Choosing a Scholarship Award Management System
Scholarship administrators have a lot to manage. They must work with advancement teams to understand scholarship funding, find students who fit donors’ specific requirements, shepherd those students through the application process, manage scholarship review committees, disburse awards, and report back to the donors how their funds were utilized.
Organizations used to track their donors, scholarships, and students in a variety of disjointed tools such as spreadsheets, email, homegrown databases, and paper files. Unfortunately, a disorganized process means students don’t find available scholarships, awards get delayed or go unused, and data becomes disorganized, leading to inaccuracies and security concerns. That’s why modern scholarship offices rely on award management systems.
What is an award management system?
A scholarship award management system is software designed to organize and streamline the processes and workflows of a college or foundation’s scholarship program and to make scholarships more accessible to students.
A modern award management system helps administrators manage the full lifecycle of scholarships—from applications to committee reviews, awarding, fund disbursement, and donor stewardship. The right software can streamline processes and eliminate paperwork, increase fund utilization by identifying and engaging students, and provide actionable insights to steward donors.
How do you choose scholarship software?
Evaluating and selecting an award management system can be complicated. Choosing one that meets today’s needs is not enough. Your new system should evolve alongside your institution and be sophisticated enough to adapt and change as you streamline and hone processes. While adopting new technology can be challenging, having a predetermined framework will help eliminate much of the guesswork and uncertainty. Here are five steps to get started:
- Find your people. Selecting an award management system should be a group effort including people across your organization who will interact with the software, such as scholarship admins, review committee members, and IT. You might consider asking a student or recent graduate to get their perspective. Look for a range of experience and technical abilities to ensure the system you choose will work for everyone.
- Know what’s important for your institution. Choosing an award management system is about matching a system’s capabilities with your organization’s needs. Understanding your team’s processes, challenges, and goals will help you make the best decision.
- Ask for opinions and referrals. Many institutions have already forged this path and will gladly tell you the pros and cons of the system they chose or what they might do differently, providing invaluable advice and perspective. Reach out to your network with questions and ask potential software providers for client referrals from similar-sized institutions.
- Pick a strategic partner, not just a vendor. An award management system is a years-long investment. It is critical to choose a company that wants to become your strategic partner. Select an organization with proven experience in higher education that is invested in your long-term success. They should commit to your partnership with specialized support teams, learning resources, adoption and enablement guidance, and proactive product development based on user needs and industry changes.
- Change management is key to success. Most people are nervous about change, and some may be wary of new technology. Regularly sharing information about the process and project will go a long way towards earning trust and ensuring successful software adoption. Check out How to Encourage Scholarship Reviewers to Adopt New Technology for some tips.
What are the key factors to consider?
While different award management systems may have similar features, they can vary greatly in how robust, configurable, and flexible they are. Here are the key factors to consider when selecting an award management system, ensuring that it meets your institution’s current needs and can adapt to future challenges.
User Experience
Your new system should provide a centralized portal where students can find all available scholarships and easily apply for multiple awards. It should allow scholarship administrators to track all applications with one login, facilitate review committee tasks and workflows, and offer configurable application questions and essay prompts. Additionally, the system should be mobile-friendly for use on smartphones and tablets and automatically match awards to students.
Adaptability
A modern award management system should provide application options for administrators to give them flexibility in meeting varying needs and complexities within programs. It should also support the addition of third-party scholarships, enable qualification changes on open awards, and offer customizable rubrics for reviewers and role-based workflows. Ask the software provider if their system offers an open API for greater extensibility.
Integration
The best award management systems auto-populate each student’s application with data from your student information system (SIS) so students don’t have to manually complete redundant fields across awards. It should allow you to send ad hoc emails from within the system and synchronize data with your donor management CRM and fund accounting systems. Additionally, it should be flexible enough to function as stand-alone software or as part of a turnkey package that covers other functions needed by your institution.
Data & Reporting
Does the system have built-in reports and dashboards? You need accurate, on-demand data to easily identify actionable items or next steps. A top-tier system offers customizable dashboards and reports, allowing administrators to access student, donor, and reviewer data within the platform. Additionally, the system should collect and provide the data you need to steward donors, support student retention, and empower scholarship teams to audit available funds, what was awarded, and how winners were selected.
Security
Ensure potential software vendors maintain industry data security standards and certifications, prioritize accessibility and other compliances, and have a disaster recovery plan in place. The software should use Multi-Factor Authentication and allow customization of access based on a user’s role.
Vendor Partnership
How long has the vendor been in business? Stability is critical, as is a proven track record with higher ed institutions. You want software built specifically for scholarship award management, not something used by corporations that has been poorly adapted for your needs. Ensure you can get in-person and online training during implementation, ongoing training and support, and collaboration tools to connect you with the vendor’s higher ed user community.
What are the next steps?
Choosing the right award management system is a critical decision for any institution looking to streamline its scholarship processes and enhance student engagement. An effective system not only simplifies the application and review process but also provides valuable insights for donor stewardship and fund utilization.
Whether you’re just starting your search or are looking to upgrade your existing system, download our guide to help you make an informed decision.
