Getting Started: A Quick Guide to Setting Up Grants Management Solution

It can be challenging to manage the different aspects of your grant management scheme, especially if you run multiple schemes throughout the year. This is when grants management solutions come into play.

What does the right grants management software solution look like? At Ignyte Group, we appreciate the difficulty of this question. That’s why we have developed guidelines to get you started with setting up a grants management solution.

Understanding Your Needs: Assessing Grant Management Requirements

Organizations seek grants management solutions to eliminate the challenge of managing grants manually. The priority is to identify the exact challenges their grants management solution will need to address related to grant volumes, technical integration, budget tracking, reporting, and communication. 

For example, you need to ask your grant managers the following questions: 

  • How many grant schemes do you have, and what are their values and processes? 
  • What is the volume of grant applications received? 
  • What is the volume of annually awarded grants? 
  • Which systems should the grants management solution integrate with? 
  • Who needs access? 

Choosing the Right Software: A Comparative Analysis

Once you have determined the relevant requirements, it is time to consider the software options available on the market for your specific industry sector and your requirements. You should already be able to identify different software suppliers. 

The supplier you choose must not only tackle your core requirements but also be a trustworthy partner for your organization; therefore, the essential points to consider may include the following:

  • Whether there is technical support available
  • Validate their industry awards and reviews
  • Whether the solution can improve the collaboration between grantors and grantees
  • How easy is it to use
  • Whether it complies with relevant industry standards
  • Whether the solution can automate tasks
  • Whether the solution can improve funds utilization

Setting Up the System: Step-by-Step Implementation Guide

Setting up a grants management system for an organization involves many steps. We have listed the key steps below for transforming your grants management solution:

  • Maintain access to grant-relevant data.
  • Integrate with legacy systems and internal databases used in the organization.
  • Manage digital workflows, including building a new project and collaborating with other users.
  • Automate time-demanding tasks, such as communication and data extraction.
  • Set up an end-to-end grant Life Cycle. 
  • Set up reporting and analytics tools for continual improvement.

It’s worth mentioning that working with a reputable grants management solution supplier will ease implementation. 

Best Practices for Launch: Ensuring a Successful Rollout

Organizations can maximize the success of grant management solutions through best practices for launch. The choice of solution can make a huge difference; for example, grants management solutions designed to be easily implemented have a high success rollout rate. 

It makes sense that grants management solutions that can integrate smoothly within an organization’s architecture, facilitate collaborative processes, automate tasks, and improve funds utilization are met with a successful launch. 

Additionally, organizations must involve all relevant stakeholders in the decision-making process. This will ensure they can set up a solution that addresses all the relevant pain points of grants management. A solution that fully aligns with your goals will likely receive organization-wide endorsement. As a software supplier recognized across the industry, we are here to help. Get in touch today to discover how to transform your grant management processes.

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