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Metrics
Measuring Social Impact
7 Tips for measuring social impact with lean data ... Measuring Social Impact With Lean Data [Impact Measurement & Management]
Peter Burgess
The SoPact Team
Fresh Impact Perspective Every Week
impact strategy
Watch: 7 Tips for measuring social impact with lean data.
Do you work with stakeholders like social businesses or nonprofits?
Watch here: 10 min ›
Read: Can impact strategy help avoid impact washing?
Regardless of the impact segment you represent, it is important to develop a strategy,
Resource page ›
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Measuring Social Impact With Lean Data [Impact Measurement & Management]
1,353 views• Oct 30, 2019
SoPact 272 subscribers
#ImpactMeasurement #LeanData #Socent #Socialimpact
If you are a mission-driven organization, asset manager for an Impact Fund, Fund of Funds, Impact Advisor, Social Impact Accelerator, Foundation, or an asset who works with stakeholders like social businesses or nonprofits, you’re in the right place! This series gives a new way to design monitoring and evaluation tools and system.
This is a video series in which you will learn the step-by-step strategy for raising impact capital through better impact evidence through a better impact measurement approach. Once you’ve defined your impact strategy, you can approach impact data collection and analytics in a number of different ways.
Many of these techniques are relatively simple, but powerful in demonstrating impact to a project’s funders.
Don’t forget to show how we’ve impacted you by smashing that like button and subscribe so you don’t miss the next parts of this series!
So, without further ado, let's dive into 8 key patterns of demonstrating impact measurement - the lean data way!
DEFINE IMPACT STRATEGY FOR IMPACT MEASUREMENT WITH LEAN DATA
Many organizations are ready to start thinking about an Impact Strategy, and whether you are a funder or an organization working on the field, you might want to align to multiple frameworks, such as IRIS, Impact Management Project, and Sustainable Development Goals.
You can decide to use a Theory of Change model, a Logic Framework, or the 5 Dimensions of Impact. What is really relevant is to be clear about the Outcomes or Effects, meaning, what is changing in the community because of your intervention.
STAKEHOLDER VOICE FOR IMPACT MEASUREMENT
Primary User: If your organization has experience collecting quantitative data, you might want to grow into collecting other types of data as well.
OUTCOME IMPROVEMENT
Primary User: Organizations that work directly with the stakeholders and collect data from them to measure outcome performance overtime.
Reason: It is important to understand the impact we have on a group of people, as well as pointers on how the impact is experienced by individuals, is very helpful in some cases. For instance, using averages to derive understanding on impact is dangerous because its can skew the result toward the positive.
Benefit: While cohort analysis helps us in understanding the overall impact the services had on the people, individual performance gives us a deeper understanding of how the analysis may be skewed when the impact is seen only from the perspective of the cohort.
Challenges: This is not simple. A thorough analysis process requires knowledge on sophisticated tools and methodologies that lets you learn from the data you may have collected. A lack of such tools and methodologies can quickly discourage an organization from thinking in that direction altogether.
IMPACT MANAGEMENT PROJECT
Primary User: Organizations, large and small, looking at ways to start their Impact management journey. Dutch government wants to create jobs in the coconut and palm oil industry in East Africa. For new impact investments to flow, the industry expects impact evidence. One of the organizations we are working with intends to adopt IMP 5 dimensions to holistically collect and report on impact evidence to attract these investments and help the farmers to establish a sustainable business around coconut and palm oil business.
Reason: Virtually every successful organization, primarily motivated by high financial outcome, puts a lot of effort behind understanding how their product benefits its stakeholders. The same level of rigor is ideal for Impact driven organizations as well.
Benefit: This methodology helps the organization to concentrate on the stakeholders and Impact it has on them rather than thinking about how to measure the impact they have on them.
Challenges: It may seem complex for an organization to start measuring Impact. However, they could now get started in a seamless manner by following IMP 5 dimensions of impact.
SOCIAL RETURN ON INVESTMENT
Primary User: This is a good option for more mature organizations that already have a robust stakeholder data collection.
Reason: In the case of Asset Managers, it only makes sense if you are enabling your entrepreneurs or grantees to collect high-quality data, aggregate it, analyze it, and perform all the calculations in a not so overwhelming way. Also, it’s mainly used to compare investments that are completely different but you still want to compare the “amount of impact produced by each of them”
In the case of organizations working directly with stakeholders, in only makes sense if you have the resources to define high-quality financial proxies that are relevant for your geography.
Benefit: It gives a financial valuation of the impact generated by an organization, which is easy to understand and compare to other very different organizations.
Category Nonprofits & Activism 3 Comments