Lots of confusion around what Value for Money actually means. It is a term that is used bandied around on regular basis, but from our experience, it is generally not fully understood.
Both Commissioners and Service Providers alike, are under increased pressure to demonstrate each component of VfM:
Economic / Affordable –within current and future budget envelope (which is likely to reduce even though volumes may increase)
Efficient – processes result in the best possible output given limited inputs and resources
Effective – services result in demonstrable positive outcomes for service users
Innovative & Improving – essential that a service does improve and continues to innovate in order to future-proof VfM.