Library Return on Investment – Review of Evidence from the Last 10 Years
July 20, 2020
IFLA, the International Federation of Library Associations and Institutions, has released a publication that reviews the way libraries have measured the value of their work and return on investment over the last ten years.
Overall, ROI methodologies used by libraries remain diverse – especially across library sectors – and continue to evolve. Naturally, some guidance and good practice suggestions for ROI and value assessment can also be drawn from elsewhere in the cultural sector. A 2012 publication by Arts Council England, for example, offers practical guides to four common methods of examining the monetary value of arts and cultural organisations – as well as a decision tree on how to choose an appropriate method. Similarly, Social Value UK offers guidelines and standards on performing a Social Return on Investment analysis, which could be useful for libraries interested in examining the wider social benefits of their services or initiatives.
In short, there are many studies suggesting that libraries return more value for the investments put into them. However, the methodologies vary widely, and definitive universal practices – even for separate types of libraries – have yet to emerge. The field continues to evolve, and we look forward to further discussion on good practices and approaches to demonstrating library value.
(Via International Federation of Library Associations and Institutions)
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