Did you know you can use data science to take your non-profit to the next level? As a non-profit organization, you collect raw information — numbers, text, audio, images, and videos — all known as data. For example, the records you’re keeping in your volunteer spreadsheets or the number of donations you received last year are examples of data you might have in your organization.
However, data only becomes meaningful when it is turned into something actionable, such as when it’s processed and interpreted through data analytics. This makes data useful and valuable, and it can empower you to make informed decisions. Read on to learn the four types of data analytics that can benefit your non-profit organization.
Descriptive analytics provides an overview of what has happened over a specific period. It can help your organization see any changes that may have occurred and provides a detailed comparison from one interval of time to another. Descriptive analytics is the foundation on which other types of analytics are built. It also helps you determine “what happened” from your data.
Like descriptive analytics, diagnostic analytics also focuses on the past. It analyzes diverse data to provide insight into why something happened. It’s one of the more advanced types of big data analytics that you can use to examine data and content. Diagnostic analytics help you answer the question, “Why did it happen?”
Predictive analytics is used to make predictions about future trends and events. It can help with resource allocation and budgetary adjustments for your organization. It can also help you figure out the “what happens if … ” from your data.
On the other hand, prescriptive analytics uses machine learning to help predict outcomes and identify what actions to take, which can help your non-profit achieve its business objectives. This type of analytics lets you answer the question, “How do I make it happen?”
To learn more about the power of data analytics for non-profits, see the accompanying resource.
Infographic created by Sylogist, a fund accounting software company