Read our Value for Money Self- assessment report for 2015/16
Value for Money (VFM) underpins the delivery of our vision and strategic aims.
VFM is used to assess if an organisation has obtained the maximum benefit from the goods and services it acquires and/or provides, with the resources available. It not only measures the cost of goods and services, but also looks at the mix of quality, cost, suitability and timeliness to judge if they represent good value. Our VFM Strategy helps to inform decisions about our VFM priorities and we annually align our VFM targets to our Business Plan.
Our latest Value for Money Self-assessment report for 2015/16 is now available (see link below). Here are some of the highlights:
- We have successfully delivered a total of £1.2 million of VFM gains against our target for the year of £0.25 million;
- Our target of £0.25 million was for procurement activities, but we have achieved further operational savings across the Group;
- We have accelerated our planned service reviews and carried out 10 fundamental reviews. These have identified £1 million of future VFM savings with one-off restructuring costs in this year;
- We have continued with our £4 million investment programme in our IT infrastructure since 2012. This is transforming the way that we work, improving productivity and quality, reducing costs and increasing engagement with our customers;
- We have achieved our target to reduce our management cost per unit from £981 in 2013/14 to £933 in 2015/16;
- Our performance results show some significant improvements including: a reduction in the level of voids, an improvement in our right-first-time repairs performance and an improvement in customer satisfaction with repairs.
The Board’s overall assessment for 2015/16 is that we have successfully delivered against our value for money targets during the year. This self-assessment sets out in detail these achievements and how we have performed against our targets.