5 reasons to use social value reporting software

In today’s world, social value goes beyond having an inspiring company mission statement. Companies must learn how to use reporting to evidence their positive impact effectively. Here are five great reasons why using social value reporting software can transform the way you do business for the better.

Improves stakeholder relationships

Stakeholders expect claims to be backed with compelling evidence. They want to see the impact your activities are having in the wider world.

Social value software allows you to present relevant data in an accessible way, catering to various needs. Not all clients will ask you for the same evidence. Some will want the stats and some will want quantitative data and stories. Using software means that whatever the request, your information will be accessible and easily understood, strengthening your relationships and developing trust and loyalty.

Thrive equips you with powerful data visualisation and reporting tools that transform complex data into compelling visuals and narratives. Create interactive dashboards, generate insightful reports and share your impact story with ease, showcasing the positive change your organisation is making in the world.

Social value software helps ensure you meet regulatory requirements and industry standards.

Many jurisdictions require businesses to report their social and environmental impact.

Social value software helps you comply with these regulations by aligning with measurement frameworks like the UN SDGs, the Social Value Model, CSRD requirements and more.

Thrive software enables you to use a range of measurement frameworks tailored to different industries and sectors. The highly comprehensive Impact Evaluation Standard comes built in ready for you to use, ensuring compliance with UK government guidelines on social value. Alternatively, you can add your own bespoke metrics to quantify and assess your social value creation – building a social value calculator that’s the perfect fit for your unique organisational or project needs.

Enables you to develop your reputation as a purpose-led business

Demonstrating your social value showcases your commitment to creating positive social change. This builds a strong brand image, attracts socially conscious customers, and differentiates your organisation from competitors. It also motivates and engages employees, aiding in retention and productivity.

And Employee engagement matters. Companies with high employee engagement often have well-developed social impact strategies.

Using auditable social value software provides a transparent record of your activities and outcomes, enhancing your organisation’s accountability and reputation.

Improves efficiency and saves money

Without a centralised system, social value data collection often ends up involving fiddly manual processes and complex spreadsheets. If you are calculating the financial impact of your activities you need to keep on top of the sources. Economic studies, ONS data and other government issued figures all ensure your calculations are accurate and justifiable. This is nearly impossible to keep an accurate handle on.

Social value software streamlines data collection, analysis and reporting processes and the Impact Evaluation Standard is continually updated so your proxy values are up to date.

Using software like this saves time and reduces errors, making it easier to produce accurate and comprehensive reports.

Automating such tasks leads to cost savings by identifying inefficiencies and optimising processes. Access to real-time data and analytics helps you make informed decisions. You can identify areas for improvement, allocate resources more efficiently and maximise your social impact.

Thrive Project Dashboard

Involve your supply chain

Social value software is often designed to facilitate collaboration with external partners such as those in your supply chain. The aim is for everyone to optimise their social value by working together.

If you are involved in a project, it is likely that the social value of your supply chain is going under-reported or worse, not reported at all. Using a software to manage this means you can include them in your reports and highlight more impact in your projects.

Collaborating on social value activities will help you reach your goals more quickly, lead to greater impact and encourage clients and stakeholders to work with you again.

Why choose Thrive?

Thrive helps you accurately assess and communicate your social value creation, unlocking all these benefits and more.

Our software captures the full breadth of your organisation’s impact with a straightforward system for your team to use.

With streamlined data collection, robust measurement frameworks, and powerful data visualisation, the Thrive platform empowers you to quantify, understand, and communicate your positive impact.

Join the movement and harness the power of Thrive to drive sustainable change, attract partnerships, and build a better future.