Changing trends in the Non Profit sector
The rise of philanthropy in recent years is enabling the Non Profit sector to expand much quicker than before. A study conducted on the changing trends in the Non Profit sector shows that donations are expected to increase by 4.7% in 2017. This has been a welcome payoff for the huge efforts being made by Non Profits to encourage people to donate and volunteer more often. To attract more donors, Non Profits have embraced the world of digital marketing and are generating momentum by collaborating and engaging with people on social media. All of this means greater exposure and a larger donor base. However, the more people want to contribute, the more intricate the management of funds becomes.
To keep up with these changes, Non Profits face new challenges and need to perform more efficiently than ever to sustain themselves. This is because for Non Profits, the ultimate goal is to optimize resources. With the use of cutting edge tech like asset tracking software, these vital social institutions can come one step closer to this goal. Below, we will look at 4 roadblocks faced by Non Profits and how equipment tracking software can help overcome them.
Donor retention and engagement
Non profits completely rely on donors and external funds for their welfare and have a dire need to retain this source of income. However, this task is fraught with many challenges because if not engaged and updated regularly, the number of donations is bound to fall. According to a report by the Association of Fundraising Professionals, the greatest lapse in revenues for Non Profits comes from the loss of existing donors. It has been estimated that donor retention fell from 50% in 2008 to 46% in 2015. So even though more people are donating today, it’s becoming harder to keep older donors sufficiently engaged with Non Profits. Based on these trends, a fall in donor retention could deal a fatal blow to this sector.
Improving transparency through audits helps bolster donor trust
Keeping this in mind, the best way to retain donors is to update them about what the organization has been up to. In short, when a donation is made, it helps to update the donors about where their contribution has been used. Asset tracking software helps you maintain records of all assets purchased with donor funds. The custom report tool provides you with usage patterns for all assets and helps you predict future trends as well. This feature allows you to inform donors about the functions of the organization as well as keep them engaged in the goings-on of your institution. This creates organizational transparency and improves donor trust. Apart from this, the software prepares reports on asset utilization and equipment management which helps the Non Profit run smoothly and efficiently.
Ineffective asset management
Non Profit business models run on funds and donations which need to be used to their full potential. Wastage should be minimized and no assets should be underused. It is also important to know when and where to make a substantial investment. For example, are you getting the desired turnover from investing in a particular asset or service? For questions like these, asset tracking software can be a huge help. It lets you know how, where and when your assets are being used. If you have a fundraiser coming up and are short on assets, instant updates from the asset management module well in advance will allow you to prepare accordingly. It is also possible to overstock on certain assets if you are not aware of exactly how many laptops your volunteers need on a campaign, for example, or how much inventory you require for a fund-run. Asset tracking software records the complete lifecycle of an asset and ensures that you never have to go through unplanned overstocking or understocking again. By letting the system do all the heavy lifting for you, you’re saving both time and money – both valuable resources for Non Profits!
Another valuable resource for Non Profits are its team of volunteers. The user role module in asset tracking software can be used to define and effectively update volunteer roles. You can then check different assets out to them and keep better track of which helpers have what items. This saves the hassle of long meetings and orientations about duties, or making manual lists about the custodianship of assets. Being a cloud based system, the solution allows remote data access to everyone in the organization, but you can change this and set restrictions depending on your workflows. This way, you won’t have to worry about data security as you could choose who gets to see what and gatekeep information as you please. This comes in handy especially when dealing with volunteers. With asset management software, you can enhance the productivity of volunteers and achieve optimal allocation of all resources!
You can use GPS tracking to manage assets across different locations
Managing various locations
Want to provide resources to an area struck by a natural disaster? Tried to send assets across cities but they got lost enroute? One of the perks of a cloud based system is that it lets you manage everything from one place without actually having to be there. Now you don’t have to waste time or financial resources unnecessarily so that different teams can manage assets in different locations manually. GPS tracking and Barcodes allow you to keep records of assets on the go. You don’t need to worry about misplaced or stolen assets as the software keeps you updated on an item’s location and status by the minute! Once you have information on all assets, you can easily share it amongst your coworkers and let them handle it from a centralized space. This not only cuts down on costs, but also saves time and increases efficiency.
Read more: Use custom fields in asset tracking software
Accountability and transparency
If you want to run a successful Non Profit organization, you need to maintain flawless transparency and accountability. Donors often withhold their donations if they don’t trust the organization or don’t see any material progress. Asset tracking software provides you an audit feature which streamlines all asset stock and inventory information and gives a clear picture of where the funds have been allocated. As an organization that takes root in external donations and funds, it becomes essential to keep donors satisfied. Often times, Non Profits fail to justify funds and end up losing their credibility. Asset management features like history tracking and custom reports present a complete analysis of the usage of assets. You can even create a productivity report of assets which further bolsters transparency. When every audit is a success and you prove to be a trustworthy Non Profit organization, you attract more donors and your funds are more likely to increase!
Asset tracking software for Non Profits
Non Profits rely heavily on optimal resource management and cost-effective practices which help create economies of scale and provide a greater return on investment. Asset tracking software is an ideal solution package for organizations aiming to overcome asset management challenges and retain donors. By offering to keep track of assets, allowing remote access to asset data, managing volunteers and creating a transparent workflow, asset tracking can prove to be a great investment for nonprofits by increasing productivity as well as creating efficiency!
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