Armanino has released a new technology solution, Benchmarking for Nonprofits. The firm taps into big data for this product, presenting it in readable dashboards. Benchmarking has become a useful tool for organizations of all kinds to gauge their performance during the uncertain environment the COVID-19 pandemic has created.
Benchmarking for nonprofits is billed as having easily digestible visuals, which Armanino has proven it is good at. Last year, the firm put together a free interactive online dashboard that pulls on publicly available data and organizes it under various metrics businesses can use to strategize. The dashboard for the new benchmarking product was designed to help “tell the full financial story” to a variety of key stakeholders, funders, donors, boards and peers.
The firm curates a database of regularly updated financial data of more than 300,000 organizations, from sources including proprietary research, the Internal Revenue Service, federal websites and Amazon Web Services. This library of information can be used by nonprofit groups to identify and detect trends in their field of interest.
“Every nonprofit executive director or board member knows that budgeting and finance are the most critical and challenging aspects of their work, and can often be the difference maker in their ability to make a positive and lasting impact in their communities,” said Paul O’Grady, Armanino partner-in-charge of the nonprofit practice, in a statement. “That’s why we worked with the firm’s data and analytics team to build a robust and intuitive dashboard platform that can show nonprofit leaders exactly where they stand with revenues and expenses, which elements of the organization are most costly, and how they perform against peers and even themselves.”
“Traditionally, benchmarking has been a time-consuming manual process and often relies on out-of-date information,” said Alex Gyorffy, senior manager of Armanino’s Data & Analytics group, also in a statement. “By aggregating the latest data available and automating this process, nonprofits can immediately get insights into the finances of peers and evaluate their own financial position. Our goal is to empower nonprofits in making data-driven decisions that improve their financial health.”
To learn more about the Benchmarking for Nonprofits solution, click here.