If you’re not doing so already, you should be looking for ways in which you can get more from your data. You should be able to go beyond the ‘black and white’ information and start thinking visually. Both Sage MIP and AccuFund have built in data intelligence capabilities which can help you analyze your data in more detail. For example, are you able to determine if the grant that pays for 5% of your overhead is cost effective? What if it costs you more than 25% to run and you don’t know it?
It’s more important than ever for nonprofits to get the most out of each dollar they acquire. Better data intelligence can help you do this more effectively. So first, let’s take a look at what data intelligence is. Data intelligence is the intuitive unlocking of the knowledge brought forth by data regarding anything from your donor preferences and changing markets to internal processes and marketing campaigns. It generally includes a variety of applications that gather, store, analyze and provide access to your raw data.
With the appropriate use of the data intelligence tools already available to you, you will be able to better utilize your data in order to get a big picture view of your organization. You will be able to see more clearly which efforts are the most effective and which are costing you more than they’re worth. The right data will enable you to make the best possible decisions for your organization, ensuring that investing donors and the community and/or causes you support are getting the most out of your funds.