Ports and Grants Management: Top 5 Challenges in 2024

Harnessing Digitalization and Automation to Overcome Modern Grants Management Obstacles

ARTICLE  — Ports, pivotal to economic growth and global commerce, derive a significant portion of their operating revenue from grants. The ability to manage these grants efficiently is crucial for undertaking capital-intensive projects that are essential for expansion and modernization. According to Mike Canniff, CEO of PyanGo, “The complexity involved with managing these grants cannot be understated. The solution lies in leveraging technology to streamline processes, ensure compliance, and adapt to the evolving demands of grant funding.”

The challenges ports face in grants management are multifaceted in 2024, demanding innovative solutions and strategic foresight. Here, we delve into the top five challenges that port authorities must navigate to secure and manage funding effectively, underscored by recent statistics and expert analyses.

The Top 5 Challenges in 2024

1. 1. Enhanced Budgetary Control
      Budgetary oversight is paramount, with the National Association of State Budget Officers reporting a 5% increase in audit findings related to budgetary oversight compared to the previous year. This uptick highlights the growing scrutiny and the urgent need for ports to adopt solutions that offer precise financial control to ensure the proper allocation and expenditure of funds.
   2. Rigorous Compliance with Grant Requirements
      The stakes in compliance have never been higher as regulations become increasingly complex. A recent Government Accountability Office report revealed that compliance-related errors accounted for about 20% of grant recalls in the past year. This statistic underscores the importance of adhering to the multifaceted, ever-changing grant rules to avoid financial repercussions.
   3. Demand for Real-Time Financial Visibility
      According to a Financial Executives Research Foundation survey, achieving real-time visibility into financial operations is a challenge for 80% of port management. This gap in financial transparency can severely impact efficiency and the ability to respond effectively to new opportunities or threats, emphasizing the need for systems that can provide immediate insight into financial statuses.
   4. Integration and Automation Technologies
      Despite 60% of ports moving towards automation, as the Global Ports Automation Market 2023 report suggested, only a fraction have successfully integrated these technologies into their existing systems. This transition, while initially challenging, is essential for long-term efficiency gains and reducing errors, necessitating strategic investment in automation and integration solutions.
   5. Adapting to the Evolving Grant Landscape
      According to recent analyses, the pace at which grant funding priorities and criteria change has accelerated, with more than 30% of grants modifying their requirements within a single funding cycle. This rapid evolution demands a highly adaptable management approach to align with funder expectations and maximize funding opportunities.

Steering Through The Challenges with PyanGo and Oracle NetSuite
The partnership between PyanGo’s Automated Grants Management and Oracle NetSuite offers a robust solution to the challenges ports face. PyanGo’s CEO, Mike Canniff, provides a forward-looking perspective, asserting, “The key to mastering the complex terrain of grant management lies in embracing technology that not only simplifies compliance and budgeting but also provides the agility to adapt to rapid changes. PyanGo’s solution, seamlessly integrated with Oracle NetSuite, represents a leap forward in achieving this goal, offering real-time insights, automation, and enhanced financial control.”

This integration brings cutting-edge technology to the forefront, providing:

• • • Automated Processes and Enhanced Efficiency
      Through automation, ports can streamline their grant management processes, from budgeting to compliance, reducing manual errors by over 50%, as reported by early adopters. This efficiency gain saves time and significantly lowers the risk of non-compliance penalties.
    • Real-Time Insights for Proactive Management
      The solution offers ports a real-time dashboard of financial performance, budget status, and compliance indicators. With over 70% of financial executives stressing the importance of real-time data for decision-making, this feature ensures that port managers can make informed, timely decisions.
    • Flexibility to Adapt and Grow
      With the ability to quickly adjust to new grant requirements and funding landscapes, ports can remain competitive and responsive. The system’s flexibility facilitates the management of multiple grants simultaneously, ensuring optimal utilization of available funds and adherence to varying guidelines.

Navigating Ahead
As ports navigate grants management challenges in 2024, PyanGo’s Automated Grants Management solution with Oracle NetSuite stands as a beacon of innovation and efficiency. This partnership solves the present challenges by addressing the critical needs for budgetary control, compliance adherence, real-time financial visibility, and process automation. It sets the course for future growth and success in the dynamic world of port management.

Contact us to learn more about how PyanGo’s Ports for NetSuite can benefit your organization.

Click here to schedule an online product demonstration.