In the realm of grant funding and administration, efficient award management is critical for organizations seeking to maximize the impact of their programs and maintain selective award budgets. The Oracle Grants Management solution emerges as a transformative solution, offering a comprehensive platform designed to streamline and optimize the entire grant lifecycle.
From proposal submission to post-award compliance, project management, and all stages of the reconciliation process, Oracle Grants Management provides organizations with the tools and capabilities needed to effectively manage grants, awards, sponsored projects, and funding programs.
This article discusses the key capabilities and benefits of Oracle Grants Management, exploring how it empowers organizations to enhance transparency, accountability, and efficiency in their grant management processes and where our expert Oracle consultants can come in to help.
The Importance of an Effective Grants Management Solution
Comprehensive grants management solutions enable companies to confidently manage and optimize the administration and management of core funds, grants, and awards in the same platform. This way, users can manage the end-to-end grant lifecycle and report on multiple projects from a single data center and user interface.
By leveraging robust grants management systems, organizations can:
- Add one or more projects to an award and use projects to manage the specific award
- Outline award budgets aligned with forecasted financial performance of award projects
- Collect and process critical award costs and other expenditure items
- Send invoices to sponsors and recognize associated revenue
What is Oracle Grants Management?
Grants Management, part of the Oracle Fusion Cloud Project Management suite, offers a range of features and capabilities, including grant proposal tracking, budgeting and forecasting, fund allocation and distribution, monitoring and compliance management, and reporting and analytics.
By automating and standardizing grant management processes, Oracle Grants Management helps organizations improve efficiency, transparency, and accountability, enabling them to effectively manage their grant programs and achieve their funding objectives.
Oracle’s Grants Management System (GMS) is comprised of the following solutions:
- Cost Management and Control
- Planning, Scheduling, and Forecasting
- Grant Management
- Resource Management
- Billing and Revenue Management
- Project Asset Management
- Task Management Self-Service
- Resource Management Self-Service
Key Features of Oracle GMS
Here’s a closer look at a few key features of Oracle Grant Management for enterprise users:
Hands-off administration
By offering extensible, role-defined work areas and watch lists, Oracle’s Grants Management solution allows customers to focus on higher-level strategic initiatives and less time on mundane data management tasks.
The solution also offers real-time access to all relevant data about costs, rewards, revenue, and invoices, empowering the efficient creation of awards from predefined templates, web services, or open interfaces. With this, organizations can reduce the amount of time and effort spent on basic award administration tasks and enable quicker visibility into award financial status across active billing cycles.
Integrations with project management solutions
The Oracle Grant Management platform comes pre-built with connections to Oracle Fusion Cloud ERP Project Management, enabling users to manage and control both sponsored and non-sponsored projects from the same platform.
By combining the power of Oracle Grant Management and Oracle Project Management, administrators can assign and fund one project from internal and external sources, reduce complexity through sponsored project cost distribution, and maintain more efficient project cost capture across the procure-to-pay lifecycle.
AI capabilities for improved automation
With artificial intelligence capabilities in Oracle Digital Assistant, project and award managers can ask questions, access information, and issue commands that guide users across the enterprise landscape and enable better process efficiency.
Real-time reporting functionality
Real-time analytics and reporting capabilities in Oracle’s Grants Management solution empower administrators to track and measure organizational performance over time, further enhancing job performance and engagement across teams.
With predefined, multi-dimensional reporting functionality, users can design, develop, deploy, and manage reports required by key stakeholders and analyze overall grant performance over time.
Partnering with the Best
Whether you need help implementing new Oracle Cloud applications for the first time, navigating integrations between Oracle and non-Oracle solutions, or ensuring critical accounting transactions are handled properly across business units, Surety Systems has you covered.
Our senior-level Oracle consultants have the skills and experience to understand your project needs, create effective action plans, and prepare your internal teams for success long after your initial Go-Live date.
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For more information about our Oracle consulting services or to get started on a project with our team of expert consultants, contact us today.
