5 Benefits of Using an Online Grant Management System
Proper grant management is essential to the grantmaking process. Managing grants efficiently not only ensures that grants are being used properly but also maximizes the positive impact of those grants. When not managed properly, the grantmaking process can put unnecessary strain on time and resources.
An online grant management system is one of the most effective ways to get the most out of the grantmaking process. This type of system supports your efforts by streamlining the grant lifecycle in one comprehensive platform.
The benefits of using an online grant management system are reflected in the day-to-day improvements in efficiency, reporting, and collaboration among team members at all levels. Keep reading to find out why an online grant management system is the best choice for your foundation.
What Is an Online Grant Management System?
An online grant management system is exactly what it sounds like. It takes all of the necessary steps through the grant lifecycle and brings them all together in one easy-to-use system that grantmakers can rely on.
This system provides grantmakers with a single platform to streamline grant processes, including application submissions, tracking milestones, and creating reports from all of the data collected. An online grant management system also provides access to information across an entire team, allowing for greater transparency and improved collaboration.
Implementing an online grant management system allows users to simplify the grantmaking process from start to finish. It includes features such as automated tasks, document tracking, project tracking, and real-time reporting that lessens the burden of grantmakers. This allows them to put more focus on what truly matters.
Top 5 Benefits of Using an Online Grant Management System
Using an online grant management system comes with numerous benefits for grantmakers at every step of the process. Rather than working from separate spreadsheets, calendars, and manual systems, integrating everything in one place with an online grant management system allows for:
- Improved efficiency of processes through automated tasks.
- Up-to-date reporting with the most relevant data and information.
- Informed decision-making based on real-time updates.
- Improved collaboration among team members at all levels.
- Greater transparency and accountability within an organization.
These benefits culminate in a dynamic workflow that supports the grantmaking process from all sides. This ensures proper grant management, open lines of communication, and compliance with grant obligations.
Let’s take a closer look at each of these five benefits of an online grant management system in greater detail.
1. Improved Efficiency
Grantmakers are responsible for many moving parts across a number of different grant programs in an organization. These parts move more fluidly when combined into a single machine. That’s where an online grant management system shines.
Within this grant management system, manual tasks are automated to improve the efficiency and accuracy of information. Mundane tasks such as filling in forms, inputting data, and sending out reminders are taken care of automatically in an online grant management system.
Not only does automation boost efficiency but it also improves employee morale. With fewer manual tasks at hand, grant managers are freed up to think about more important matters, such as the overall impact of the foundation.
2. Up-to-Date Reporting
Reporting is a major piece of the grantmaking process that can’t be overlooked. An online grant management system brings together all of the facts and figures in one place to make pulling reports quick and easy.
This is an important feature of any grant management system because it allows stakeholders to keep track of grant progress in real-time. Grant managers can ensure that funds are being used properly and grant progress is on track according to any set timelines.
Up-to-date information in an online grant management system means every impact assessment is accurate and populated with only the most recent data. It’s important to stay informed about how each grant is making a difference and this system makes that easier than ever.
3. Informed Decision-Making
Another benefit of real-time tracking and updates is the ability to make decisions at the drop of a hat. When something comes up, grantmakers won’t be left scrambling to find the most recent information. An online grant management system keeps everything up to date and available at any time.
This means that grantmakers can look into problems and make important decisions based on relevant information without having to wait.
Not only does this save time but it also lessens the risk that decisions will be made using outdated or old information. Keeping everyone informed is one of the greatest strengths of an online grant management system.
4. Improved Collaboration
Along with all of the moving parts, there are also a lot of people involved in the grantmaking process. These people work along every step of the grant lifecycle to bring a shared vision to life. So it makes sense to use an online grant management system to improve collaboration among team members.
This type of system utilizes data democratization to bring all of the relevant information about grant processes together and make it accessible to everyone involved. When team members feel confident using this data, the grantmaking process runs smoothly through every step.
5. Greater Transparency and Accountability
An online grant management system shares data in a single platform that allows grants managers, program officers, and all foundation staff to see everything that needs to be done and who needs to do it. This level of transparency within an organization reduces wasted time and improves the overall efficiency of the grant process.
By using this system, responsibilities and deadlines are apparent, minimizing the risk of missing important dates, losing track of the timeline, or failing to report in a timely manner. With an online grant management system, it’s easy to keep everyone involved in the grantmaking process accountable.
Reap the Benefits of GivingData’s Online Grant Management System
GivingData believes in making the grantmaking process simple and efficient with our online grant management system, so that grantmakers can focus on the impact of their foundation. With top-of-the-line features that allow you to manage grants, relationships, and knowledge all in one platform, you can reduce the burden of administrative tasks for your entire team.
Capitalize on the benefits of effective and efficient grant management by contacting us today to learn more about our online grant management system and how it can streamline your grantmaking process.
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