Why You Need Grant Management Software in Your Company
When done traditionally, the process of managing grants can be an uphill battle. You need to juggle many hats – from looking for relevant grants, writing grants, receiving contracts, tracking and reporting, to closing the grant. This procedure is important but can be very overwhelming.
Fortunately, we are now in the 21st century where things are made easier. Tools that make things, including grant management, easier to handle is everywhere. You just need to learn to adopt and take advantage of what is available.
The Benefits of Using A Grant Management Software
Modern grant management systems, nowadays, have become more of a necessity than a choice. They are important to be able to keep on par with the competition. But if you still cannot make up your mind and are looking for more reasons as to why you should get a grant management platform for your business, here you go:
1. Automate processes.
The best grant management software can lift the burden of managing grants off your shoulders. The system can help you automate a plethora of procedures like workflow tracking and peer collaborations. Hence, you do not need to spend too much time and effort in handling the said processes. You can focus on more important tasks.
2. Administer all grants in a single location.
A grant management software eliminates the need for those binders and other similar materials. You can collect, store, and manage all grant-related information from one place.
There is no need to spend a lot of time and effort shuffling through papers. You can now search for everything with just a few mouse clicks and manage your grants more efficiently. Furthermore, having all the information in one place makes it easier to track grant activities. And because you can monitor everything effectively with ease, the financial risks will be likely reduced.
So if you find it hard to track your grants on a single Excel worksheet, then it is time to get your grant management software.
3. Track and Monitor Information Easily.
With a grant management system, all grant-related information is brought within your fingertips. You will be able to track the status of your active grants as well as grant proposals. It will let you see the status of grants that are in progress and easily identify which proposals are pending.
Calendars are also typically featured. This tool is important for staying on track with your grant management. It makes it easier to determine the key deadlines for projects. Usually, the calendars can be shared with task owners, main stakeholders, and other project managers so they can also add their initiatives and even send notifications of reminders regarding upcoming deliverables.
Overall, a grant management system can help you track not only the deadlines but the progress of the projects as well. The right software will make it easy for your business to access the details about every deliverable. Therefore, responsible individuals can monitor their progress.
4. Prevention of workflow bottlenecks.
The calendars available in grant management software could help you determine bottlenecks. It is easy to see data points like who will not be able to meet their deadline. So you can immediately implement necessary actions like adjusting the responsibilities or schedules for the grant program.
5. Standardization.
A grants management software will standardize data collection as well as reporting processes across your business. This, in return, will make your organization more transparent, help you generate more accurate and timely reporting, and comply with grant requirements like GREAT Act.
Choose the Right Grant Management Software And Improve Your Business
The grant management software industry is booming. Many grant management solutions are being introduced in the market. If you are planning to invest in one, make sure you choose wisely. Take note that not all grant management products are the same. Some are designed specifically for a business model while other solutions have very focused features. To help narrow down your options, you can read the leading grant management solutions available in the market today.
The best grant management software will streamline your grant procedure through helping you track proposal success, monitor progress of every grant, and collect all the information required for every report. A good system will help you become more effective and efficient.
If this is your first time looking for a grant management software for your business, check whether the product offers a grant management template and tracking and monitoring abilities. Also check if the solution comes with document and payment management features, contact management, online forms, and ability to customize the look and feel of the platform.
The aforementioned features of a grant management system are usually essential. But the capabilities to look for still depends on your business requirements. Therefore, it helps to know exactly what your organization needs. That way, you can maximize the value of the software you are going to purchase.
For instance, if your organization is planning to provide scholarships to students who want to finish their studies but do not have enough funds, you can use ScholarshipApp. This application is designed to help you with your scholarship initiatives. A wide array of features is available to make it easier for you to manage your scholarship programs. The best thing, the app is available for free. You do not need to spend anything to see whether or not it fits your needs.
