2023 Top Technology Challenges Facing Grants Administrators
By: Rich Uphus | October 24, 2023
ARTICLE- Grants management is an essential aspect of philanthropic and nonprofit organizations. These organizations allocate funds to various entities to facilitate attaining specific goals, such as promoting research, healthcare, and education. Over the years, technological advancements have played a significant role in the process of grants management. However, with the rapid evolution of technology, grant administrators are set to face new challenges in 2023.
In 2023, grant administrators face many technology challenges that could hinder their ability to manage grants efficiently. These challenges include the need to move to the cloud, meet the demands to become more digital, improve data security, integration with multiple systems, need accurate real-time data, and ability to manage more data.
Moving to the Cloud
Moving to the cloud is one of the most significant challenges grants administrators will face in 2023. Cloud technology has become increasingly popular for storing and accessing data. According to a report by Gartner, the global public cloud services market is expected to grow to $278 billion by 2025. As such, grant administrators must adapt to this trend and ensure their data is securely stored in the cloud.
Another challenge is meeting the demands to become more digital. Digital transformation has accelerated in the past few years, mainly due to the COVID-19 pandemic. According to a report by McKinsey, the COVID-19 pandemic accelerated digital transformation by up to seven years in some industries. The grants management process has also become increasingly digitized, and grants administrators must embrace this transformation to stay ahead.
Smooth Integration with Other Systems
Integration with multiple systems is also a significant challenge for grant administrators. Grants administrators often deal with disparate systems and platforms, which can be time-consuming and confusing. According to a report by Aberdeen Group, 43% of companies have difficulty integrating different systems. Grants administrators must have the technology to integrate between grants and financial systems to streamline their workflow and improve their efficiency.
Improved Data Quality and Accuracy
Data quality and accuracy are critical for grants administrators to make informed decisions. According to a report by Experian, 84% of businesses have data quality issues. Grants administrators must have the technology and expertise to ensure their data is accurate and reliable, enabling them to make informed decisions. A single source of truth is critical for grants performance analysis.
A Robust Solution: PyanGo Grants Management for NetSuite
PyanGo’s Grants Management built on the Oracle NetSuite platform provide a comprehensive solution for grants administrators to manage their grants efficiently. Integrating multiple systems into the NetSuite platform eliminates the need for separate systems and the hassle of managing different data sources, ultimately saving time and increasing efficiency.
Additionally, PyanGo’s Grants Management offers accurate real-time data and analytics, providing grants administrators with valuable insights to inform their decision-making processes. By providing accurate data in real-time, grants administrators can quickly identify trends and patterns, make informed decisions, and accurately measure their grants’ impact.
It also allows grants administrators to manage more grant volume. The system can manage a vast amount of data, allowing grant administrators to handle increasing amounts of data they will encounter in the future. The platform’s scalability ensures that it can handle data growth, making it a long-term solution for grants administrators.
Grants administrators face various technology challenges in 2023. However, PyanGo’s Grants Management for NetSuite provides a comprehensive solution to these challenges. The solution offers enhanced data security, accurate real-time data and analytics, integration with multiple systems, and the ability to manage more data, all while streamlining workflow and increasing efficiency. With PyanGo’s Grants Management for NetSuite, grants administrators can effectively manage grants and make informed decisions to support their organizations’ missions.
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