The global grant management software market size is projected to reach USD $1.9 billion by 2024, at a CAGR of 10.5%. There is a growing need among enterprises to improve and accelerate the grant application review process.
Federal agencies largely use Commercial, off-the-shelf (COTS) products for Grants management that can be inflexible, forcing government organisations to spend more on customisations and requiring additional delivery time.
Some of the key pain points include
- Lack of data visibility around actionable insights pertaining to past awards data for granting funds
- Ineffective applicant screening process which cause difficulties in monitoring & measuring grant outcomes
- Grantors need to constantly meet unique or changing grant requirements while meeting compliance objectives and flexibility in requirements is not always feasible with COTS products (E.g., prioritising projects that incorporate green practices, minimise environmental impact, or contribute to climate resilience.)
- Poor Grantee experience with little or no visibility into available grant opportunities, eligibility criteria, application deadlines and award status.
- Applicants/grantees require intuitive self-service portals helping them find funding opportunities and track application status. They also need better visibility into the funding lifecycle and easily gain insights into what stage each grant is in, where funds have been requested/awarded, etc.
Governments across geos are looking for a cloud-based grants management solution that is fit for purpose with minimal development to meet the needs of both grant-makers and grant-seekers.
Grants Management Solution Powered by Appian
Leveraging our Public Sector expertise, the Grants Management solution, powered by Appian, automates the grants lifecycle with pre-built government-oriented data models, case types, portals, and dashboards. This reduces time-to-market and custom development costs.
The solution uses a Grant creation wizard, enabling grant makers to configure grants without IT intervention. It creates the process flow, user interface, and associated data model, and automates the routing of applications to reviewers for due diligence. With Appian's automation and AI capabilities, users benefit from automated intake of grant applications, intelligent routing, automated notifications of Award (NoA) creation and maintenance, and intelligent eligibility validations and guidance for applicants.
Key Features
With the flexibility of the low-code platform, Coforge’s solution is customizable based on your unique process needs. Key features includes
- Dynamic Case Management
Flexibility to manage multiple processes for different Grant assessments as well as contextual case routing to agencies, advisors for review.
- Configurable and Adaptable
The solution provides a pre-built module for Grant creation and maintenance that is customizable and scalable based on the requirements.
- Intelligent Automation
Automated generation of Grant agreements with project details, tracking of application forms, tasks, status, and auto populates forms based on data extraction.
- Seamless Integration
Comprehensive API strategy for seamless connection and data interchange with peripheral systems to fetch/update business critical data as well as seamless data flow between portals for grantors and grantees
- Dashboard and Reports
On demand and periodic reports for different users and stakeholders to monitor utilization of grants, as well as access control and filtering criteria for different reports.
Benefits & Business Impact
- Reduced turn-around-time to award grants owing to automated eligibility checks and intelligent Scoring of applications.
- Reduced Total Cost of Ownership Reduced Total Cost of Ownership due to grant creation wizards that reduce dependency on IT.
- One-touch configuration One-touch configuration of grant milestones and application questionnaires, providing more control to business owners.
- Improved grantee experience with self-service portals for applicants, enabling real-time tracking of application status & fund disbursement status.
- Greater transparency & improved decision-making for Grantmakers with 360-degree views and project performance insights.
- Executive Sponsors can gain a unified view of funding programs with reports on populations served, total funding by year and program, grants with upcoming milestones and more.
