The term “grant” seems to hold different meanings to different life sciences organizations, encompassing educational grants, research grants, sponsorships, exhibits, charitable donations or medical missions. The Grants Management portal is a module which is part of MediSpend Engagement Manager solution. Its purpose is to validate and centralize external grant requests guiding requestors to ensure comprehension. Last month, I hosted a workshop to discuss the various ways organizations manage grants at the 2019 Fleming Corporate Compliance and Transparency Conference in Zurich, Switzerland. Life Sciences organizations face many challenges validating and centralizing external grants requests, from proposal to approval and contract.
A new grant request immediately poses certain questions:
- There are different grant types. How does your organization define the types of grants and ensure this is communicated to the requester?
- What users should be receiving the request?
- What is the committee structure? Who is on the committee?
- What is the ultimate process that will get this grant through to contract efficiently?
- How do you effectively communicate with the external requester?
Having an effective grants management tool provides key benefits:
Systematic grants management allows life sciences organizations to keep a centralized repository of all submitted grant requests. Whenever approved employees need to review, query, or analyze the information, it is available to them. There’s no waiting around for colleagues to respond to a request, nor is there any hassle in tracking down data found in different places.
Any information that is manually recorded or comes from a number of sources has to go through some sort of internal review and verification. Systematic controls ensure submitted grant requests include all required information. In addition, the automation allows for the data to be submitted in accordance with company policies, which minimizes the required time and effort of internal grant reviewers.
Our products can be customized to meet the client’s transparency reporting needs and the Grants Management module is no different. The cloud-based configurable solution is updated regularly. As a result, it does not require upfront infrastructure costs. To maximize its potential and get great ROI, employees only need minimal training.
People don’t have time to scour fine print or look all over the place for the data they need right now. With this module, users can see all the grant details and associated values in a single record.
This kind of technology allows users to easily view changes and edits that happen along the way. Therefore, life sciences companies using the module end up with a fully auditable history of the entire grants management process. They can simply follow the trail to understand everything from approval to execution.
Grants management can be overwhelming. But a tool such as the MediSpend Grants Management module can increase efficiency, improve communication among teams, and simplify related transparency reporting.