What Is Funding Management Software?
Learn what funding management software is, how it compares to grant management software, and how nonprofits use it to track funds, improve...
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Funding research at a university represents the backbone of innovation, scientific discovery, and engagement. It could be a government-sponsored research grant on climatic change or a research grant on a medical breakthrough or a research grant on a field of study in the social sciences, and research at a university happens through academic research grants. Handling research grants, however, is no simple feat.
Through this blog, we will learn the function of grants in higher education, examples of grants for university students, and why a software for grants handling would be necessary and how Fluxx would make the entire process smooth.
Scholarship grants are forms of funding offered in support of research or public service projects or programs for higher learning institutions. These sources of funding come in the form of government agencies, foundation awards, or even from a corporation, and the funding is not repayable, unlike a loan.
Such grants can support research by the faculty, innovation in STEM education, social equity programs, and infrastructure. They generally require the institution to submit an application that may cover goals, budget, timeline, and expected results. After the award, the institution is expected to administer the money in accordance with the regulations of the granting agency and is expected to make periodic reports to the agency.
These grants can have timelines that are not fluid but have set beginnings and endings. In fact, grants offered by other organizations such as NIH can involve several different departments that can include everything from a PI to a finance department, graduate students, as well as administration.
There are several kinds of grants administered in universities which have specific application procedures, terms of the award, as well as tracking processes. These include:
In each case, there are likely specific partners, deliverables, and reporting requirements. These are just a few examples among many.
The scale of research funding at universities makes software an essential tool. Research management entails processes such as handling proposals, tracking awards, post-award compliance, and closeout. Universities must contend with handling proposals, budgets, contracts, sub-awards, and performance information. However, compliance with regulation requirements must also be ensured.
If there is no proper system, grant teams will encounter problems such as delays, reporting problems, and failure to adhere. Grant management software ensures that all grant data is stored and handled centrally and that grant teams are using one source of truth. Grant software also leads to a reduction in paperwork and provides grant leaders with insights and data they need to make informed decisions. Grant software is also scalable.
Although many institutions use spreadsheets, emails, or outdated software, this model comes with risks associated with inefficiency. These may include:
It makes teams work slowly, adds unnecessary risk, or makes growth difficult to manage.
However, from a university’s perspective, the combination of grant management software with a range of technology tools would be highly beneficial:
When effectively integrated, such tools form a full academic infrastructure that enables transparency and collaboration.
Fluxx is designed to handle complex grant making, which makes it an ideal solution for institutions of higher education. Right from the submission of a grant proposal to its close-out phase, there is a seamless solution in the cloud-based system offered by Fluxx.
With Fluxx, research offices at universities can:
Fluxx also integrates with your ERP, advancement, and compliance systems, giving your institution a single source of truth for all awards. Whether you are managing 50 awards or 5,000, Fluxx provides the scalability and visibility you need for success.
While innovation in the academic field is fueled by research, grant management in these institutions does not have to pose a hindrance. With the aid of the appropriate software, these institutions can shift from a reactive approach to a proactive one. Fluxx is poised to help your university with the ability to provide tools to streamline, secure, and communicate outcomes.
If your university is ready to improve the grant process, Fluxx is your partner for making this a reality.
Request a demo today and learn more about the ways in which top institutions are using Fluxx to effectively and confidently manage research funds.
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