One of the UK’s leading data analysis firms is helping charities unlock value in their data with a new whitepaper that highlights the importance of not just collecting data, but transforming it into useful, actionable insight. Wood For Trees, which collaborates with some of the world’s most active charities including Marie Curie, Concern Worldwide and Dogs Trust, believes that data can be a charity’s most valuable resource if it’s applied effectively to strategic decision making.
The paper, titled ‘Unlocking the True Value in Your Data’, outlines the core fundamentals that form the foundation of a good data model, with expert insight and advice for charitable organisations as they strive to build their own data processes. Using the Wood For Trees Core Charity Data Model (CCDM) as a real-life example, the paper – which was written by Wood For Trees’ Managing Director Jon Kelly and Director of Analysis Andrew Sargent – walks charities through the steps to making data a more valuable, useful resource.
“As more and more data is being captured it is essential that charities and organisations can sift through the noise to ensure that this data is transformed into knowledge which can help drive strategy. Throwing it all into a data lake is one thing, but how do you prevent yourself from drowning and ensure that you can derive true value from this data? It is imperative that you ask yourself the why, as well as the what and how”, says Jon Kelly, MD.
“What concerns us, however, is that many are simply collecting this data, without fully understanding what to do with it, what it really means, or how it can help them to make better, more informed decisions going forward. That’s exactly why Andrew and I have come together to build a guide that focuses on this next step; turning data into insight,” continues Kelly. “We believe that when charities are able to take the data they have and apply it to their organisation in strategic ways, they can really unlock the full potential of the information they hold and use it to shape and mould their approach”.
Wood For Trees is no stranger to supporting the UK and international charities, having worked with nonprofits to help them make better use of their data for more than a decade. However, with recent reports suggesting that one in 10 charities could be forced to close over the next year as a result of the pandemic, the firm is taking action to ensure that every charity has access to helpful resources they need during this particularly challenging period of time.
Trusted, quality data and modern analytics could especially help charities to better understand the impact of the pandemic on the nonprofit sector, and identify effective solutions and adaptations that could drive recovery efforts. The whitepaper includes a free self-assessment check that enables charities to rate their own current activities against those required to build a strong data model, making it easy to identify processes that should be prioritised.