In order to run smoothly, research universities and organizations must handle funds and grants properly. Even if there is no ill intent, the mishandling of funding can be catastrophic to a research program and all involved. However, this process can be far from straightforward. Let’s break down the process of award management for research organizations, and how electronic Research Administration (eRA) systems such as Streamlyne Research help institutions to succeed.
What Is Award Management?
Academic institutions have different terminology from one to the next. However, the term Award Management typically refers to the entire grant cycle, from end to end. This starts with identification of funding opportunities, and carries all the way through to project closure. It is a joint effort, involving the participation of research administrators, researchers, and funding agencies to ensure that standards and protocols are follows.
The Pre-Award Phase: The Foundation
The Pre-Award phase is where it all begins. In this first stage, investigators are looking for funding, writing proposals, and seeking strategic collaborators to enhance their proposals. These collaborators may involve multidisciplinary teams from the institution itself, from sister campuses within the same system, or from other unaffiliated institutions.
Research administrators carry a lot of weight during this phase, with the responsibility of determining budgets, timelines, and other logistics. This involvement is critical, because even a small mistake can cause a big delay or even derail the entire undertaking. That’s why an eRA system like Streamlyne Research is so crucial. With the right features and accountability checkpoints, eRA software like Streamlyne Research can help to eliminate mistakes and allow administrators to concentrate on the formation of good proposals.
Post-Award Management: Maintenance of Projects
Once funding is received, the next step is to start applying the funding against anticipated expenditures. This puts the research in motion and allows institutions to carry out their objectives. During this time, it is important that institutions spend the funds appropriately, with tracking systems in place. Here are some of the considerations during this period:
- Budget Management: It is imperative that the researchers keep track of expenses so as to avoid spending more than necessary, and to ensure that all activities are properly provided for. Streamlyne Research offers financial tracking tools that provide, among other things, transparency and control during this time. This includes a sophisticated reporting feature that shows burndown and other key considerations in a visual format that is easy to comprehend.
- Progress Reports: Frequent communication with the funder is helpful to summarize the work being carried out, and its impact over time. This feedback loop builds trust and can help keep research initiatives on track. It also helps to identify challenges to the original plan, which can be changed as needed in order to achieve the goals of the project.
These tasks are simplified by Streamlyne Research which, as mentioned, provides tools for tracking and reporting that can be automated to help save time and effort.
Compliance in Award Management
In order to receive funding, it is mandatory that research institutions comply with the rules set by the funding agencies. Even when awards are small, the stakes involved can be high. As such, compliance is a key component of award management. But to add complexity, these rules can be totally different from one agency to another.
With features that help to track and enforce compliance, Streamlyne Research makes the complexity easier to navigate. With features like centralized records and automated updates, Streamlyne Research reduces administrative burden. It also helps to protects institutions from potential financial risks by keeping all participants alert and on task. This way, everyone involved knows the expectations and their own responsibilities, thereby ensuring that all the stakeholders are on the same page.
Closing Out Awards
The last stage of the award management process is the closeout. During this phase, the institutions finish all the commitments made to the funding agency and determine if the project was indeed successful. The resulting analysis of outcomes, findings, and further recommendations may influence what comes next.
With access to eRA software such as Streamlyne Research, institutions are able to finish up projects in a timely manner and also meet all the requirements of the agencies. Additionally, closeout helps to identify the lessons learned during the project, which can help inform the institution’s grant writing process in the future.
The Importance of Technology in Award Management
Technology is a major driver in the modern award management process. The Streamlyne Research eRA system addresses the particular needs of research organizations, and their objectives of making their work more effective and efficient. Through the automation of redundant back-office functions, and shared visibility across large research teams, institutions can concentrate on research as opposed to being overburdened by funding management.
Developing a Culture of Research Excellence
A good award management process is one commitment an institution can make to foster high-quality research. Along with skill training, engagement with the broader research community, and overall consideration for its administration staff, a research program or institution can create a better and more productive environment. Here are some of the factors that can make the difference between a functional research program and a thriving one:
- Professional Development: The researchers and administrators are trained to understand the dynamics of award management.
- Collaboration: Multidisciplinary teamwork is encouraged as this improves proposals and project implementation.
- Community Engagement: Attending conferences like those put on by NCURA and participating in networking events helps institutions to remain up to date and in touch.
Over time, funders can tell when a research program has nurtured a strong research culture. Because it is evident from the outside, a long-term commitment can eventually help to procure more funding. It can also lead to significant discoveries when researchers and research administrators are happy, efficient, and working at their highest level.
About Streamlyne Research
If you are looking for the right software for your award management, look no further than Streamlyne Research. Our in-demand features encompass the entire grant management lifecycle, including pre-award, award, compliance, and reporting. Our eRA software suite also integrates with all leading HR and payroll systems.
Please reach out to a friendly and knowledgeable representative to see how Streamlyne Research can best serve your own institution!
