Managing grants can be challenging for organizations with limited resources and staff. According to Todd Bergeson, the global marketing manager of Microsoft, almost 69% of organizations are experiencing data loss due to a lack of data management tools. Grant recipients who experience data loss risk losing track of reporting requirements and wasting time attempting to restore lost data.
Nonprofits require a robust system to effectively manage grants that can help them streamline their grant management processes, improve collaboration, and enhance accountability. Here comes the immense importance of Microsoft Dynamics 365, as it could be an ideal solution to streamline grant management for nonprofits.
Dynamics 365 is a cloud-based enterprise resource planning (ERP) solution offering meaningful tools to help organizations automate and streamline their business processes. The solution offers a wide assortment of features and tools that can help nonprofits manage their grants more efficiently, and this article attempts to elaborate on the same.
How Can Nonprofits Streamline Grant Management?
Microsoft Dynamics 365 is a powerful platform to streamline grant management for nonprofits efficiently. Here are the ways Microsoft Dynamics 365 can improve the entire grant management process:
Centralized Data Storage
Microsoft Dynamics 365 allows Nonprofits to store all their data in a centralized location, making it easier to manage and access. It includes data related to donors, volunteers, and beneficiaries and financial and operational data. Nonprofits can use the platform to create custom fields and tables to store specific data types.
Implementation and Integration
For grant management for Nonprofits, Microsoft Dynamics 365 ensures a smooth transition by integrating the solution with the non-profit’s existing systems, such as accounting, donor management, and CRM systems, to provide a seamless grant management experience.
Microsoft Dynamics 365 can be used to fulfill the unique requirements of nonprofits, such as modifying reports or grant application forms. Nonprofits can integrate Dynamics 365 with other Microsoft solutions, such as Microsoft Power BI, to get real-time reporting and analytics.
Security and Compliance
Microsoft Dynamics 365 is configured to meet the non-profit’s security and compliance requirements. The ideal features of the tool can also provide ongoing monitoring and support to ensure that the solution remains compliant with evolving regulations.
Collaboration and Communication
Microsoft Dynamics 365 enables real-time collaboration and communication among grant management team members, improving efficiency and reducing delays.
Nonprofits can use the platform to manage donor relationships more effectively, leading to more successful grant applications and funding.
Reporting and Analytics
Microsoft Dynamics 365 provides robust reporting and analytics capabilities, which can help Nonprofits make data-driven decisions. Nonprofits can use the platform to create custom reports and dashboards to track key performance indicators (KPIs) related to their operations, fundraising, and program outcomes.
Integration with Other Systems
Microsoft Dynamics 365 can be integrated with additional systems nonprofits use, such as email marketing platforms and accounting software. It can help streamline data management and reduce manual data entry.
5 Benefits of Using Microsoft Dynamics 365 for Grant Management
Although grant management for nonprofits could be difficult and time-consuming, with the right tools and systems, there’s a scope for experiencing improved collaboration and enhanced accountability.
Several tools are available through Microsoft Dynamics 365 to simplify grant administration for nonprofits. That is how it enables nonprofit organizations to focus on their core mission of positively impacting the community.
Automating Grant Applications
Microsoft Dynamics 365 offers a grant management module that can help nonprofits automate their grant application process. The module enables nonprofits to create and manage grant applications online, eliminating the need for paper-based applications. This feature is popular now as it saves time and resources and ensures that grant applications are accurate and complete.
Streamlining Grant Approval
Grand management for nonprofits may involve multiple stakeholders, making the process complicated and time-consuming. With Dynamics 365, nonprofits can automate their grant approval process, enabling grant reviewers to access and review grant applications online. The system also enables reviewers to track the progress of grant applications and provide feedback, simplifying the entire process.
Managing Grant Budgets
Dynamics 365 provides a robust financial management module to help nonprofits manage their grant budgets effectively. The system allows nonprofits to track and manage grant expenditures, ensuring they stay within their budgets. Additionally, the solution provides real-time financial reporting and analytics, enabling nonprofits to make data-driven decisions about their grant budgets.
Monitoring Grant Performance
Nonprofits may monitor and assess their grant performance with the help of Dynamics 365. The solution enables nonprofits to track the progress of their grants, measure outcomes, and identify areas for improvement. This feature enhances accountability and ensures that nonprofits can demonstrate the impact of their grant-funded programs and initiatives.
A variety of collaboration solutions provided by Dynamics 365 can aid nonprofits in enhancing dialogue and cooperation between grant stakeholders. The solution enables these organizations to share grant-related documents, assign tasks, and communicate with stakeholders in real-time, simplifying the entire grant management process.
From centralized data storage to customized reporting and analytics, the platform provides a comprehensive set of tools that can help nonprofits efficiently manage the grant lifecycle. By leveraging the capabilities of Microsoft Dynamics 365, nonprofits can focus more on their core mission and less on administrative tasks, ultimately increasing their impact and improving the lives of those they serve, making a difference in the community.