The unexpected alliance: Data and Philanthropy for a better world
Philanthropy encompasses a wide spectrum of private initiatives aimed at elevating human well-being and pursuing goals of broad public interest.
Foundations and philanthropic entities stand out as organisations that work to improve the well-being of the community in various ways, from providing financial support for projects to directly implementing initiatives of significant value. These institutions also equip themselves with numerous tools to promote the "common good" of the community and maximise the impact of their efforts.
The world of Data
In this article, we focus on data: an emerging tool in the field of philanthropy, which at first glance may not seem immediately associated with this area.
In recent years, data — understood as the objective representation of a fact, event, or action — has become pivotal to our existence and activities. Every daily action produces data, while in the business world, data is considered a valuable asset with which to optimise operations, increase profits, and minimise costs.
To get an idea of the amount of data produced every minute, DOMO, a US company, publishes an annual infographic called "Data Never Sleeps" that illustrates the dimensions of data generation every minute. The infographic is available at this link.
From Data Analysis to Big Data
Over the last few decades, we have quickly moved from the concept of data analysis to Big Data, then discovered Machine Learning and Data Science, to reach an era dominated by Generative Artificial Intelligence. Throughout this, an entire sector and a vast range of new professions have emerged around data and its potential use.
But let’s return to philanthropy: Can data be used as a tool to promote the well-being of the world we live in?
The answer is decidedly affirmative, and there are various ways in which data can improve the world, which are often surprising compared to more traditional applications in the profit sector.
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The Data Strategy of Fondazione Compagnia di San Paolo
About eight years ago, in 2017, Compagnia di San Paolo embarked on the ambitious project of exploring how data could be employed to benefit the philanthropic sector, both within the organisation and externally. This journey has led to projects and initiatives being implemented, and most importantly, to an increased awareness that data can be effectively used to generate a positive impact.
With the publication of the Fondazione Compagnia di San Paolo Data Strategy 2023-2030, which records the foundation’s commitment to the field of data for the common good starting from 2017 and outlines a roadmap for the years to come, we decided to delve deeper into the connection between data and philanthropy through a series of articles.
The major challenges of the future
In January, the World Economic Forum published the report “The Global Risk Report Insights 2024” where 1,490 figures from the academic, governmental, civil society, and business sectors were interviewed. Here is a link to a summary of the report for quicker reference.
The Data-strategy series
In the coming months, starting May 6th, we will explore various aspects in an attempt to answer the following questions:
As we await the next contribution, we invite you to reflect on the major challenges that our society will need to face. Can data provide a crucial contribution to addressing these challenges?