Managing grants effectively and efficiently can be a daunting task, even for experienced research administrators. There are numerous advanced skills required, including meticulous organization, transparent communication, establishment of protocols, and adherence to strict compliance regulations. Even highly capable research administrators require the right tools and systems to keep the process running smoothly. Essentially, what they need is grant management software that is well developed and provides solutions to ongoing challenges, even tough ones.
In this blog post, we will delve into the intricacies of grant management software for universities and research institutions. We will explore the features and benefits that make this software indispensable in the daily workflow of research administration. And we will explain why Streamlyne’s eRA software is the best on the market. Let’s get started!
What is grant management software?
Grant management software refers to a suite of digital tools and applications that facilitate the end-to-end management of grants. This includes aspects such as proposal development, system-to-system submission, fund distribution, and post-award reporting. These software solutions are tailored to meet the unique requirements of universities and research institutions, offering a centralized platform to handle multiple awards simultaneously without interruption. As a result, the university can achieve benefits such as timely, compliant submissions, proper expenditure allocation, and more productive award management.
Key features and functionality
Grant management software encompasses a wide range of features and functionality, which collectively enhance the efficiency and effectiveness of grant administration. These may include:
- Proposal Development: Grant management software provides templates and tools to simplify the proposal writing process, ensuring compliance with funding agency guidelines, and enabling collaborative input from multiple stakeholders.
- Budgeting and Financial Tracking: Users can create comprehensive budgets, track expenditures, and generate financial reports to ensure transparent fund utilization.
- Application and Review Management: The software facilitates the submission and review of grant applications, offering centralized document storage, automated review workflows, and communication tools for evaluators.
- Application Submission: System-to-system capabilities reduce time and mistakes, eliminate the need to rekey proposal information. A well-designed software solution also provides robust error checking to help ensure compliant submissions.
- Compliance and Reporting: Integrated features within the software help to enforce compliance with regulatory requirements and reporting obligations. This simplifies the creation of progress reports, financial statements, and documentation required for audits.
- Project Management: A full-suite software solution includes project management features to help researchers track project milestones, set deadlines, allocate resources, and monitor progress.
Benefits for universities and research administration departments
Implementing grant management software provides several significant benefits for universities across their research administration programs. Here are a few of them:
- Smoother Processes: By automating time-consuming tasks, such as proposal development, budgeting, and reporting, grant management software reduces the strain on administrative processes. This saves valuable time and minimizes redundant or manual functions, which is welcomed by researchers and administrators alike.
- Improved Collaboration and Communication: The best grant management software solutions foster transparent and efficient communication across researchers and administrators, facilitating collaboration throughout the grant lifecycle.
- Enhanced Compliance and Accountability: When properly implemented by the right vendor partner, grant management software helps universities maintain compliance with complex funding regulations. This reduces the risk of errors and ensures accurate reporting and accountability.
- Increased Efficiency in Grant Acquisition: When customized, grant management software can provide pre-configured templates and real-time data that is essential to proposal developers. This enhances the efficiency of grant acquisition, enabling researchers to submit high-quality proposals within deadlines.
- Increased Transparency: Grant management software provides users with transparency into proposals and awards throughout the development and negotiation processes, which is vital to keep progress underway.
- Better Financial Management: With features like budgeting, expenditure tracking, and financial reporting, grant management software enables universities to effectively manage grant funds, leading to better accountability.
- Data-driven Decision Making: With comprehensive reports and analytics, universities can gain valuable insights into their grant portfolio, identify areas of success and improvement, and make intelligent decisions informed by data metrics.
Specific benefits of Streamlyne Research eRA Software
Is your university seeking the best research administration software on the market? Streamlyne is the industry-leader for innovative and high caliber eRA software. We offer a comprehensive suite of solutions, which include:
- Collaborative proposal development and review: Streamlyne Research has a pre-award module that allows multiple users to assist with proposal development and provides pre-configured templates and real-time data essential for winning proposals.
- Robust error checking and proposal submission: Streamlyne Research has system-to-system submission capabilities for efficient, compliant proposal submissions.
- All-inclusive tracking of award funds and customizable reporting: Streamlyne Research includes an award management tool for project management, including financial management and award close-out.
- Fulfillment of regulatory compliance requirements: Streamlyne offers a suite of compliance tools for managing human and animal protocols, conflict of interest, and financial compliance.
In addition, Streamlyne offers these unique products as standalones or extensions of our core eRA system:
- Streamlyne FundFit uses Machine Learning to build the best team for success in securing funding to fit your research program.
- Streamlyne Analytics is an advanced data studio and consulting service to bring you enhanced and custom data insights.
Conclusion: grant management software is essential
Grant management software is an indispensable asset for universities and research institutions. It is especially critical for those seeking to optimize their grant administration processes. By simplifying proposal development, improving collaboration, ensuring compliance, and enhancing financial management, these software solutions empower universities to focus on their core mission of driving impactful research. Investing in a robust software solution can significantly administrative workflows, boost productivity, and pave the way for successful grant acquisition and management.
Ready to find out more about Streamlyne for your research administration? Be sure to request a demo to connect with a friendly and knowledgeable product expert on our team.