Have you ever stopped to think about how much time and money your organization spends on grant management? Consider all stages of the grant process, including award applications, pre-award tasks, maintenance and grant reporting.
Unnecessary administration time in these areas places a burden on your organization’s operations, using up resources that could be dedicated to more mission-critical activities.
Below, discover ways you can cut administration activities, and improve the ROI of your most-valued resource—time.
Where Does the Time Go?
To reduce administration time, you must first understand where problems lie. While each situation is unique, the majority of time typically goes toward maintaining ad-hoc systems, updating spreadsheets, manually notifying employees of deadlines and gathering information for grant award reports.
On average, organizations spend 720 hours annually on grant administration. Imagine the time you could put toward revenue-generating tasks if you were to minimize the unnecessary time-suck of inefficient processes.
Use our workbook to help you map out your current grant management process, define your goals and requirements, and plan process updates. Commit to efficiency at every step, and reap capacity rewards.
Leverage Technology for Success.
Grant management software can help your organization run more efficiently. With it, better streamline processes and reduce time spent on administration tasks.
1. Cut the Waste. Automate.
Don’t waste time on tedious and drawn out tasks, such as manually reminding employees of deadlines, segmenting projects and obtaining supervisor approval. While simple, they are unnecessarily time consuming. Instead, use technology to automate processes throughout the life of a grant, and save resources.
With the DATA Act picking up speed in Washington, grant compliance will become more complex. Simplify reporting with bulk or batch XML filing. In doing so, reduce manual submission effort and better integrate with existing management systems.
2. End the Scavenger Hunt.
Ninety percent of the people that we surveyed use ad-hoc systems, such as desktop filing, word processing and siloed spreadsheets, to organize important documentation.
Because of this, time is often wasted sifting through nested files and spreadsheets to find information.
To increase capacity, organizations must commit to consolidating and storing important documentation in one easily searchable and accessible location. We recommend a cloud or web-based management solution for this type of secure file storage and access to minimize any IT infrastructure or maintenance.
3. Remove the Time Vortex Created by Silos.
When organizations suffer from communication silos, time management suffers as well. Stemming from disconnected departments, unclear duties and responsibilities, and inconsistent procedures, silos increase the time spent on administrative tasks, maintenance and approval requests.
Focus on centralized information to create more efficient and timely communication. Integrated calendars and delegation capabilities are two helpful features to achieve silo-free workplaces.
Organizations that implement a grant management solution increase grant revenue by an average of 15%. This increase is attributed to reduced resource waste and increased time for strategic revenue-generating activities.
With more time on your hands, how would your organization use it?
For more on how the ROI of grant management software, check out our ebook.
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