The Many Benefits of a Paperless Grant Management Process
Today, technology knows no bounds. It helps us connect with others across the world, wakes us up in the morning and even adjusts the temperature of our house from our office. There isn’t one process in our day-to-day life that isn’t touched in some way by a digital advancement and that includes the grant management process. From application to offer, grant makers are tasked with a long, arduous process. Luckily, technology offers some relief to the madness by introducing the paperless grant management process.
Still too deeply connected to those physical files and paper weights? Just consider these benefits…
Paperless is green.
This is probably the most obvious benefit of paperless processes, but it’s one not to be ignored. Half of business waste is composed of paper. In fact, we could build a 12 foot high wall from New York to California with all the paper we waste each year. No matter who your foundation serves, the environment and its social impact is an important factor to consider. Positively impacting the world doesn’t just have to start with your foundation’s ability to offer grants; it can begin right within your own walls. Plus, consumers and employees alike share a positive view of businesses who walk the walk. A recent study found that the American population can actually name a product they have chosen to use or stop using as a result of the company’s environmental record.
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Paperless is cheaper.
Of the companies that have implemented paperless systems, 84% of businesses see a return on investments in less than 18 months. That means, though digitizing your files and training your team members on the process might seem a little overwhelming, it doesn’t take long to see the reward financially.
Paperless is more efficient and has better productivity.
When files are housed on digital systems, they are far easier to search and usually once the documents are uploaded, all employees can access the information with only a few clicks of a button. This makes the act of finding, sharing and reading documents easier, while also creating a better avenue for more streamlined processes. For instance, when your foundation receives a grant application, it can be simultaneously shared with key stakeholders and those who are communicating with grant seekers.
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Paperless is safer.
The grant management process requires a great deal of steps and correspondence. Your internal team will be collaborating with external contacts and all the while needing to remain compliant with various standards. From the confidential information of your grant recipients to tax documents, paper-bound processes are at risk of physical damage or falling into the wrong hands. With digital systems, confidential information is password protected, or even encrypted, to ensure the documents accessible outside of the office are still safe. Even more, with a digitized system, you can easily track efforts with data to see how elements of your foundation are affecting other parts of the business.
Introducing your foundation to a paperless grant management process might seem a little overwhelming, but the benefits are numerous. If there’s one thing grantmakers understand, it’s the enormous return investing time and resources now can have on the future. Using technology isn’t to be ignored, especially in the name of doing good, where technology excels at being environmentally friendly and efficient.
In need of more tips and advice on managing and selecting an outsourced partner to trust with your grant management process? Download our complimentary guide below!