SurePact is on track with successfully delivering its first milestone following its Boosting Female Founders Grant win in December 2020.
Missing deadlines to complete milestones and acquittal reports is a serious risk for Councils. With the continuing turnover of mobile and aging workforces, management faces momentous challenges in being able to track the required data.
SurePact’s Head of Product, Monica Chand, says that SurePact’s Boosting Female Founders Grant win has allowed the team to target a gap in the market. When launched, the Grant Management Platform will support Government funding bodies in the administration, tracking, transparency and reporting of grant programs.
“Comprehensive research identified a significant gap in the market for tracking the delivery of grants for both grant recipients and funding bodies, with no integrated software of this capability currently available,” Chand says.
“When interviewed, 58 Local Government Councils across Queensland, Western Australia and New South Wales were found to have no capability to manage their grant programs from identifying the need through to project delivery and asset realisation, critical to supporting organisational accessibility, visibility, transparency and auditability.
“Without SurePact’s new solution, many Grant Managers rely on large and clunky spreadsheets, with limited information, tracking and collaboration available.”
SurePact’s Grant Management Platform will be the solution, assisting all parties involved in the successful management of grants.
“With funding support from the Boosting Female Founders Grant, SurePact is developing a prototype for the Grant Management Platform to support 360 degree end-to-end grant management probity. This software will provide two-way compliance and communication capability between grant funding bodies and grant recipients, achieving visibility on grant outcomes and reporting capability of taxpayers’ dollars,” she says.
“This new Platform will seamlessly integrate with our existing Project and Contract Management capability and as such is a unique solution and market offering as strong ‘RegTech’ for clients to apply, manage and track grant funds and the associated deliveries, supporting full transparency and auditability from start to finish.”
SurePact’s research has identified a clear need for a technology that provides value for money and links grant submissions to the delivery requirements, while tracking compliance of the grant and its associated projects to the final asset.
“The objective of SurePact’s Grant Management Platform is to mitigate the deficiencies that are currently experienced by all those involved in grants, and with full integration to SurePact’s Project and Contract Delivery Modules, track the outputs for the funding amount,” Chand says.
“The solution provides an opportunity to standardise grant management functionality and deliver outcomes with tangible and intangible results, one being the saving of millions of dollars for reinvestment into other community needs.”
SurePact’s aim is to provide Managers with this new software product to deliver strong compliance standards, which have been identified as being significantly poor.
“The Grant Management Platform supports both funding bodies and recipients, providing streamlined communication, data exchange, transparency, visibility and accountability in grant, project and contract delivery for all parties,” Chand says.
“It provides a best practice approach to grant management searching, application processing and reporting in an enterprise capacity that is collaborative and dynamic. Grant funding bodies will have insight into project and contract deliveries for an approved grant at all stages of the grant delivery or as required.
“The data analytics and delivery efficiencies via the use of the solution will highlight actionable business intelligence decisions and much stronger relationship outcomes at all levels.”
Once this software has been developed and integrated into the SurePact solution, Chand says the benefits to grant funding bodies will include:
- Reducing manual processes
- Improving visibility of grant delivery
- Stronger governance and probity
- Reducing time, cost and scope blowouts
- Process improvement for stakeholders
- Stronger collaboration
- Improved reporting standards
- Multi-path communication
The prototype is currently in the design stage and is expected to commercialise in September 2022.
“This is a 24 month project delivery, however early market interest indicates that we are tracking ahead of this release date,” Chand says.
“We have received and continue to receive valuable and constructive feedback from partners and customers, which we are incorporating into the design stage.”
Queensland’s Former Chief Engineer in the Department of Infrastructure and Local Government Planning, David Murray, says the SurePact solution will assist grant programs with common objectives to be managed consistently.
“As a State Government department, we often have limited to no visibility of Councils’ deliveries of programs under grant funding,” he says.
“This additional functionality will enable the department to more effectively monitor the performance of funding programs and where necessary provide proactive timely assistance.”
The Boosting Female Founders funding will allow SurePact to capitalise on the opportunity to fast-tract the grant module, highlighting the company’s point of difference in the market.
“This funding allows us to maintain responsiveness to client requests, and in turn retention, as well as delivering outcomes to potential new clients and markets,” Chand says.
“We are also benefiting from grant funding body trials currently being sourced. We are in the early stages of partnering with a Queensland State Government agency with 17 major grant funding programs from within their agency across all 77 Councils in Queensland.”