As a government entity distributing funds, you know there are many moving pieces to the competitive award management process. From collecting applications to evaluating submissions, time spent can quickly add up.
Speed up the process and ensure funds are awarded appropriately with grant management software.
Grant Management Software Benefits
Grant management technology provides a centralized portal to host all information necessary to complete the process with ease. This includes everything from applications to award requirements and recipient contacts. The best grant management solutions allow you to:
- Create and publish online applications branded for your organization.
- Store information submitted during the application process, and then connect that data to performance monitoring once the award is distributed.
- Create an auditable trail of the entire grant ecosystem—from application and award to implementation and reporting.
- Evaluate and approve submissions based on pre-determined criteria.
- Select and notify selected award recipients electronically.
- Set up fund distributions with the click of a button.
Pro tip: In addition to the competitive award management process, look for a tool that also allows you to manage recipients and sub-recipients once awards are distributed. Some tools let you give grantees access to manage activities, spend and performance. As the funder, you can then rest assured that processes are in place to effectively track the grant through its lifecycle and streamline your ability to report every step of the way.
Competitive Bidding Best Practices
As you can see above, grant management software can improve the competitive bidding process. But, these tools only work when best practices are in place:
- Include detailed requirements and post-award performance expectations within the application to attract the most appropriate responses.
- Have a structured review process in place with defined responsibilities, review hierarchy and timelines. Send alerts so reviewers can stay on top of submissions and avoid bottlenecks by completing tasks.
- Communicate with applicants often. Provide regular status updates as you move through the vetting process.
- Choose applicants that have similar missions, goals and values as your organization.
- When selecting applicants for fund redistribution, submit and notify departments that will receive the desired funding within a timely manner.
What processes does your organization utilize to simplify the competitive bidding process? Share with us in the comments below.
Interested in learning what other grant management software features can benefit your organization? Download our free worksheet.
Image Source: PeteLinforth