In today’s world, funders are constantly looking for ways to optimize their processes and streamline their work. As the needs of your communities evolve, it’s crucial to keep up with the latest technologies. One solution is to use a grant management system built for funders to help streamline your grantmaking lifecycle.
In this blog post, we will explore how centralized data, automated processes, and personalized reporting can help funders streamline their workflows and focus on driving impact.
Minimize Digital Clutter
While you are busy with your day-to-day tasks, it’s easy to lose track of your documents and correspondences. You re-download files and save them in new places. The digital clutter compounds. Grant management systems help centralize your data so that everything you need is at your fingertips.
One of the key benefits of using a grant management system is that it can provide an online portal for grantees to manage award applications, requirements, and communications. By offering a one-stop shop for grantees, you make it easier for them to stay updated with their applications. In turn, you can save time you’d otherwise spend on tracking down the various items you need from your applicants and make the review process more painless.
You can communicate with grantees and applicants in one portal rather than chasing down emails and information located in various places. This streamlines the application process and helps ensure that you have everything organized in one place. Additionally, funders can review applications collaboratively and efficiently with their team, making the review process faster and more effective.
Save Time with Automated Processes
Automation and workflows are key features of a grant management system built for funders. By assigning applications to reviewers based on criteria, funders can quickly notify their team and spread out the workload.
For example, you can automatically route applications for a particular program to the staff member who manages that program. This keeps them from having to search for the applications that apply to them, as well as limiting the work of other reviewers where this application isn’t a fit.
You can use scheduling tools for things like payments, so you can disburse funds on time to the appropriate organizations or individuals. You can also schedule reports to ensure you keep board members, donors, or other stakeholders in the loop and out of your inbox. Some grant management systems offer functionality around verifying the nonprofit status of grantees with Candid to make the verification process faster and more efficient.
Use Data to Amplify Impact
Another key benefit of a grant management system is the ability to track and analyze aspects of giving with personalized dashboards and in-depth reporting. Personalized dashboards help you make strategic, data-driven decisions for future funding while operationalizing your grantmaking processes. You can use dashboards to analyze trends over time, including:
- The costs associated with grants administered in each organization or program area.
- Grant processing times.
- The volume of recurring vs. new grants.
- Overall return on investment.
It’s important to align with stakeholders on the metrics that make sense for both the foundation and the organizations it serves. Getting buy-in from the organizations you serve will keep them engaged and ensure that you address any barriers to reporting early on. Customizing the homepage to provide board members instant access to information that is relevant to them is another way to keep everyone informed and engaged.
Spend More Time on Your Mission
A grant management system built for funders can help streamline processes, reduce administrative burdens, and provide more time to focus on driving impact. Through centralization, automation, and flexible reporting, funders can create a user-friendly and efficient process for applicants, streamline the review process, and track and analyze aspects of giving. By using a grant management system, funders can save valuable time that they could be spending on high-impact projects that help propel their mission forward.
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About the Author
Nicole Ragno is a senior product marketing manager at Blackbaud, the world’s leading cloud software company powering social impact. When she’s not working, you can find her hanging out with her Aussie-Rottie Mona, discovering new music, or snooping book reviews to find her next big read.