Disruption, Technology and the NFP Sector
What’s the new norm?
For businesses and the not-for-profit (NFP) sector alike, the message is clear – change is the new norm – and that change is fast, furious and the stakes are high. As businesses embark on digital transformation journeys to ensure their businesses survive, revitalise and thrive in the digital economy, the pressure has also come to bear heavily on the NFP Sector to partner, fund, implement and deliver services in faster, more innovative, more efficient, and yet sustainable ways. On the technology front, forward-thinking NFPs are now looking at the potential effect emerging technologies like AI and IoT, as well as automation, may have on the sector, how to guard against cyber threats and protect their (sometimes very vulnerable) users’ data, and ways to embrace the power of data and analytics to deliver insights that will serve their stakeholders better and expand their impact.
The problem for NFP decision makers though is that embarking on a digital transformation takes time, expertise and investment – resources that NFPs are not necessarily positioned to be able to sustainably fund without a profit model. And therein lies the challenge – how can the NFP justify generating enough of profit or gains on the balance sheet to invest in sustainable and innovative business technology outcomes, whilst still remaining true to its purpose?