There are many taxonomies and approaches to social impact evaluation. The United Nations (SDGs) Sustainable Development Goals outline seventeen goals stakeholders accept to align their operations. IRIS+ has provided various impact evaluation resources as well. The core metrics are impact metrics that stakeholders use to reference similar measurement units. IMP published five impact dimensions that drive convergence on the exact units we ought to be measuring. B Certification is a model that evaluates the impact generated through the operational footprint of a company. Impact funds and social entrepreneurs find these frameworks to be of little help in practice. Startup owners want to know how a growing institution can quantify environmental and social impact for better sales. Although we can align with IRIS+ and SDGs, it is hard to know how these units of measurement measure quantities.
Impact data could be scarce or nonexistent during the early stages of a startup. However, ImpactableX simplifies the process of evaluating impact. Our team offers a simple framework to dynamically model impact generation in conformity with global standards as set by IMP, IRIS+, and SDGs. ImpactableX quantifies the impact potential of companies, giving them access to tools that help them in impact operations. Companies get the tools they need to manage impact accordingly. Each of the models used by ImpactableX is designed to capture the mission of the company. There are three components to the method we use for impact evaluation. They are attribution, definition, and valuation. ImpactableX defines the primary impact metrics of the company. After this, we measure the extent to which products or services impact environmental or social challenges compared to the baseline. ImpactableX evaluates the economic consequences of the generated impact. We translate the created impact into actionable financial figures. The social impact generates external value that is not reflected in the revenue of the company. The social impact creates external value that does not reflect on the revenue books of the company. Unlike other social impact evaluation companies, we relate the value created to revenue, therefore unlocking insights into the business model efficacy. The processes used by ImpactableX are simple. Our analysts will guide your management team through every stage of the process. The first step is defining the impact metrics and reviewing the model that drives the metrics.
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