With high data volumes and constantly changing information, there is a need to have a dedicated system to ensure full oversight and proper decision-making. In addition, if you are a grants provider, you need a grant management system that is collaborative, hassle-free, and efficient for everyone. Therefore, a digital online grant management system is the best option. Here are six features of the best online grant management system that streamline your activities.
1. Online Application Capabilities
Any grant project relies on applications, and the best online grant management system must allow organizations to set up funding objectives and create online application forms. The system must also allow the creation of forms from templates with automated functions for managing applications.
2. Reporting Functionalities
With reporting and transparency becoming more relevant to funders, stakeholders, and investors, accurate and detailed reporting is essential. An online grant management system provides a clear overview of daily operations, goals, and results.
3. Reliable Communication Tools
Your organization must stay in touch with your grant network and external audiences through proper communication with grant applicants. Communication involves passing information before the opening of grant application dates through registration and submission. These systems should also send notifications and alerts throughout the entire grant lifecycle.
4. Configurability Features
A grant management system should give admins control to allow faster and easier funding. A configurable system allows modification processes to collect data and assess against reporting indicators specific to the program’s needs. Configuration is also essential for the efficient distribution of funds. Some features include client portals, forms, documentation, and business process workflows.
5. Project Payment Efficacy
Accounting for the funding flows and improving financial activity to the performance of a grant can be streamlined. It is, therefore, crucial for an organization to track the due dates of orders to fulfill deliveries on time. With multiple parts involved in the lifecycle of the grant project, the online grant management system must offer features to help consolidate payments and reduce complexity by maintaining complete oversight.
You will never go wrong with your grant management with these five features. You can always rely on an online grant management system to ensure efficiency in deliverables with accurate reporting. Your team will stay informed and well served throughout the grant’s lifecycle.