Value For Money Reviews
Delivering ‘Best Value’ from organisational investment is a critical requirement.
Proving have developed a research-based methodology and process, supported by a powerful software toolkit, for the evaluation of current or proposed services using recognised and enhanced Value for Money (VfM) criteria. The Proving VfM process is endorsed by CIPFA and accredited to Gold Standard by APMG.
The Proving methodology combines the following factors to evaluate VfM:
- Economy – a measure of the inputs, considering whether a ‘fair’ price is being paid for the goods and services purchased.
- Efficiency – a measure of productivity, reliability, quality and sustainability, considering whether the resources purchased are being put to best use.
- Effectiveness – a measure of the impact that has been achieved, considering whether tangible benefits are being realised.
- Strategic Value -alignment & contribution of benefits to organisational drivers.
- Stakeholder Value – an analysis of stakeholder views and commitment.
- Achievability – a measure of Complexity Analysis, using the dimensions of Scale, Novelty, Interdependence, Diversity & Volatility. Other factors sets such as Capability & Capacity, Clarity & Perception & Change Readiness can also be included.
Proving provides the following services in support of VfM Assessment:
- Independent VfM reviews for individual services or functions.
- The creation of a VfM portfolio of a range of services and / or functions.
- Facilitation and support for internally-led reviews.
- The tools and training for organisations to undertake and embed VfM assessment.
Download Here: VfM Review Services Prospectus
Advantages & Benefits
The Proving approach to value for money assessment and improvement provides a wide range of proven business benefits, including:
- An up to a 31% improvement in value for money performance, with most organisations experiencing an above 20% improvement.
- Enables VfM assessments to be defined and completed quickly and then repeated periodically to provide VfM assurance over time.
- Provides a logical, structured and easy-to-follow process and toolkit for VfM assessment, based on industry-recognised best practice.
- Enables a wide range of stakeholders to engage and contribute to the VfM assessment, capturing and reporting on stakeholder perceptions, concerns and commendations.
- Clearly and accurately identifies value for money shortfalls in services, functions, commissions or contracts.
- Enables the assessment of qualitative and quantitative factors within a consistent analytical framework enabling the analysis of subjective and objective factors.
- Delivers clear and flexible reporting that supports confident decision-making at all levels of the organisation.