Managing grants manually is inefficient, time-consuming, and repetitive. That’s why non-profit organisations, government agencies, and other funders are increasingly turning to cloud grant management solutions.
In fact, the market for grant management software was valued at USD 2.61 billion in 2023 and is forecast to reach USD 6.04 billion by 2031; a CAGR of 11%. Key drivers include an increasing number of grants being awarded and the adoption of cloud based solutions.
Also, enterprise cloud use increased to 50% after the COVID-19 pandemic started as more than half of organisations significantly increased their reliance on distributed processes.
Selecting the right system is a critical decision that could impact your operations for years to come. So, this article will explore some key considerations to ensure you find a complete solution that aligns with your needs.
Flexibility
One of the most crucial attributes to look for in funding management software is flexibility, as organisations need systems that allow them to build and customise their schemes without incurring additional costs.
This is especially beneficial for those managing multiple schemes as it enables them to adapt quickly to changing needs without depending on external support.
Flexible award management software should offer:
- Customisable online forms and workflows
- The ability to modify evaluation criteria
- Adjustable reporting templates
- User-defined roles and permissions
Total Cost of Ownership
Some online grant tracking software may appear cost-effective initially but there could be hidden costs. For organisations managing a large number of schemes, these extra costs can add up quickly.
To accurately assess the total cost of ownership (TCO), consider the following:
- Initial licensing or subscription fees
- Implementation and training costs
- Ongoing maintenance and support fees
- Charges for additional users
- Costs for customisation or integration with other systems
The TCO of cloud based software is typically lower than that of on-premise deployments. In fact, research by Accenture showed that companies saved up to 40% by migrating to the public cloud.
To avoid any surprises, look for transparent pricing models and discuss potential future costs from the outset.
Positive User Experience
A positive user experience is a critical factor in the successful adoption of a grant management system among your staff. Key aspects to consider are below.
Customer Support
Having a reliable relationship with providers can significantly improve the implementation and use of the system. Look for providers that offer dedicated account managers, responsive technical support, comprehensive onboarding and training programs, and regular check-ins.
Ease of Use
As mentioned, the ease of use and intuitive design of a system can greatly influence its adoption across different departments. Look for features such as:
- Intuitive user interface, navigation, and form building tools
- Easy to navigate dashboards
- Comprehensive user guides and tutorials, such as the Flexigrant Community Portal.
Data Migration
A seamless data migration minimises disruptions when transitioning to a new system, ensuring operational continuity. An effective grant management system should be able to handle data migration efficiently and securely, preserving the integrity and accessibility of your organisation’s historical data.
Compliance and Data Security
The best grant tracking software will make compliance easier. It should adhere to local data security standards, including requirements related to server location. For UK-based organisations, this often means selecting a system with servers located within the UK or EU to comply with data protection laws.
Other security features to consider are:
- The encryption of data in transit and at rest
- Regular security audits and penetration testing
- Compliance with industry standards (including security standards and broader quality management standards)
- Robust access controls and user authentication
- Data backup and disaster recovery plans
Beyond data protection, the system should collect comprehensive data that can be used to demonstrate compliance with all regulations that are relevant to your sector.
Long-Term Strategy and System Evolution
Finally, it’s important to consider how the system will support your organisation’s long-term objectives. Here are some key considerations.
Alignment with Organisational Values
The system should support your mission and goals. Consider how the vendor’s values and practises, and the software itself, align with your organisation’s commitment to transparency and accountability; focus on diversity, equality, and inclusion; sustainability goals; and approach to continuous improvement.
Consider how easily the system will be able to adapt over time. Will there be regular updates and new feature releases? Is the vendor committed to research and development? What user feedback mechanisms are in place?
Integration Capabilities
How well can the software integrate with other systems? Key systems to connect your online application management solution with include:
- Financial management systems
- Customer Relationship Management (CRM) tools
- Business Intelligence platforms
- External databases
Scalability
Ensure that the chosen system can grow with your organisation. Consider:
- The ability to handle increasing volumes of grant applications
- Support for expanding user bases
- The capacity to manage more complex grant programs
Reporting and Analytics
Finally, consider how advanced its reporting and analytics capabilities are, as they are crucial for making accurate decisions and demonstrating impact. Look out for features such as:
- Customisable report templates
- Real-time dashboards
- Data visualisation tools
- The ability to export data in various formats
Conclusion
The decision of which grant management system to implement can have a profound impact on your organisation’s ability to manage grants efficiently.
Key factors to consider include customisation options, total cost of ownership, user experience, scalability, integration options, and the system and vendor’s abilities to support your long-term strategy and compliance needs.
Flexigrant is an integrated platform – an all in one solution that handles every aspect of grant management, from application to review to impact measurement. To learn more or request a demo, contact us today.
