Organizations Are Getting Too Little Value From Analytics
“Through 2022, only 20% of analytic insights will deliver business outcomes.” -Gartner  Organizations are getting too little value from analytics. Billions are being…
Client: United States Department of Treasury State Small Business Credit Initiative (SSBCI)
Grant Management: Waste, Fraud, and Abuse
*Challenge: *The SSBCI provides grants to state lending and investment groups aimed at increasing private lending to small businesses and small manufacturers. To ensure state programs use these funds properly and reduce the risk of waste, fraud, and abuse, the SSBCI asked FI consulting to develop a monitoring tool to help with streamlining the participating states’ reporting requirements, while allowing for cost-effective analysis and visualization of program impact by SSBCI staff.
*FI Solution: *FI built intuitive templates for grant recipients to submit standardized data, including upfront validation to limit downstream data cleaning needs. For SSBCI administrators, FI automated the data extract, transform, and load processes, helping save staff time for higher uses, such as compliance reviews and evaluating program effectiveness. The data is loaded into a custom-built grant management tool, which uses SSBCI’s existing software licenses and integrates into existing workflows.
*FI Impact: *The FI Grant Management Tool allowed SSBCI to evaluate reporting anomalies and routinely identify suspicious transactions for $1.5 billion in grants, increasing transparency of their lending process. FI’s automated solutions improved the quality of SSBCI’s data, enabled easy program evaluation, and significantly reduced the time and resources required for day-to-day grant program management.