Grant management is a complicated process. Being aware of dealings to meet, cross-department communication, report creation, tracking funds, and remaining compliant can be overwhelming. A manual system complicates those challenges, but Grant Management Software can simplify the process.
What Does Grant Management Software Do?
Grant management is the process of grants from start to finish, from determining eligibility to reviewing applications to distributing grants and tracking the outcome in real time. And grant management software is a program that helps grant-makers manage the process. The software allows them to manage the funding programs, engage with successful applicants, and deliver on their mission.
A critical component of the process is due diligence, another important feature of grant management software. The software can help grant-makers determine whether an applicant is a good fit for the mission’s vision and as a strategic investment.
How Does This Solve Pain Points?
There are many pain points involved in the grant management system, especially when managing multiple grant applications and balancing grant payouts.
If there are many employees handling documents, it’s only natural that issues will arise. A manual system requires every document to be handled by many people. This can lead to outdated information lingering in the system, duplicate information, as well as incomplete documents. The priority is meeting a deadline, which can lead to gridlock. GMS streamlines the process.
- Coordination & Communication
When there are many employees in charge of managing grants, the need for coordination and clear communication is vital. It’s difficult to keep everyone on the same page, but with GMS, everything is linked to connect and communicate easily.
Creating the reports necessary to remain compliant can be time-consuming, and once that’s done, running those reports adds more time. It’s a lot to deal with when the team is focused on other tasks, which can result in mistakes. Compliance mistakes can lead to penalties, fines, and even loss of funds. GMS will handle those tasks for you.
If you are managing many awards and grants at one time, data can go missing. There is also a risk of records being mixed up or misplaced. This is especially true if you are understaffed or have a small administrative budget. With team members taking on additional tasks, it can result in workflow issues and errors. GMS helps prevent these errors.
- Central Management
In an organisation without a central management source to manage grants, GMS is the most effective way to automate the record-keeping process.
Grant Management Software
An effective grant management system helps you remain compliant and transparent with your process. There is no need to track spreadsheets or handle data entry manually. Opting for software simplifies and streamlines the process with cloud-based, paperless solutions. Reporting is simple, which reduces stress, and it’s more timely.
Whether you are understaffed or dealing with more grants than normal, grant management software is a great solution to streamline your resources and help centralise your data.