Why You Need Data Management in Your Organization
It used to be that analytics and being data-driven were luxuries that a non-profit could use on rare occasions, when required for specific “geeky” projects. But those days are over. Now, your non-profit needs a clear and defined plan for developing data stocks and deploying data effectively. With this plan, you have a better chance of achieving your financial and community impact goals. Without it, you may be leaving opportunity on the table. Is your organization making best use of your data?
Here are our top 5 reasons for launching a data-driven strategy for your non-profit:
1) Data Stock is Rising
More and more non-profits are waking up to the power of data. In 2016, 43% of non-profit organizations said they were using data received from donors in their marketing and fund raising strategies.
These non-profits also gave some insight into the perceived value of the data lodes they are mining. Over 88% named the amount donated as their preferred data access point, 63% cited content interest, 54% said demographics, and 52% named channel preference as most important.
2) Donors Demand Data
But it is not just your organization that is getting turned on to data; it is your donors too. The same survey, published by Biztech, found that 70% of non-profit donors now request data analytic reports when donating. These reports prove to the donor that the organization’s aims are being achieved and that donations are being used wisely.
Without analytics in place, your non-profit runs the risk of missing out on a substantial number of donations each year.
3) You Can Create More Effective Strategies
Now we are getting down to it; drilling into the fundamental reasons why anyone would need to use data in the first place. A modern organization cannot strategize for the future – maybe not even survive – without a solid analytic framework. This framework supports the direction of your non-profit, helping you guide and shape your strategies to pursue growth and increase your organization’s capabilities.
Figures released by Umbel in 2015 showed that a data-driven campaign run by the YMCA led to a monthly membership increase of 15% year-on-year, 10% above their targeted growth rate. This, in turn, led to a 400% return on investment for that month’s campaign alone.
4) Straight-forward Fund Accounting
For your non-profit, financial transparency and proper fund management is essential to success. Without an effective data analysis strategy, or the best fund accounting software you can acquire, your operations will become more difficult and satisfying your constituents becomes more complex.
High-quality, reliable data is not only desirable but necessary. By pooling data and wielding it within a single accounting platform, your non-profit bookkeeping staff can examine their accounts, produce quick and insightful reports, and identify those areas where streamlining and efficiency drives are needed.
5) Data is Getting Easier to Manage.
With the development of cloud computing networks, non-profits now have a straight-forward, easy-to-manage platform where you can access and apply different configurations of data. This makes for a secure, reliable data system that encourages information use and sharing, making life much easier for your whole team.
Software solutions like Tangicloud put relevant data at your fingertips, giving you the insight required to make vital, tactical decisions with speed and confidence.
Are you tuned into the power of data? Take a look at Tangicloud.com to learn more about why a data-driven strategy is the right choice for your non-profit.