3 Benefits of Grants Management Software
Many companies have grant programs as the cornerstone of their corporate social responsibility (CSR) efforts. Therefore, it is imperative for these companies to ensure their grant programs are as effective and efficient as possible. Grants management software is the answer, and here are the top 3 reasons why.
1. SAVE TIME AND RESOURCES
The grantmaking lifecycle can be tedious and time-consuming without the proper software to manage it. Using an automated grants management software cuts back on administrative work and streamlines the application and review process for all parties involved. Applicants can easily edit, save, and submit their completed forms, and can independently check the status of their applications online. Companies can customize an external work flow with the ability to add an unlimited number of reviewers to a work flow progression.
Application review team members can collectively assess multiple applications in detail, review histories of previously submitted requests, respond with further questions, and save recommendations and comments. Account administrators can create and customize limitless online applications, including pre-qualifying quizzes, conditional and required fields, and progress reports. Advanced tools can streamline communication between requesters and donors. Multiple and varied user roles including Administrator, Super User, Review, Fulfillment, External Review, and AP are usually available. All of these features will significantly decrease the amount of time and resources spent managing a grant program.
2. TRACK PROGRESS AND RESULTS
The right software will be able to track the progress of each grant and measure the results of your contribution to each organization. Grant management software also allows you to easily keep track of your budget. On the DonationXchange philanthropy platform, each grant program and proposal can be configured to include its own budget line. Budgets can also be split across more than one program or proposal. The budget and statistical information is available in real time. In terms of reporting, DonationXchange's philanthropy platform offers three methods:
- Pre-Configured Reports: Standard and custom reports that can be saved by “favorite” or report type
- EasyQuery Report Builder: Build and save Ad Hoc custom queries, with the ability to sort and aggregate data sets
- Export to Excel: Export data by request and fulfillment type and save to an excel sheet.
Capture and publish giving totals, trends, and grant program outcomes to increase transparency, and inform and inspire employees, stakeholders, and community partners. With DonationXchange, companies can also track their Return on Giving (ROG). Return on Giving (ROG) is our term for measuring the effectiveness and overall impact of a corporate social responsibility program.
3. MAXIMIZE EFFICIENCY
Having the tools to streamline review and approval processes while also tracking progress and results will ultimately maximize the efficiency of your grant programs. Grant management software allows you to clearly see what can be done better in the future, or even adjusted in the middle of the grant lifecycle. At the end of the day, having the right software to manage your grants is essential to creating an effective and efficient program.
If your company would like to benefit from a successful and efficient grant program, DonationXchange is here to help. Learn more about our dynamic CSR and philanthropy platform.