Donors, Dollars, and Data: Enhancing Nonprofit Financial Stewardship

More than 80% of nonprofits cite a lack of adequate technology as a barrier to gathering information on mission impact. In a new report, industry experts from CrossVue and Workday partnered to explain what this means for the future of the nonprofit industry.

Two colleagues working at a desk looking at a computer screen.

Is technology holding nonprofits back? More than half of nonprofit organizations worry that their ERP systems lack the flexibility to meet current business needs, much less future ones. Forward-looking nonprofits are doing something about that—embracing technology to successfully bolster their finances and donor relationships.

A new joint report from CrossVue and Workday “Donors, Dollars, and Data: Enhancing Nonprofit Financial Stewardship” details how nonprofits can lean on technology to streamline and support their fundraising efforts and improve the overall financial health of the organization.

This report shows the way forward for nonprofits by discussing:

  • Good data, good stewards. Too often, nonprofits are held back by siloed systems and disparate data sets. A modern ERP breaks down traditional silos and aligns financial and people data so that nonprofits can better plan and allocate funds. 
  • Planning for the unknown. Nonprofits can plan for future disruptions and opportunities by modeling multiple scenarios based on a range of data from philanthropic giving and earned revenue to endowment earnings and event ticketing.
  • Nurturing donor relationships. Today’s donors and funders expect data-driven, highly transparent metrics from the organizations they support. Nonprofits can improve their ability to track and report on their spending, and enhance their ability to build sustained, successful relationships with donors.
  • Less paper-pushing, more fundraising. Nonprofits can help ease the burden on their people by automating many of the administrative tasks that fundraisers execute.

Forward-looking nonprofits are benefiting their mission by embracing a cloud-based ERP to successfully bolster their finances and donor relationships.

“When donors commit to supporting a nonprofit, they need to know their dollars will be put to good use responsibly and impactfully,” says Tim DeMagistris, national director of nonprofits at Workday. “A unified, cloud-based ERP system can enable accurate, clear, and data-supported impact reporting.”

By investing in their people, technology, and data, nonprofits will be in a much better position to efficiently help sustain their mission.

To better understand the importance of these steps and how to proactively incorporate them into your nonprofit, be sure to check out our latest report developed in partnership with CrossVue, “Donors, Dollars, and Data: Enhancing Nonprofit Financial Stewardship.”

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