One of the main reasons why philanthropy will be driven by technology in the next few years is that it will allow organizations to make more informed decisions regarding giving.
This will allow them to improve the efficiency of their operations and make more informed decisions regarding their gifts. Here are a few ways technology and data will change philanthropy in 2022 and beyond.
With the help of data and online platforms, philanthropy can move the dial forward and see the complete picture of its work. This will allow it to make more informed decisions and improve the efficiency of its operations. Moreover, using data and online platforms will allow organizations to connect with their communities and improve the effectiveness of their programs. Moving forward implementing these networks will prove to be very effective.
With the help of centralized platforms, philanthropy can keep its beneficiaries and donors up-to-date with its programs’ progress. The rise of technologies will allow various stakeholders in the community, such as donors and nonprofits, to instantly share information about their organizations’ work. This eliminates the need for them to report to multiple funders simultaneously.
The end of the traditional process of reviewing foundation grant applications will be in sight in 2022. Instead of going through hundreds of interviews and checking thousands of documents, applicants can easily find a grant through a single online platform. The data collected during the process will be immediately available through cloud platforms and due diligence applications.
Online accountability will require all donors to be more transparent about their giving. This will allow the public to track the grants they have made. As the rise of technologies continues to improve the transparency of philanthropy, more public records will be made available on cloud-based platforms in 2022.
Large organizations will start using digital platforms to accept donations and convert them to cash. This trend will eventually reach smaller organizations as well. Due to the immense potential of cryptocurrency donations, more charities will realize the benefits of this kind of giving. In addition to avoiding capital gains, cryptocurrency donations can also give them tax advantages.