Grant management software 101: What to look for before you buy

Grant management software has become essential for running grant programs efficiently and effectively. But with so many software solutions in the marketplace, it can be overwhelming to determine which one will best meet your needs. Understanding a software’s core features can guide you in selecting the best solution that will provide the most impact.

In this article, we’ll go over a list of features and functionalities to consider when shopping for grant management software before making a purchase.

1. Security, data privacy and compliance

The importance of security in grants management software cannot be overemphasised. As a grant manager, you undoubtedly handle sensitive information such as personal and project-related details. It’s critical to protect this data, as the effects can be devastating if these details get into the wrong hands.

Various regulations and practices have been created to ensure data privacy and protect software from cyberattacks. Choosing a secure grant management platform that implements standard privacy practices and complies with all applicable regulations is imperative.

Privacy, compliance and security features you should look for when deciding on a grants management system include:

• Physical and server security
• Data residency and handling processes
• Passwords and multi-factor authentication
• A privacy policy
• Role and permission-based access control
• Data encryption
• Real-time bot-protection
• Compliances such as GDPR, CCPA, APP and more

2. Application management

Application management is a fundamental aspect of the grant lifecycle. Your grant management software should be designed to streamline the submission and management of applications—all to help enhance the applicant experience and provide a seamless interface.

Ensure that your grant management system has an application form builder that offers customisable fields and templates. Its applicant portal should be engaging and provide auto-save functionality, editing and submission features. Confirm that upload capabilities for required attachments and other document management functionalities are present.

3. Robust evaluation tools

Grant management involves assessing each submission to determine which applicants deserve funding. A manual evaluation process can be time-consuming, particularly if there are large volumes of submissions. Also, it can be fraught with errors and subjectivity.

When shopping for grant management software, look for dynamic evaluation tools. These tools can save time and reduce errors. They can also reduce bias by ensuring that every application is assessed based on the same criteria.

It’s important to check for features like configurable scoring modes and auto-scoring. These can help evaluate submissions based on weighted criteria, ensuring that your funding decisions align with your mission and strategy.

4. Grant tracking and reporting

Grant reporting, accountability and impact measurement can be a big part of the grant management lifecycle, and it’s important to have the tools to meet your requirements and simplify the reporting process.

Look for tracking and reporting features in your grant management tools, which can provide proper oversight and maintain funder-recipient alignment.

Leveraging a system with tracking and reporting functionalities demonstrates a strong sense of responsibility towards funders and spotlights your commitment to improvement.

5. Automation and integration

Relying on manual effort for different processes such as submissions, reviews, handling documentation and sending reminders can be time-consuming and prone to human errors. You want to save time, sync data and extend the functionality of your grant management tool.

Look for a grant management system with automation and integration functionalities. Automation sorts out repetitive tasks while integration ensures that the platform can connect seamlessly with your other everyday systems. This can free up time for your team and streamline your workflow.

6. Communication and collaboration

Since grant management involves multiple stakeholders such as applicants, reviewers and funders, alignment matters. Consider checking for communication and collaboration features such as an internal and external messaging system, scheduling options, the ability to comment on submissions, task assignment, file sharing, version control, activity logs and communication history.

These functionalities will streamline collaboration and ensure that each stakeholder is kept in the loop every step of the way.

Grant management software can make or break your grant management lifecycle. Finding the right software for your unique requirements can provide a framework for successful granting and increase your program’s impact. See if Good Grants is the right fit for your program with a 14-day free trial.