Mr Rakesh Prasad is the Senior VP - Strategy & Solutions at Innover which is an an Atlanta-based Technology and Process Digitization Company.
The platform recently launched InnoraiseTM, a cloud-based digital platform for non-profits to accelerate the adoption of emerging technologies and deliver highly personalized member and donor experiences.
In this interview with TheCSRUniverse, Mr Prasad talks on various aspects of technology interventions that can boost fundraising efforts for non-profits and help them build more connected communities of donors for their social projects.
TheCSRUniverse Interview with Mr Rakesh Prasad, Senior VP - Strategy & Solutions, Innover
Q: Innover has launched Innoraise, a cloud-based digital platform for non-profits. Can you tell us the objective behind this?
A: According to a recent trends report, more than 60% of nonprofits say their members & donors expect a better experience than their current technology provides. Similarly, approx. 75% of nonprofits consider digital transformation to be essential, yet only 12% score high on the digital maturity index. To deliver on their missions and serve their communities effectively, non-profits need to adopt innovation and harness the power of digital transformation. They need to integrate cutting-edge digital solutions that can help them build authentic bonds with members/donors, and uncover untapped avenues to make a difference.
This is where InnoraiseTM, our cloud-based digital platform tailored specifically for non-profits comes into the picture. The objective of launching Innoraise is to help non-profits innovate faster by adopting emerging technologies, soar fundraising efforts and build connected communities. The platform can help non-profits elevate member and donor experiences, speed up the vision of integrated commerce and amplify their mission and impact. With Innoraise, non-profits will be able to establish a solid digital foundation that sets them up for sustainable growth and long-term success.
Q: Who are your audience for this platform?
A: Innoraise is built to help non-profit organizations, charities, professional services, associations, and other membership organizations turn their digital manifestations into a tangible reality. The platform will help them modernize legacy systems, unite fragmented processes, maintain the integrity of their current digital landscape as well as engage a broader audience.
Q: What problem your platform is expecting to solve?
A: To achieve enduring success, non-profits and associations must continuously adapt to meet the ever-evolving expectations of their digital-savvy members, donors, and constituents. They need to prioritize delivering seamless, exceptional experiences across every touch point - from membership to subscription, donation to event registration and beyond. However, many non-profits still rely on legacy applications and processes in silos that fail to address current business needs - restricting them from advancing their mission, innovating efficiently and presenting their products/services in the right way to a younger audience. In fact, most non-profits have fragmented sales and fulfillment processes, resulting in declining membership numbers, negative donor experiences, and a weakened value proposition.
Innoraise can help such non-profits overcome these formidable barriers and build a resilient digital ecosystem that enables them to reimagine their legacy systems and effortlessly integrate preferred tools and apps – without compromising their current setup.
Q: How does the platform work? What are the key features of the platform? What are the benefits of this platform for the key stakeholders in the non-profit sector?
A: Innoraise, backed by Innover’s extensive non-profit expertise and technology prowess, enables non-profits to rapidly embrace digital transformation, innovate faster by transforming their legacy systems and maximize impact in the communities they serve. The platform seamlessly blends a unified shopping cart, personalized experiences, data insights and integrations to build a robust digital foundation and a sustainable growth engine. This enables non-profits to transform member and donor experiences across all touch points, create highly-intuitive member journeys and build momentum in their fundraising efforts. Powered by 20+ pre built integrations, and easy configuration and deployment options, the platform helps non-profits reduce time to market, minimize technical debt and drive higher impact from investments.
The platform offers a multitude of cutting-edge features such as:
● Enhanced member experience - Highly-intuitive membership join or renewal journey with grouped packages, added benefits, and auto-renewal email alerts
● Streamlined and boosted donations – Options like custom amount selection, goal-based donation, recurring donation, and the ability to donate in honor or in memory of someone
● Unified shopping cart – An integrated shopping cart for memberships, donations, and events, with configurable cross-selling and “my accounts” section for managing all engagements
● Robust and secure payments - Instant payments via Credit Card, PayPal, Money Order, Cheque, Bank Transfer, and COD, and invoice download option
● In-depth and accurate data analysis – Rapid insights on donations, subscriptions, events, purchases and member journeys along with seamless KPI tracking
● End-to-end personalization – Personalized experience utilizing behavioral triggers, including custom bestseller lists, up-sells and cross-sells, targeted notifications and product displays
● Targeted & automated marketing – Options to run email drip campaigns, trigger automated notifications and recommendations, and share content via social links
● Timely & consistent logistics solutions - Easy configuration of shipping rates based on weight, location, etc. and option for real-time delivery tracking of products
Q: You also talked about Innoraise bringing highly personalized experiences – across moments, channels and touch points. What are these moments, channels and touch points? Please elaborate.
A: With Innoraise, non-profits can cultivate a passionate user community and deliver fulfilling experiences across a broad array of touchpoints – whether it is memberships, group-based subscriptions, in-person/hybrid/virtual events, payments, purchasing, cause-based campaigns and beyond. They can leverage the platform to set up a robust commerce storefront and swiftly promote or sell their products and services via both web and mobile apps. Moreover, the platform makes it easy for non-profits to reach and engage a wider audience through various channels, including emails, social media, personalized pop-ups and in-person or virtual events.
With Innoraise, non-profits can create standout moments that leave a lasting impression on the members/donors, empower them to support worthy causes and deliver insights on the impact of their work.
Q: You have earlier stated that the platform will help the non-profits to build an active, engaged user community. Can you please elaborate on that?
A: The success of non-profits hinges on their ability to engage and energize their member communities to create a significant impact. To build an active and zealous user community, non-profits need an all-inclusive solution that turns members into advocates for their cause, helps spread the word and speed up goal realization.
Innoraise can help non-profits build momentum in initiatives to welcome new volunteers, connect with donors and multiply member base – creating opportunities for members to actively participate in their mission through volunteering, recurring donations, advocacy campaigns, events, and more. The platform, supplemented by data analytics prowess and intuitive tech capabilities, can help non-profits decode member behavior and preferences and glean valuable insights into member profiles, donation histories, campaign data, and other data sources. These insights can further be used to develop tailored strategies and personalized conversations, and bring each member's unique giving experience to life.
Q: What are your thoughts on the challenges that non-profits face today in fundraising and engagement with donors?
A: Non-profit organizations encounter various challenges when it comes to raising funds and engaging with donors. One significant challenge is the heightened competition for funding, which has intensified amidst the COVID-19 pandemic. Moreover, donors are getting tired of frequent fundraising appeals or feeling that their contributions are not making a significant impact and also leading to donor fatigue or declining philanthropic instincts. Acquiring new donors, especially from younger age groups, retaining existing donors, and demonstrating true impact are all challenging tasks for non-profits.
Technological barriers such as obsolete payment applications, outdated order fulfillment systems and poor-grade user interface can also limit their ability to efficiently and securely process transactions, leading to donor skepticism and missed fundraising opportunities. Moreover, meeting legal and ethical standards regarding fundraising practices and the proper use of donations can create additional obstacles and compliance obligations for non-profits.
Addressing these challenges requires a strategic approach that prioritizes transparency, donor-centricity, effective communication, and adaptation to new technologies and trends.
Q: What has been Innover’s past experience in working with the non-profit sector? What are the key problem areas in the non-profit sector that can be solved with technology?
A: Innover has been at the forefront of the digital transformation revolution, spearheading numerous successful transformations for non-profit clients. We specialize in digitizing non-profit ecosystems, revitalizing our clients' legacy systems, and integrating next-gen technologies to help them yield maximum impact.
For instance, we helped a leading non-profit scientific society reverse their falling membership numbers, modernize their legacy systems and delivered highly-personalized, contextual member experiences. With our e-commerce and CX solution, the non-profit achieved a two-fold increase in membership rates and acquired over 15,000 new members in just three months. It also generated a 30% increase in revenue through the virtual event store.
We also helped a global non-profit for Catholic Evangelization to unify disconnected systems for greater efficiency, eliminate poor user experiences and undo the negative effects on donations. Leveraging our suite of CX and personalization tools, the non-profit achieved a 10% rise in donations and 20% decrease in costs due to self-service portal for customers.
Non-profits of today must find the ‘right’ solutions to detangle processes working in silos, uplift user experiences, overcome data deluge, and build a rock-solid digital foundation. Our goal with Innoraise is to help non-profits take the lead in tech innovation, create futuristic member experiences, and make a meaningful impact in the communities they serve.
Q: How can the non-profit sector bring transparency and accountability in fund management?
A: Technology adoption can play a critical role for non-profits to improve transparency and accountability, build trust with donors and the public, and ensure that their funds are being used effectively to support their mission. Innoraise with its ability to reimagine legacy systems and powered by advanced reporting capabilities can be a game-changer in helping them achieve the same.
