According to recent data from McKinsey and Company, 78% of organizations use artificial intelligence in at least one business function. There is little doubt that this emerging technology has caught fire and is spreading quickly through both the business and nonprofit worlds.
If you’ve wondered how your organization can use it to fuel improvement, you’re not alone. Find out how the effective use of artificial intelligence can enhance organizational efficiency and help you excel in new ways.
Limiting Mistakes
Mistakes are costly for organizations. Just ask the executives at Citibank, where a “small” clerical error resulted in a $900 million payment mistake that a judge declared the company was not entitled to claw back.
Because artificial intelligence can automate and streamline repetitive processes like data entry, scheduling, quality control, and even basic donor inquiries, it can reduce the fatigue-related errors that often come with those tasks. In turn, organizations can see greater efficiency, productivity, and cost savings.
Enabling Strategic Functions
What happens when your team isn’t spending all of their time on mundane, repetitive tasks? They’ll finally have more time for complex, high-value activities.
Perhaps your HR department will finally get to analyze those skills gaps and plan for upskilling or strategic hiring to fill them. Maybe your development department can spend time understanding donor needs and devising a strategy to meet them. In this way, AI can help you get more out of your employees and ultimately maximize your impact.
Enhancing Data Analysis and Reporting
In addition to reducing the possibility of data entry mistakes, AI tools can also enhance how you analyze that data.
It can easily detect patterns and trends in your datasets from which you can extract critical intelligence, such as when and how to engage donors with new campaigns, what new initiatives donors want to see, and which segments of your audience respond best to certain language in your ads.
As you use that business intelligence to set strategies, AI software can track related key performance indicators, such as cost per click, social media post impressions, or average donation size, and quickly report those numbers without waiting for humans to compile the numbers. This makes it easy to make real-time strategic adjustments that may bring in more donors or attention.
Increasing Software Efficiency
AI capabilities are in such high demand that experts predict the market for AI software will grow to more than $150 billion by 2028. This is for good reason. AI plugins and add-on features can make even the most highly effective software even more efficient.
For example, AI-powered tools can take inventory management to a new level for those organizations that make merchandise available for sale. With the right tools, nonprofit owners can track stock levels in real-time, optimize them based on recent sales data, and automatically trigger replenishment orders.
This is just a glimpse into how AI can ensure high levels of operational accuracy and save your organization time and money.
Let AI Take Your Organization to the Next Level
It’s clear that AI has the power to transform your organizational strategy. From donor relations to operations to finance, it can streamline your tasks and ensure you have the time and budget to focus on the most impactful activities.
In addition to your investment in AI, our team at EWA can assist your organization in making the most of its resources with our tax and auditing services. Our in-depth experience can help you gain peace of mind and secure a brighter financial future. Contact us today to learn more about how our strategic approach can help your organization reach its full potential.