In the ever-evolving landscape of trade association research and management, staying ahead of the curve is paramount for success. Sparked by the COVID-era, emerging technologies are reshaping how trade associations operate, offering innovative solutions to enhance efficiency, engagement, and overall effectiveness. The following explores the cutting-edge technologies and applications that are transforming the trade association management space.
1. Using Blockchain for Transparent Governance:
Blockchain technology is revolutionizing the way trade associations handle governance and transparency. Blockchain is a decentralized and distributed ledger technology that enables secure and transparent record-keeping. It consists of a chain of blocks, where each block contains a list of transactions. What sets blockchain apart is its decentralized nature and the use of cryptography to ensure the integrity and security of the data, which builds trust.
Here’s how blockchain can work for an association:
1. Decentralization:
Traditional databases are usually centralized, meaning a single entity or authority controls the entire database. In blockchain, the database is distributed across a network of computers (nodes). Each node has a copy of the entire blockchain, and no single entity has complete control. This decentralization makes the system more robust and resistant to tampering or unauthorized changes.
2. Cryptography:
Transactions in a blockchain are secured using cryptographic techniques. Each block contains a unique code called a hash, which is generated based on the information in the block. The hash from one block is included in the next block, creating a chain. If someone tries to alter the information in a block, it will change the hash, and this change is easily detected.
3. Immutability:
Once a block is added to the blockchain, it is very difficult to alter. Immutability is a blockchain feature that persists data forever. Changing the information in one block would require changing the information in all subsequent blocks across the entire network, which is practically impossible.
4. Smart Contracts:
Smart contracts are self-executing contracts with the terms of the agreement directly written in code. These contracts automatically execute and enforce the agreed-upon terms when predefined conditions are met. This feature automates processes, reduces the need for intermediaries, and ensures trust between parties. This step alone could result in huge savings for associations.
5. Transparency:
All participants in a blockchain network have access to the same information, promoting transparency. While transaction details are visible, the identities of participants can be kept private through cryptographic techniques.
By leveraging blockchain, associations can create immutable records of transactions, ensuring transparency in financial dealings and membership management. Smart contracts on blockchain platforms streamline operations by automating processes, reducing the risk of errors, and enhancing trust among members.
2. Artificial Intelligence (AI) Amplifying Data-driven Decision Making
The technology term everyone talked about in 2023 was Artificial Intelligence (AI). The pros and cons of AI were much discussed this year, but the fact is AI isn’t going away and will be a game-changer in trade association management. How?
AI harnesses the immense power of data. Advanced analytics and machine learning algorithms can enable associations to derive actionable insights from vast datasets. This, in turn, facilitates informed decision-making, personalized member experiences, and predictive modeling for future association trends.
And AI is not just about processing data; it’s about extracting meaningful insights to make informed decisions. In trade association management, AI algorithms could analyze vast amounts of data to identify patterns, trends, and correlations that may not be apparent through traditional methods.
For instance, AI can predict member engagement patterns, recommend personalized content, and optimize communication strategies. Additionally, AI-driven chatbots enhance member interactions by providing instant, personalized responses to inquiries, which could improve overall member satisfaction and engagement.
It may be a little soon to fully trust AI in responding to customer service inquiries. Still, within the next few years, artificial intelligence will transform data interpretations and lend a hand to association research.
3. Virtual and Augmented Reality (VR/AR) for Enhanced Events
Trade associations often host conferences, seminars, and events to foster networking and knowledge sharing. VR and AR technologies could transform these events by providing immersive experiences. As we know from the pandemic, virtual conferences were a “new thing” that allowed members to participate anywhere worldwide, reducing geographical barriers. However, the experience of some of these early virtual conferences did little for engagement. However, new and emerging AR applications could enhance on- and off-site experiences, offering interactive maps, information overlays, and virtual demos.
How could this work? Augmented Reality technologies could enhance physical events by overlaying digital information onto the real world. Attendees can use AR applications to access interactive maps and real-time information about exhibitors and even engage in virtual product demonstrations, creating a more immersive and dynamic event experience. These technologies not only make events more accessible but also elevate the overall quality of member engagement.
4. Adopting Membership Management Platforms
To stay ahead of the curve, trade associations should leverage “Membership Management Platforms” to streamline their operations and provide a seamless experience for members. These new technology platforms serve as centralized hubs, offering a suite of tools for efficient member onboarding, communication, and engagement. Advanced platforms can integrate with various technologies, including AI for personalized member interactions, data analytics for insights into member behavior, and communication channels such as mobile apps for easy access.
Membership Management Platforms have the potential to automate the renewal processes by simplifying administrative tasks and ensuring that members can effortlessly renew their memberships. Additionally, these platforms can include event management features, allowing associations to organize and promote events, conferences, and webinars seamlessly. The result is a more connected and engaged membership base. With membership management platforms, associations will be better positioned to understand and respond to the evolving needs of their members.
Recommended association membership management platforms include MembershipWorks, ClubExpress, iMIS, and GrowthZone (ChamberMaster).
5. Enhanced Cybersecurity Measures for Data Protection
As trade associations handle sensitive member information and conduct financial transactions, implementing robust cybersecurity measures is paramount. Emerging technologies in cybersecurity, such as advanced encryption, biometric authentication, and behavior analytics, play a crucial role in safeguarding against cyber threats.
It’s imperative for associations to review and update their cybersecurity measures regularly, ideally every six months, to stay ahead of evolving threats. This proactive approach ensures that the security infrastructure remains resilient and aligned with the latest industry standards. By regularly assessing and enhancing cybersecurity protocols, trade associations can fortify their defenses, protect member data, and maintain the integrity of their operations in an ever-changing digital landscape.
6. Employing Mobile Apps for Enhanced Member Engagement
We mentioned in our previous blog, 5 Strategies for Attracting the Next Generation of Association Members that associations need to be fully optimized on smart, mobile devices. Mobile apps have become indispensable tools for trade associations looking to boost member engagement.
Apps offer a centralized platform for communication, event updates, and knowledge sharing. Push notifications, personalized content recommendations, and interactive features contribute to a more connected and engaged membership base. The ease and frequent use of mobile apps for associations will grow, and grow, and grow. If your association isn’t using a mobile app or doesn’t have one in development, we recommend making this a priority in 2024.
7. Collaborating with Cloud-based Tools
The global pandemic skyrocketed the use of cloud-based technologies. Before 2020 few knew about “Zoom” or thought much about Microsoft Teams. Cloud-based technologies are transforming how trade association teams collaborate and manage their workflows. Specific cloud-based apps are “association management software,” or AMS. These cloud-based platforms enable real-time collaboration, document sharing, membership management, and project management from anywhere with an internet connection.
These apps often include a membership management component (see Number 4 above), making them a more robust option for certain associations. This flexibility enhances teamwork, efficiency, and ensures everyone in the association (staff and members) is on the same page. Some examples include MemberClicks, WildApricot, and YourMembership.
Want to know more about AMS solutions? Check out our blog, 5 Association Management Software (AMS) Apps Your Association Should Consider.
Conclusion
As trade associations navigate the complexities of the modern business environment, embracing emerging technologies is not just an option but a necessity. Integrating blockchain, AI, VR/AR, membership management platforms, cybersecurity measures, mobile apps, and cloud-based collaboration tools will help shape a future where associations can thrive in a dynamic and interconnected world. By staying at the forefront of technological innovation, trade associations can elevate their management practices, deliver enhanced value to their members, and secure a sustainable future.