Grant management software is primarily used to manage finances and grants in conjunction with a general ledger system. Although the concept of grant management software is basically foreign to most people, these systems are vital to the administrative departments of colleges, universities, and healthcare and research institutes.
One of the most often heard names in the industry is IT Works. IT Works is a software company that creates programs and solutions to meet the needs of clients such as colleges, universities, and research and healthcare administrators. IT works has been able to become one of the more prominent names within the field of grant management software due to their affordability, flexibility and continuous efforts to meet and exceed the needs and wants of clients. With a huge variety of financial software, IT works is able to help any institution with their financial and grant management needs.
IT Works’ brick is located in Raleigh, North Carolina and began as just a small-time gig for the current CEO Jim Wrenn, PhD. He began to help small to midsize institutes out of his home in 1987 by generating a system that helps manage many aspects of grants and finances. The company has since grown to reach out to hundreds of different institutes.
Due to the competitive nature of the grant management systems industry, there are many companies that offer different types of solutions to help institutions. Many of these companies are jockeying for the same sort of prominent status that IT Works enjoys. Due to the efforts of these competing companies, the industry is continuously growing and adapting to meet the needs of clients all over the world. To maintain that sort of status, companies like IT Works offer programs and solutions that remain affordable and individualized to meet the needs of each institution. Two programs specifically offered by IT Works are Department Manager and College Administrator; these are programs that not only include training systems but also additional help with:
§ Grant Tracking
§ Pre- and Post-Award Grant Management
§ Research Administration
§ Cost Accounting
§ Financial Reporting
§ Personnel Management
§ Time and Effort Reporting
§ Faculty Management
§ Asset Management
Most recently, IT works launched the Effort Administrator. This program is designed to aid in the process of time and effort reporting certification. This tool employs technology that makes retrieving and updating information a snap for any institution. It was launched to provide a system that can be used at a mere fraction of the cost of the dated software that many universities continue to use.
It is these sorts of features and benefits that all grant management software companies need to work towards. Like any form of software, the next big thing is waiting around the corner and it doesn’t take much for your current product to become obsolete. Keeping an adept eye on the marketplace is key in order to gain prominent stature in the field of grant software management.