Measuring What Matters (Vol. 1)
Introduction:
Welcome to the first volume of our blog series, "Impact Matters: Measuring What Matters." In this edition, we delve into the realm of valuing social outcomes and the importance of measuring the intangible factors that truly make a difference in people's lives. Join us as we explore various techniques and initiatives that aim to quantify the immeasurable, shining a light on the transformative power of social value measurement.
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1. Valuing What Matters:
In our quest to create a better world, it is essential that we acknowledge and value the intangible aspects that truly matter, such as confidence, empowerment, and hope. These elements have a profound impact on individuals and communities, yet they are often overlooked in traditional evaluation frameworks. We delve into the significance of recognising and measuring these social outcomes, shedding light on their role in driving meaningful change.
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2. Social Return On Investment (SROI):
One powerful technique that has gained traction in recent years is Social Return On Investment (SROI). This approach goes beyond the financial bottom line and encompasses the broader social and environmental impacts of an organisation's activities. We explore the principles and methodologies behind SROI, showcasing how it allows us to capture and communicate the true value created by social initiatives.
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3. Cost-Benefit Analysis (CBA):
Cost-Benefit Analysis is another valuable tool in the arsenal of impact measurement. By quantifying the costs and benefits associated with a project or intervention, CBA helps decision-makers weigh the value of various options and make informed choices. We delve into the basics of CBA, highlighting its strengths and limitations in capturing the multidimensional impacts of social initiatives.
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4. The Public Services (Social Value) Act 2013:
In recent years, governments worldwide have recognised the need to incorporate social value considerations into public procurement processes. The Public Services (Social Value) Act 2013, enacted in the United Kingdom, has been a significant step in this direction. We explore the key provisions of the act and its implications for organisations and communities alike, highlighting its potential to drive positive change at a systemic level.
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Conclusion:
Measuring what matters is a complex yet vital task in the pursuit of creating a more equitable and sustainable society. In this first volume of "Impact Matters: Measuring What Matters," we have explored the significance of valuing social outcomes, introduced the concepts of Social Return On Investment and Cost-Benefit Analysis, and examined the Public Services (Social Value) Act 2013. Stay tuned for upcoming volumes, where we will delve deeper into each of these topics, providing valuable insights and practical guidance on measuring the immeasurable. Together, let's embrace the power of impact measurement and ensure that what truly matters is valued and nurtured.