As to what defines social value depends on the best interests or needs of a group of people, it can look very different in different contexts. That is why there are numerous definitions of social value for different scenarios.
Social value encompasses environmental, economic and social wellbeing and understands each of these in terms of their impact on the quality of life of people. What outcomes improve quality of life, and how to deliver them, will look very different depending on the context.
The most important contextual factor is who will be affected and what their needs are. Often, deciding who those people are is done by drawing a line around a particular “relevant area” or location.
Social value is therefore holistic in scope but focussed on the people highly dependent on the context and inherently local to a particular area.
Using key tools, datasets and various methods for data gathering our social value measurement framework captures and aggregates the data related to your purpose-led initiatives in one platform and in real time, quantifiable outcomes. We use government approved and endorsed analysis techniques to identify your impact. Finally, we apply impact metrics to prevent over claiming or double counting to give you a realistic picture of your totals as monetary values.
Social value offers a way to understand and generate real value for money. So we need to know how much social value we are getting for what we spend and, in decommissioning or redesigning services to cut costs, we need to be aware of effects on social value.
Start now. Understanding social value and acting to secure more of it requires better systems to understand and prioritise desired outcomes. Early stakeholder involvement is crucial to success. Involving communities and suppliers sooner leads to more effective decision making and improves accountability and understanding of the outcomes.