As we look ahead into the rest of 2024, the landscape of grant management continues to evolve, shaped by advances in technology and the changing global economic environment.

Among the key themes surrounding the likely changes over the rest of the year include a greater reliance on data for decision making, and the need to be agile and adapt to changing needs. This article explores these trends, among several others that are emerging. 

Analytics and Reporting

Analytics and reporting have become indispensable tools for any funder, allowing organisations to effectively track and report on grant activities. These tools are gaining momentum, enabling funders to obtain feedback on numerous KPIs.  

Analytics can be used to track metrics relating to funding allocation, applicant demographics, applications, performance and impact and financial tracking. It also helps provide a big picture view of how grants are helping their respective communities, and the added transparency it brings builds trust among key stakeholders and the public.

Data Visualisation

Not so long ago, we introduced our Insights tool which provides meaningful insights into trends that may otherwise be hidden – insights that can support key strategic decisions. Its configurable dashboards providing an intuitive understanding, where grant managers can quickly process information without having to spend time digging through reports.

An added benefit of data visualisation is that it boosts engagement by making an otherwise-tedious activity far more digestible. Research also indicates that:

• 64% of participants that saw a presentation including an overview map made an immediate decision after.
• Visual language shortens meetings by 24%, leading to significant productivity gains.
• Groups using visual language saw a 21% increase in their ability to reach a consensus compared to those that did not use visuals.

Advanced analytics tools – especially those that present data visually – have so many benefits, so it’s no surprise we’ll be seeing more use of them as we head into 2024.

Software Advancements Using AI

While software has long been instrumental in streamlining grant management processes, the future is about harnessing the power of AI. In fact, according to Fortune Business Insights, the global AI market is predicted to be worth USD 266.92 billion by 2027, at a CAGR of 33.2% between 2020 and 2027.

AI can streamline things further by automating complex tasks and workflows. It also has implications for analytics, as advancing algorithms will be better equipped to predict trends more accurately.  

Other applications include using chatbots to handle enquiries and reduce the input required of human agents. In fact, it has been predicted that by 2025, 75% of customer interactions will be handled by AI systems. Chatbots also play an important role in gathering data which can later be used for analytical purposes.

It’s important to keep in mind that AI can be mis-used. As we recently discussed in our article on AI in grant management, the staff of a certain funder were accused of using ChatGPT to review and generate feedback on applications for research proposals. Of course, human judgement is needed for such tasks and this incident was considered as academic misconduct.

Regardless of the type of projects your organisation funds, always ensure AI is being used in a way that does not compromise the integrity of the review process.

EDI: A Growing Focus

Equality, Diversity and Inclusion (EDI) has been an important consideration in grant management in recent years, but its significance is set to increase even further in 2024.

Grant providers are increasingly recognising the need to tailor their programs to address systemic inequalities and reach a more diverse range of recipients, and perhaps this reflects a broader societal shift towards greater inclusivity and fairness.

This trend is not just about fairness, however; it’s also about tapping into a wider pool of talent and ideas, ultimately leading to more innovative and effective solutions to societal challenges.

Among our premium features is an EDI tool. You can analyse the demographics and characteristics of your Flexigrant users and monitor progress towards targets effectively. 

The Effects of Global Issues

While we won’t delve into specific global issues, it’s important to acknowledge their overarching impact on grant funding, as economic fluctuations play a significant role in shaping the priorities and strategies of funders.

With resources being stretched while the demand for funding increases, a few trends have started to gain traction, as outlined below.

Capacity Building

Capacity building is important in strengthening a grantee’s systems, infrastructure and governance in order to increase their chances of long-term success and the fulfilment of their mission.

It includes a range of activities aimed at improving the knowledge and processes involved in grant administration, such as training staff in grant writing, financial reporting, project management, and compliance with regulatory requirements. It may also involve technology upgrades and restructuring.

Collaboration and Partnerships

To overcome the current challenges and work more efficiently, more organisations are collaborating to achieve common objectives. In some cases, this involves partnerships – with other non-profits as well as corporate entities.

This type of strategic alignment enables the organisations involved to tackle larger projects and more complex issues than they could have done on their own, and it reduces duplicated efforts. 

The Need for Greater Efficiency

Both strategies above drive efficiency, which is what every organisation needs in order to continue delivering on their mission during challenging times. Other tactics being undertaken to this end include increasing collaboration within large organisations.

For example, the UK government’s grant management strategy for 2023-2025 states the intention to increase collaboration and knowledge sharing across government, with the aim to increase the maturity and efficiency of grant making across the board and, in turn, yield the greatest benefits possible from each scheme.

The strategy also emphasises the importance of digital tools in enabling the effective delivery of grants and inform insight-led thinking. The government are actively seeking new technologies that could enhance effectiveness, including AI, as well as to increase interoperability among their systems.

UK Based Data Storage

For UK grant providers, storing data within the UK is becoming a preferred practice. This approach aligns with the UK’s data protection regulations, ensuring compliance and enhancing data security.

Local data storage reduces the risks associated with data sovereignty and ensures that sensitive grant information is protected under the legal framework of the UK.

Additionally, it provides peace of mind for both funders and recipients, knowing that their data is stored securely and managed according to stringent standards.

Summary

The emerging trends in grant management point towards a more integrated, intelligent, and inclusive approach. The increased adoption of dynamic data analysis allows for more agile decision-making and can significantly enhance the responsiveness of grant programs to changing needs, while the use of AI will continue to grow. 

The ripple effect of global issues is leading more organisations to focus on capacity building as well as collaborating with organisations that have similar objectives.

EDI continues to be a priority, while more organisations are seeking out UK-based supplier support and data storage.

A flexible and responsive approach to grantmaking is required in order to adapt to the ever-changing global situation so that emerging needs can be addressed effectively. Having efficient processes makes it so much easier to adapt – and that’s why the UK’s leading funders trust Flexigrant to manage their operations throughout the grant lifecycle. To join them, contact us today and book a demo.