Grant management software can help maintain compliance, generate revenue and streamline processes, but your organization must be ready to implement. Outlined below, we highlight key questions to ask yourself, and your team.
1. How Effective Are Current Processes?
Prior to making the big purchase, first evaluate current processes to determine overall effectiveness. Seek to uncover what is and is not working in regard to:
- Data aggregation.
- Task delegation and reminders.
If current processes make it difficult to find or access data, it may be time to consider new options. Watch for the following red flags:
- Failed audits.
- Grants that are not renewed.
- Missed deadlines.
- Lost drawdown.
- Inability to demonstrate program performance to grantors.
- Inefficient grant management and reporting.
2. Do We Have the Team to Implement?
Although grant management software can be a great asset to your organization long-term, it does require the right implementation team to set you up for success. Determine if your organization has the capacity, talent and resources needed to make implementation possible. Ask yourself:
- Do we have internal support and project champions?
- How will we determine specific roles and responsibilities?
- Do we have resources to develop a training program?
- How long do we foresee implementation taking?
- What strategies will be used to communicate the technology rollout plan?
- What support and resources does our vendor provide to assist?
3. What’s Our Budget?
Purchasing grant management software is an investment. How can your organization arrive at an appropriate budget to fulfill your needs? Start by understanding the potential savings that can result from grant management software. Factor in components that will help determine your return on investment (ROI), such as:
- Less paper and printing.
- Increased staff capacity.
- Heightened process efficiency.
- Increased grant drawdown.
- Reporting automation.
Remember, though, price should not be the only factor when comparing grant management software vendors. Balance your budget against desired features to find the perfect grant management platform for your needs.
Is your organization ready to purchase grant management software? Download our free checklist to find out, “Grant Management Software Readiness Checklist.”
How does your organization evaluate grant management software readiness? Share in the comments below.
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