How Nonprofits Are Improving Efficiencies Through Cloud ERP
Whatever the variations of raising funds, whether through membership , sales of products, or government grants, nonprofit organizations must carefully track and manage funds, and at the same time effectively and efficiently execute their mission. Therefore, many organizations are turning to cloud-based ERP to improve their operational efficiencies and further their goals.
Just like their for-profit commercial counterparts, nonprofit organizations encounter many operational challenges and even more daunting regulatory and reporting requirements. Managing budgets, tracking funding levels and sources, balancing the books, maintaining databases, generating reports and paying employees, are only a few out of the many general business hurdles nonprofits face. Then there are other challenges unique to nonprofits organizations, such as how to handle donor relationships and manage and report the different sources of funds and donations.
In light of these challenges and demands, nonprofits like for-profit enterprises need strategies and solutions to deal with day-to-day business operations. Cloud applications, like Cloud ERP, because of their low upfront costs, faster time of deployment, highly efficient and flexible functionality and their low IT demands are perfect for nonprofits.
Given the uniqueness of their needs, nonprofit organizations can benefit greatly from cloud ERP. In a survey conducted to measure nonprofit key performance indicators (KPIs), market research firm SL Associates found that cloud-based business solutions suite delivers key performance improvements to nonprofit organizations. Notable improvements were identified in the areas of operations visibility, financial management, mission performance, and IT management and resources.
With their ease of use, cloud-based solutions are empowering nonprofits to perform their task more efficiently. There is also the added benefit of cloud-based service. Cloud vendors take responsibility for managing, updating and securing their cloud solutions. Hence, nonprofit organizations can focus more on accomplishing their mission.
For more information on the benefits of cloud-based solutions for nonprofits, browse our nonprofit technology resources center.