Grant management is not just one process. When managing grants, organizations need to foster cross-functional communication, be aware of activities occurring across all departments, oversee various budgets, and track performance goals, all while remaining compliant with the various pieces of grant management legislation.
Even for those with a slim grant portfolio, that is an overwhelming amount of work, especially if all tasks are handled in a disjointed fashion.
Managing these processes in disparate systems can have several consequences, including the inability to share grant information with stakeholders, unintended internal competition for the same awards, unaccounted for funds, and loss of funding. Grant management centralization is not just a preferential choice anymore, either. Now, because of new federal legislation and regulations, it is a necessary practice.