You’ve probably heard of Artificial Intelligence (AI) before, but maybe you’re wondering, what is AI really? This post is for fundraisers who are new to AI and want more information about what AI is, and more importantly, how it can help your nonprofit raise more money!
AI is a powerful tool that fundraisers can leverage, that’s why we built Wisely fundraising portfolio management software with AI at its core.
What is Artificial Intelligence?
When you think about AI, you may picture an intelligent robot species from a science fiction movie, maybe even one bent on taking over the world! But the reality is that AI is all around us and it ranges from very complex systems to the simple apps on your smartphone.
Have you ever asked your voice assistant for directions or to look something up for you? That’s AI!
AI is also known as machine learning (ML). Simply put, AI is a computer or machine that is capable of conducting tasks that require human intelligence. And beyond just conducting the tasks, AI can learn overtime to become smarter and more efficient.
Types of AI
There are three ways that AI is being used.
- Image processing: recognizing images, for example the difference between a shaggy dog and a mop. Image processing AI includes facial recognition.
- Natural language processing: understanding personality or behaviour based on language.
- Predictive insights: recognizing patterns like when a monthly donor will cancel their recurring gift.
Examples of AI
AI ranges from very complex to very simple and it may surprise you that some of the everyday programs you come into contact with are actually AI.
- Self-driving cars
- Spam and promotional filters on your email inbox
- Yes, this is AI! This AI scans your emails to determine if something is a personal communication or promotional material from a brand
- Recommendations on apps for what to watch or listen to next based on you history
Advantages of AI
You’ve probably noticed a big increase in recent years in the amount and scale of AI that we come into contact with every day and that’s because there are a lot of advantages to using AI.
AI can handle detailed or repetitive tasks with greater consistency and less error than a human can. And AI is a big time saver because it can conduct analysis and gather insights from data much faster than a human.
AI is all around us and it has many applications, and these applications include fundraising! The time savings that AI can grant fundraisers means your fundraising team can focus on the most important things like strategy and building donor relationships.
While AI can be viewed as being very futuristic it has been used in various industries for years. We saw how powerful AI could be for fundraising and that’s why we founded Wisely!
Wisely portfolio management software uses predictive AI to support your fundraising team, saving time, so fundraisers can focus on what’s most important: building relationships with donors and raising more money.
Wisely’s fundraising AI saves your team time and provides valuable insights into your donors:
- Prediction engine that shows when a donor is likely to give again and how much
- Prospecting tool to find major gift prospects from your own CRM without needing to pull any reports or queries
- Flags at-risk donors so you can re-engage them before the lapse
This is just the tip of the iceberg when it comes to AI and also when it comes to Wisely’s fundraising AI. Next week we’ll dive deeper into how AI for nonprofits and how it can be applied in fundraising and how Wisely’s AI supports your fundraising team and helps your nonprofit raise more money. Stay tuned!