How to Evaluate the Environmental and Social Impact of Your Business

Impact evaluation may assume different states. There are many approaches and terms to impact evaluation. The sustainable development goals (SDGs) are seventeen yardsticks that most global stakeholders are committed to meeting. There are a set of resources that IRIS+ has released for impact evaluation. Fundamentally, IRIS+ has a taxonomy of core metrics under which stakeholders can reference universal measurement units. The project of impact management has five impact dimensions that drive the coming together of what should be measured by everyone. B Certification is also a widely recognized model of certification that evaluates the impact generated through the operational footprint of a company. If you are an impact fund or social entrepreneur, the impact evaluation frameworks offer little guidance in practice. It is hard to understand how a rising company can quantify the environmental and social impact that emanates from sales.

How will companies measure quantities, more so during its early stages when primary data on impact is limited or non-existent? However, ImpactableX makes it much easier for companies to do impact evaluation. The beauty of ImpactableX is that it simplifies the framework of impact evaluation to dynamically model the creation of impact in conformity with the SDGs and other global standards. ImpactableX assists companies to quantify the potential of their impact and offers them access to primary levers in impact operations. Our team will provide the tools needed for companies to manage their impact accordingly. ImpactableX has a consistent framework. Each Xmodel has been tailored to account for the unique objective of the company. Our evaluation model has three components: attribution, definition, and valuation.

A company is defined by its measurable core metrics. ImpactableX evaluates the extent to which services or products can impact environmental or social challenges as compared with the baseline. The baseline is informed by research from third parties. The last stage is evaluation. ImpactableX evaluates the economic consequences of the impact which ultimately translates the impact created into financial figures. From social impact comes external value for the company that has not been reflected in their revenue. ImpactableX relates this value to the revenue, opening the way for important insights into business model efficiency as an impact lever.