need solutions that gather and process as much data as possible all while providing the ease of use necessary to achieve the end goal of empowering their teams to be self-service.

Many BI teams inevitably find that few solutions have the power and flexibility required to bring an organization to the dream state of a “single source of truth.”

Such was the situation Brian and his team were in. While TTCU’s previous solution did some things incredibly well—particularly in terms of elegantly handling financial reporting such as income statements and balance sheets—its data warehouse component was very limited; it was only able to integrate around 40% of their systems.

That wasn’t nearly good enough for TTCU. It needed a solution that could handle data from all its systems—from HubSpot and Adaptive Insights to social media platforms such as Twitter and YouTube.

After a deep analysis of vendors, which involved multiple rounds of product demos, Brian and his team decided that Domo would provide the most value to TTCU.

And while we knew that Domo would deliver, we like to put our money where our mouth is—so we built out a proof of concept (PoC) using the Domo P&L application to show that we could do everything TTCU loved about its previous solution—and everything else that Brian and his team were looking for in its new solution.

It worked. The PoC solidified TTCU’s selection of Domo. And after thinking through how to structure some data sets to do some reporting, we dove into implementation.

While the path to BI leverage is a journey, it doesn’t have to be an arduous one. With Domo, there are implementation options and tools to guide customers through the process.

For TTCU’s BI team, that meant aligning with one of Domo’s channel partners, Blue Moon Digital, which helped the entire organization evolve its relationship to data. And thanks to features like Magic ETL, and out-of-the-box connectors for nearly all data sources within TTCU’s existing infrastructure, the financial institution was able to drive adoption and insights across all departments.

During the webinar, Brian walked me through a small sampling of the dashboards his team has created using Domo, including ones it uses to understand:

• All-up organizational health
• Its customers in a 360-degree fashion
• Comparative performance of marketing services agreements
• Performance-based compensation

Today, with dashboards like these, and 95% of TTCU’s systems integrated, the organization is ever-so-close to that single source of truth.

What that ultimately means is data leverage without limits, which enables rapid business clarity in uncertain times and the ability to get the most out of remote work.

In speaking with Brian, I heard how TTCU was able to adapt on the fly when, due to the COVID-19 pandemic, it had to send two-thirds of its staff home within a 24-hour period, to work from home and yet still answer pressing business questions such as:

• Will there be a run on cash?
• How does the pipeline look over the next few months?
• How will this impact our call center?

“This was the true power of Domo,” Brian said. “Within hours, we were able to answer these questions. As a complex situation evolved, we were able to build a dashboard that would allow us to monitor the overall health of our organization, and have the majority of this data coming to us in real time.”