As technology continues to grow and evolve, artificial intelligence has captivated the world with its impressive advancements. Whether you talk to Siri on your iPhone or you chat with a customer service chatbot on a website, you’ve already encountered AI in your everyday life.
But what exactly is artificial intelligence, and how does it work?
In simple terms, artificial intelligence (AI) is a branch of computer science that uses machine learning. This means that a machine running on AI has the capability to imitate human behavior and learn from past processes with its “neural network.” Artificial intelligence has become more and more prevalent, as it can help automate routine tasks and has already proven useful in fields as diverse as video games, marketing, and even healthcare.
What about in the nonprofit space? How can AI help to streamline crucial nonprofit functions like fundraising?
We don’t tend to think of nonprofits as being on the cutting edge of technological advancement. However, artificial intelligence for nonprofits has been rising, and while your organization might not initially think that fundraising AI software is necessary, it can actually be extremely beneficial. If you want to streamline your internal processes, increase fundraising revenue, and refine your donor research strategy, it makes sense to find out what nonprofit AI software can do.
Here at DonorSearch, we’ve done some of the research for you to help your team get started. This is what we’ll be going over today:
- Artificial Intelligence for Nonprofits
- How can you leverage nonprofit AI for university and hospital fundraising?
- What is the best fundraising AI software?
Jump around to each section or just read it all the way through. Let’s get started!
1. Artificial Intelligence for Nonprofits
Nonprofits and other charitable organizations depend on their fundraising efforts and engagement with donors to further their cause and make a meaningful impact in their community. Nonprofits are more concerned with donor engagement and retention than ever before, and fundraising AI can help quicken day-to-day processes and help you refine your donor research to give back more targeted and helpful insights.
Utilizing nonprofit AI can definitely help elevate your fundraising processes. However, its functions range and can affect different areas of your nonprofit’s operations. What can artificial intelligence for nonprofits do?
- Automate routine administrative tasks. Your fundraising and development teams may spend a lot of their daily work sifting through communications records or conducting donor database screenings in order to generate the most accurate insights. With AI software handling processes like these, your team can spend more time developing your fundraising strategy, internal operations, and external communications with supporters.
- Automate donor interactions with AI-based chatbots. There is nonprofit AI software that can have intuitive conversations with individuals who come to your website with frequently asked questions. This can save your team time, and they’ll only need to step in and help answer a question whenever the chatbot is stuck.
- Fundraising AI tools can sift through massive amounts of data relatively quickly (and much more quickly than staff members). As a nonprofit, you need to be able to process incredible amounts of data including your donor’s personal information, previous individual donation amounts and patterns, event attendance records, and wealth indicators. Nonprofits and other charitable organizations will often conduct screenings on their donor database to identify potential major donors. With fundraising AI, your software will not only be able to make insights based on your data but also learn from them, constantly evolving to make sure that you’re finding the best prospects most likely to give more.
The key to successfully adopting artificial intelligence software in your nonprofit fundraising strategies is to not depend on nonprofit AI wholly. Teamwork is key, and combining the efforts of your fundraising team with your fundraising AI software will help automate tasks, filter through data efficiently, and recognize patterns. The AI should do the heavy lifting of manual data tasks, giving you more time to apply human judgment and context in order to form the best fundraising strategy.
Artificial intelligence for nonprofits is a growing trend and is something that you might want to start taking advantage of. Read on for examples of how nonprofit AI can be adapted to specific fundraising sectors.
2. How Can You Leverage Nonprofit AI for Hospital and University Fundraising?
One of the best applications of nonprofit AI is for hospital and university fundraising. Both of these types of institutions do a lot of good work for their communities but also depend heavily on their supporters to help them keep their operations up and running. With universities constantly renovating their structures and equipment to keep their educational standards up-to-date and hospitals trying to improve their patient care services, their fundraising teams have to take the time to figure out which of their alumni or patients are most likely to give back.
Universities and hospitals rely on prospect research to narrow down major donor prospects as well as find new potential donors. Many fundraising teams in these sectors also attempt to predict gratitude from their supporters in order to tell if any of them might be willing to donate after their stay.
For example, in healthcare philanthropy, many hospitals have extensive grateful patient programs. This is similar to how alumni networks work for universities as well. Let’s focus in on how hospitals can (and do) use AI tech to refine their strategies.
Grateful Patient Programs and Nonprofit AI
Healthcare philanthropy is an essential part of how hospitals and related institutions function. Hospitals require funds to pay for things including equipment, supplies, employees, services, and facility renovations.
Grateful patient programs are fundraising initiatives for hospitals and other healthcare organizations to help identify who out of their patients might become prospective major donors. Healthcare fundraisers know that a patient’s gratitude for the care and treatment they receive is one of the biggest motivators for them to later make donations in order to support the hospital’s physicians and staff.
Using prospect research, fundraisers will search through for traits that might indicate the patient can become a major donor. There are typically three ways in which hospitals will conduct this:
- In-house research. Hospitals sometimes hire professionals to work on-site to perform prospect research screenings and direct their development projects.
- Prospect research services. Turning to outside sources can be a good idea, especially for extensive wealth or bulk-screening tests to help filter your donor database.
- Daily screenings with patients. Some healthcare fundraising teams will turn to services that help them conduct patient screenings to both current and recently discharged patients everyday. They use tools to analyze giving abilities by filtering for certain traits which make the patient more “grateful” and philanthropic.
However, going through your patient and donor database every day for daily screenings or constantly having to turn to outside sources for help can be frustrating. With fundraising AI, you can accelerate this process by automatically screening your patients with speed and accuracy, providing you with reports on key donation patterns and other insights.
University fundraising is similar to hospital fundraising as it’s based on the gratitude of their current and past students. Nonprofit AI software can help determine which of these students might be valuable prospects using its unique machine learning algorithm.
If your fundraising team invests in nonprofit AI software, you are putting yourselves at the forefront of this technological advancement. With the power of big data and machine learning, fundraising AI software can learn from new data as it comes in, improving the overall accuracy of how your hospital determines patient gratitude.
3. What is The Best Fundraising AI Software?
Here at DonorSearch, we understand the value of prospect research. We maintain the most accurate and extensive prospect research database, and we use it to power our software that can highlight philanthropic factors and wealth metrics to determine giving affinity, giving capacity, and giving propensity. We are excited to announce that we have recently also partnered with the Futurus Group.
Futurus Group leverages machine-learning technologies and has built the first algorithm to use artificial intelligence to sift through large data and identify potential donors based on gratitude. They’ve quickly established themselves as a leader in the “science of gratitude” by building tools specifically to predict gratitude for nonprofit organizations.
Futurus Group’s “science of gratitude” helps filter various data points with machine learning and predictive modeling to make up their patent-pending Gratitude to Give (G2G) score. Here is the simple breakdown of the process:
- Collation. Futurus Group’s software collates data from various sources, and then cleans and prepares them for predictive modeling.
- Scoring. There is a custom model built to produce a daily Gratitude to Give score for each donor/patient/constituent.
- Learning. Futurus Group utilizes AI with its machine learning algorithm takes in new data and improves results as it comes.
- Results. A gratitude score is created and is updated daily. The software also delivers customized reports every day so your fundraising team can review and adjust their fundraising strategy if needed.
The authentic Gratitude to Give score is informed by an incredible number of variables to determine gratitude, predict fundraising potential, and help identify potential donors with speed and accuracy.
With DonorSearch and Futurus Group working together, this unique and groundbreaking partnership has revolutionized fundraising. This partnership can increase your fundraising results with its:
- Identification of 4-5 times more qualified prospects using its G2G scoring.
- Accurate segmentation of donor data that goes along with your individual fundraising goals.
Nathan Chappell, the President of Futurus Group, says
By incorporating DonorSearch’s massive data array within our G2G machine-learning process we will provide our clients with an end-to-end solution to identify and segment prospects with greater precision than ever before achieved in the nonprofit sector.”
Harnessing the power of nonprofit AI, with both DonorSearch’s unparalleled prospect research database and Futurus Group’s AI-enabled predictive giving model, fundraisers can predict donor potential with precision and increase donations.
Don’t let your fundraising efforts fall behind by not taking advantage of groundbreaking technology. Work together with nonprofit AI to find the best prospects and bring in those donations. If you want more information, check out these helpful guides!
- The Ultimate Guide to Wealth Data for Nonprofits. If you want more information about how wealth data takes a part in prospect research and finding potential donors, read this guide.
- Prospect Research: The Basics. Double the Donation has a great resource on the basics of prospect research, as well as tools that can help you leverage it.
- Matching Gifts: The Definitive Guide for Nonprofits. Corporate matching gift programs are another way you can leverage more donations from gracious patients, students, or donors in general. Read this guide to learn more.