Recent statistics reveal that over 37 million people in the U.S. are living in poverty[1], and 12.5% of households with children are experiencing food insecurity[2]. These alarming figures highlight the significant income inequality prevailing in the country. Such socioeconomic disparities emphasize the critical role of nonprofit organizations in addressing social, economic, and health challenges and providing support to communities across the nation.
Unfortunately, the failure rate for nonprofits can be as high as 20%.[3] Tracy Ebarb, the International Director of the National Association of Nonprofit Organizations & Executives (NANOE), identified several factors contributing to nonprofit failures, including the underutilization of data[4].
Data can be a vague concept. Many organizations do not know where to start, what data to collect, or how to use it. They miss out on its power and all the opportunities that come with it. At Mined XAI, we help organizations every step of the way to unlock this power, strengthen their organizations, and increase their impact in their communities. How do we do it?
First, we listen. We take the time to fully understand the organization and its mission. We help identify the key performance indicators aligned with the organization’s goals and objectives. This takes the guesswork out of what the organization should be focusing on. Putting scarce resources toward the most critical efforts enables better planning, more targeted resource management and, ultimately, superior outcomes.
Next, we dig into the data. There is often plenty of accessible data. We help organizations collect it and make it useful. We clean it up, and then the fun begins! We apply data analytics, artificial intelligence (AI), and machine learning techniques to reveal new knowledge across multiple domains. This knowledge has the power to revolutionize leadership decisions.
Mined XAI recently partnered with a local nonprofit organization focused on the key performance indicators of education, economic mobility, community, and health & well-being. We identified useful data for each area and began tracking measurements with the organization. Just the initial data analysis identified significant trends. We are now consolidating multiple data streams into curated, high-dimensional datasets, which will provide even deeper insights.
At Mined XAI, we revel in revealing hidden connections. Dealing with large, complex, and seemingly unrelated data requires advanced data analysis, machine learning, and AI techniques. We leverage topological data analysis (TDA) and propriety machine learning methods to capture, identify, and integrate complex relationships within high-dimensional data. What does all of this techspeak mean to a nonprofit?
Our TDA techniques can uncover relationships between KPIs. It can show the impact of childcare availability on community food security and student test scores. It can show the impact of family coaching on socioeconomic mobility and educational attainment. This is why it is important to identify your KPIs and leverage your data. Whatever the mission may be, knowing the critical connections can focus precious resources toward those programs with the highest impact.
Expanding on our proprietary artificial intelligence capabilities, we are developing an innovative socioeconomic forecast model for nonprofit partners. Our model draws upon the same techniques we use for Fortune 500 companies and small businesses to extract real-time, multi-domain knowledge. We are excited to empower nonprofits through data and deep management insights. Together, we can help our communities and reduce economic disparity. Together, we can raise up others for long-lasting change!
[1] https://data.census.gov/profile?q=United+States&g=010XX00US
[2] https://www.ers.usda.gov/topics/food-nutrition-assistance/food-security-in-the-u-s/key-statistics-graphics/
[3] The Nonprofit Sector in Brief 2019, Table 1 (2020, June). Urban Institute, National Center for Charitable Statistics. Retrieved May 15 2023, from https://nccs.urban.org/publication/nonprofit-sector-brief-2019#finances; Lu, J., Shon, J., & Zhang, P. (2020). Understanding the Dissolution of Nonprofit Organizations: A Financial Management Perspective. Nonprofit and Voluntary Sector Quarterly, 49(1), 29–52. https://doi.org/10.1177/0899764019872006
[4] Ebarb, T. (2019, Sept 7). Nonprofits Fail – Here’s Seven Reasons Why. National Association of Nonprofit Organizations & Executives. Retrieved May 14, 2023, from https://nanoe.org/nonprofits-fail/