Once you’ve purchased a grant management solution, it is important to measure the software’s performance and return on investment over time. Doing so will validate the purchasing decision and provide the opportunity to tweak its use for improved efficiencies.
Create your plan to track and measure performance by following the below steps.
1. Define Success
Before you can track and measure performance, you must first define what success looks like to your organization.
Have clear, defined goals of what you would like the software to accomplish. These goals should be strategic, measurable and attainable.
Key metrics to consider include:
- Grant proposal success rate
- Grant funds lost to drawn down dollars
- Grant funds lost to audits
- Staff time spent writing grants
- Staff time spent on administrative tasks
- Staff time spent on audit preparation
Focus on those that will have the most meaningful impact on your organization. For example, perhaps you’d like to cut grant administrative time in half or ensure all funds are drawn down by the end of the year.
2. Quantitatively Measure and Track
Once goals and key metrics have been determined, you can begin to track and measure the success of your grant management software and processes.
Evaluate incremental performance by comparing key metrics before and after grant management software implementation. (Note: A template can be found on page 12 of the Grant Management Software Implementation Guide.)
Benchmarks and ongoing monitoring will help quantify grant management software ROI and provide you objective feedback on implementation success.
3. Identify Qualitative Performance
Success should be seen not only from a numbers’ perspective, but also from an end user’s point of view. After all, if end users are having a poor experience with the technology, efficiency and long-term adoption will be negatively impacted.
Through strategic feedback mechanisms, your organization can collect data on how the software has affected end user’s jobs. Details collected can then add high-level insight behind the numbers. There are various ways to collect meaningful feedback:
- Before and after self-assessments
- Group discussions
- Individual interviews
- Voluntary feedback groups
The type of feedback exercises your organization chooses is contingent upon your culture, internal processes, available time and the quality of feedback desired.
A measurement plan must be in place to track success of your new grant management processes. For more on how to adopt and implement grant management software, read our Grant Management Software Implementation Guide.
How does your organization track and measure technology success?
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