Grants forecasting and grant financial management for universities
Drive efficiency in grant lifecycle management with Deloitte and Workday
Managing grant funding is increasingly complex for universities and research institutions. Deloitte and Workday address these challenges with grant financial management software, including Workday Adaptive Planning, that unifies budget, expense, and forecasting data. Our offerings drive efficient financial decisions and research funding stewardship throughout the grant lifecycle.
The realities of grant administration
Higher education institutions face ongoing challenges in managing grants, including:
Financial complexity
Navigating diverse regulations, requirements, and scattered data
Uncertain budget planning
Difficulty forecasting expenses and budget needs
Limited scenario analysis
Challenges in assessing “what-if” financial outcomes
Manual, time-consuming processes
Reliance on spreadsheets and disconnected systems increases manual effort and error risk
Disparate procedures
Inconsistent tools and processes hinder uniform grant management
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Key processes improved by grants forecasting
Grant financial management software helps institutions with grant forecasting by:
The value of automated grant forecasting by the numbers
These key metrics (from a recent report OR compiled from recent reports) reveal how higher education institutions streamline operations and amplify results with modernized solutions.
Automating grant forecasting and reporting can cut manual data entry and reconciliation by up to half, allowing staff to focus on higher-value work.
Institutions have reported saving $100,000 or more in administrative costs by streamlining grant management.
Enhanced forecasting and scenario analysis can improve grant budget accuracy by 25%, lowering the risk of budget errors.
Real-time dashboards and automation can accelerate budget reconciliation processes by 30%-40% each month and quarter.
