Social value, it’s fair to say, is a nebulous, sometimes hard-to-define concept. Since there’s no singular definition or specific industry guidance, it’s a head-scratcher for many organisations that leads to a lot of questions. Where do you begin? What data do you collect? And how?
For those that are unsure, frameworks can be a game changer. There will likely be plenty of options according to your industry and social value goals. And they’re a popular way to add structure to your approach. They provide a set list of metrics to report on and make it easier to break down your environmental, social, and economic efforts.
But every framework out there has its positives and limitations. While they can give you something to work towards in those early days of your social value journey, they can also hold you back later down the line. Which is why we believe framework-agnostic software is the way forward. Why restrict yourself to one framework when you can embrace the best parts of them all?
Today, we’re covering our top three reasons why making the switch is the only sensible option for you.
Manage multiple projects simultaneously
You might have happily committed to a certain framework. But that doesn’t mean everyone else you work with will have. Different buyers, suppliers, investors, or partners could all be using their own frameworks. And, unfortunately, this might mean you’re left juggling multiple tools and systems to monitor all your projects.
Constantly switching between different interfaces to visualise progress across projects can be a logistical nightmare.
It puts unnecessary responsibility and pressure on your teams and can be a costly drain on your time and resources. If you have one project where you want to measure your positive impact on a local community and another where you’re monitoring CO2 output, they might not be compatible.
Instead, framework-agnostic software can centralise that data. No matter whether a buyer uses TOMS, HACT, the SDGs, or anything else, your team can use whatever they’re comfortable with. And you can still effortlessly switch between data for all ongoing work.
Capture more social value data
One of the biggest drawbacks of sticking to one particular framework is that you’re limited in what you can measure. You’re left playing by the rules of your chosen framework. It’ll dictate the metrics you can use and therefore the interventions you’re able to track.
But what if your initiatives don’t fit neatly into those pre-defined boxes? Following one framework religiously leaves no space for individual or creative thought. There’s no room for your organisation to follow its passions and priorities. It also makes it harder to track efforts that can’t be quantified by limiting what you can do. How would you analyse real satisfaction in your beneficiaries if you can’t include qualitative interviews?
Framework-agnostic platforms allow you to choose what’s important for your organisation.
You could always use metrics from your favourite framework – or multiple – to supplement your approach. But you never have to overlook critical data that’s unique to you. No matter the size or scope of an intervention, you can create personalised metrics to suit. Meaning no social value is ever missed or overlooked in your reporting.
Future-proof your approach
Social value is constantly changing. We’ve seen a lot of new regulatory requirements in recent years. And plenty more are in the development stages. Who knows what the landscape will look like a decade from now. So how do you know your current framework will stand the test of time?
Switching to a framework-independent solution means you’re not tied to any specific way of approaching social value. As the landscape changes, so can your approach.
Want to do a complete 180 on your priorities? Or keep up with emerging legislation? No problem. You can tweak your existing system without needing to invest in new ones. You also get the peace of mind that you can stick with something your staff is already confident in using. As opposed to constantly having to relearn the social value process.
Frameworks can be a brilliant tool when you’re just starting out. But there often comes a time when you outgrow them. When your initiatives become more complex or nuanced than they allow. In this case, opting for a framework-agnostic approach could be the way forward.
Impact is an intelligent, intuitive tool for capturing, evaluating, and reporting your social value. We’re framework-agnostic and include smart features such as decentralised data capture and real-time reporting to make tracking your impact a breeze. To find out more, schedule a demo or get in touch with the team on 0161 532 4752.