Every stakeholder has an intention of creating and managing impact for their enterprise concerning the goals set. Impact evaluation comes in different styles. There are various terms and approaches to impact evaluation. The SDGs (Sustainable Development Goals) comprise seventeen advanced goals wherein stakeholders seek to align themselves. IRIS+ has released several resources for impact assessment, notably the primary sets of metrics. IRIS+ has impact metrics classification for stakeholders to have a universal measurement unit. There are five impact dimensions published by the management project seeking to propel convergence towards the unit that everyone should be measuring. B Certification is a mode that mostly accepted certification marks. It evaluates the impact generated through the operational footprint of a company.
Impact funds and social entrepreneurs find little to no guidance from the SDGs, B Certification, the management project, and IRIS+. It is crucial to know how a rising company can quantify the environmental and social impact derived from sales. Even though a company may align itself with IMP’s five impact dimensions, and SDGs, and reference the core metrics of IRIS+, it is hard to measure actual quantities more so during the initial days when core impact data is non-existent or scarce. ImpactableX impact makes social impact evaluation easier. ImpactableX provides a simple evaluation framework that can model impact creation dynamically in congruence with various global standards such as IMP, IRIS+, and SDGs. Also assists companies in assessing their potential for impact and offers them a path to the primary levers of impact and the tools necessary to manage them effectively.
ImpactableX has a consistent framework. Every IX model is customized to exude the company’s unique mission. There are three components to our methods of impact evaluation. They are valuation, attribution, and definition. During definition, the primary impact metrics of the company get defined. After this, ImpactableX evaluates the extent to which a service or product can significantly influence the environmental or social challenge compared to the baseline. Lastly, ImpactableX analyses the economic consequences of the impact. Ultimately, the effect created gets translated into financial figures.