Nonprofit organizations aren’t usually thought of as having competition. However, with limited volunteer pools and funding options, nonprofits continually strive to outperform others to keep a hold on the best resources and do the most good. Just like any other business endeavor, nonprofits have a similar structure and can benefit from comparable technologies in the following areas:
1. Operations Management
Every dollar wasted in inefficient operations is money that isn’t going toward the ultimate purpose of the nonprofit organization. In many cases, investing proceeds in technological upgrades can ultimately improve the bottom line.
Integrating finances with Abila MIP Fund accounting and moving data to the cloud can improve accessibility and allow staff to work from virtually anywhere. Even seemingly unrelated building technology like the Internet of Things can help cut costs.
2. Data Analytics
Many nonprofits are skilled at collecting data but don’t know how to scrutinize or apply it to further their causes. For example, a nonprofit could have a vast collection of information on its supporters. Technology can boil that data down to assess which campaigns were the most successful for whom and help promoters target future audiences more efficiently.
Or, internet tools exist that can help troll the web for public electronic conversations that mention the organization. This information could help reveal untapped resources or funding pools.
3. Marketing and Advertising
Just like any other for-profit company, a charitable organization relies on marketing and advertising to spread its message. After all, how can philanthropists donate to organizations they don’t know? With the ever-present budget considerations in mind, nonprofits might consider using social media platforms to reach new donors. Organizations that interact, engage and relate to their audiences through social are riding the trend that seems to appeal most to the younger generations entering the economy with money to spend.
Nonprofit associations are living, breathing ventures just like the profitable corporations. Similarly, charities might find advantages in using technological developments to help them further their causes.