Today, nonprofit organizations emphasize outcomes data tracking, measurement, and analytics more than ever. These organizations analyze data points related to strategies, programs, and impact goals to attract more funding, improve decision-making, and communicate better impact stories.
That said, you don’t need to think about outcomes-based data strategies as all or nothing – it’s a process that evolves with trends over time. Read to learn why it’s time to update your data and funding strategies and how to do so.
It’s important to keep up with new trends
A lot can happen in a year. If you think back to one year ago on a personal, professional, or even global level, there are probably several changes that come to mind. Maybe there has been a marriage or a new child in your family. Maybe you’ve gotten a new job or taken on a new fulfilling hobby. No matter how life has changed for you or in the world around you over the last year, the bottom line is that things are different today.
And this is the crux of why it’s time for a new era in funding social good: we need to think about time in a different way. The reality for the people and communities impacted by your investments is different today than it was a year ago.
Your funders shouldn’t rely on outdated outcomes to guide funding decisions. Keeping your finger on the pulse of fundraising trends will help you capitalize on them as they occur.
As funding increases, so do calls for accountability
With foundation giving steadily growing over the past five years, funders see more opportunities than ever to invest in improving people’s lives and championing change.
However, as giving increases, more and more leaders across the funding community ask whether their investments are having their intended impact on people, causes, and communities.
On the nonprofit side, data tracking and impact reporting are almost always manual exercises and often time-consuming, which means it often takes time to quantify and report outcomes.
The new era of funding social good must strike a better balance between the call for more detailed, up-to-date reporting and the time it takes nonprofits to compile and present meaningful information about programs, progress, and impact. The key to solving the reporting time challenges that funders and nonprofits face is a new approach to data management that dramatically increases data gathering and reporting efficiency.
How to optimize your nonprofit for social impact
To maximize your output, invest in a powerful software solution that streamlines data entry and operations.
With Bonterra Program Management (formerly Social Solutions), we are making it easier for nonprofits to gather data throughout the case management process, from automating workflows to empowering organizations to streamlining forms. Nonprofit users see a 30% reduction in time spent on data capture, a 35% reduction in time spent on data management, and a 40% reduction in time spent on reporting.
For nonprofits, having powerful yet user-friendly software solutions guiding the lifecycle of data and reporting is a win when it comes to time. And more time saved on data management and reporting means more time that can be spent on the front lines of social good.
When nonprofits manage data and operate more efficiently and effectively, funders also win. Technology that helps nonprofits gather, manage, and report data give funders a window into the progress they’re making toward outcomes. For example, funders can have a dashboard or portal so that they can see the data nonprofits gather over time. This gives funders the opportunity to see more up-to-date information rather than waiting for an annual report and can function as a way to bring funders and nonprofits closer together as collaborators for impact.
The new era is already here – it’s time to disrupt the social good funding model so you and the nonprofits you fund can achieve greater impact. Contact us for a conversation about how we can help your funding go further.
