Improving Grants Management Is a Matter of Dollars and Sense
Read the article from NASACT News
Let’s face it. States are relying on grants more than ever to supplement their general funds, support innovation and deliver value to their citizens. Unfortunately, grant programs are often supported by a patchwork of systems and processes which can make it difficult to manage them effectively and efficiently.
Historically, states have focused on transformations in finance and administration, implementing enterprise-wide systems for finance, procurement, and human resources with a focus on strategic sourcing, addressing reporting and compliance issues, and reorganizing to decrease operating costs. These efforts are critical, but it may be time to add another function to the list—enterprise grants management. Several states are paving the way using new tools to help tackle this challenge. By embracing an enterprise approach, states have a particular opportunity to increase revenue and cut costs with the same project.
Fortunately, products now provide functionality that can be combined to allow grant program areas to maintain their specific requirements, convey analytical reporting, and manage budgets at the task and activity level while also providing the controls and holistic views into grants that state governments require.
Embarking now on a statewide grants management strategy could result in both short- and long-term benefits, as illustrated by government organizations that have already begun enterprise grant initiatives. Read the attached article to see how.