What is Social Impact Measurement?
A growing number of companies are investigating social impact measurement and consolidated measurement of social & sustainable procurement spend and impact in their supply chain.
I thought I would provide this general overview of social impact measurement.
Social Impact Measurement is the process of assessing the positive or negative effects that a particular program, project, or organisation has on a specific population or community. It is an important tool for evaluating the effectiveness of social programs and making informed decisions about how to allocate resources.
There are several different methods and technology for measuring social impact, each with its own strengths and weaknesses. One of the most widely used methods is the outcome evaluation, which involves measuring the specific changes that occur as a result of a particular program or project. This can include changes in income, education, health, or other key indicators.
Another popular method is the impact evaluation, which assesses the overall effects of a program or project on a specific population or community. This can include assessing changes in social, economic, or environmental conditions, as well as the overall well-being of the community.
One of the best methods for measuring social impact is the use of randomised controlled trials (RCTs). RCTs are considered the gold standard for impact evaluation because they allow for the isolation of the effects of a particular program or project. RCTs work by randomly assigning individuals or groups to either receive a program or be in a control group that does not receive the program. By comparing the outcomes of the two groups, researchers can determine the specific effects of the program.
Another effective method is the use of qualitative research methods, such as interviews and focus groups. These methods allow for a more in-depth understanding of the experiences and perspectives of individuals and communities and can provide valuable insights into the social and cultural context in which a program or project is being implemented.
Overall, the best methods for measuring social impact will depend on the specific goals and objectives of a program or project, as well as the resources available. It is important to choose a method and technology that is appropriate for the specific context and that can provide accurate and reliable data.
In conclusion, social impact measurement is an important tool for evaluating the effectiveness of social programs and making informed decisions about how to allocate resources. The most effective methods for measuring social impact include the use of randomised controlled trials, impact evaluations, and qualitative research methods. By selecting the appropriate method and technology and collecting accurate and reliable data, organisations can better understand the impact of their programs and make more informed decisions about how to achieve their goals.
If your organisation needs support in measuring social impact, social & sustainable procurement spend and monitoring performance against social procurement frameworks and targets get in touch for a discussion and technology demo.