The Integrated Value Reporting System (iVRS) is a pivotal tool used by the Open Academy to generate a comprehensive understanding of the value created by its diverse range of educational programs and initiatives.
iVRS is a holistic and multi-dimensional framework that allows institutions to measure, report, and communicate the full range of their value creation activities. It goes beyond traditional reporting systems, which mainly focus on financial performance, to include a broader range of factors such as social, environmental, and human capital.
Open Academy employs iVRS in the following ways:
- Identifying Value Creation Activities: The iVRS framework helps the Open Academy to identify and understand the full spectrum of its value creation activities. This includes the development and delivery of high-quality courses, cultivation of intellectual capital, facilitation of lifelong learning, nurturing of industry and community partnerships, implementation of sustainable development programs, and more.
- Measuring Impact: The iVRS allows Open Academy to quantify and measure the impact of its value creation activities in both qualitative and quantitative terms. It helps in measuring the effect of its courses on students’ career progression, the impact of its sustainability initiatives on local communities, the influence of its research activities on global knowledge creation, etc.
- Informing Decision-Making: By providing a comprehensive overview of value creation and impact, the iVRS informs strategic decision-making within the Open Academy. It helps to identify areas of strength, opportunities for improvement, and potential risks. This enables the Academy to make informed decisions about program development, resource allocation, and strategic partnerships.
- Enhancing Transparency and Accountability: The iVRS helps to enhance the Open Academy’s transparency and accountability to its stakeholders. By reporting on a broad range of value creation activities, it provides stakeholders with a comprehensive understanding of the Academy’s performance, impact, and contribution to society.
- Promoting Sustainability: The iVRS supports the Open Academy’s commitment to sustainability. By measuring and reporting on environmental, social, and governance (ESG) performance, it helps the Academy to manage its sustainability risks and opportunities, and demonstrate its commitment to sustainable development goals.
- Building Trust and Reputation: By providing a comprehensive, transparent, and credible account of its value creation activities, the iVRS helps to build trust and enhance the reputation of the Open Academy among students, partners, and the broader community.