Using an automated tool to calculate return on investment and cost benefit figures for resources: the Health Sciences and Human Services Library experience

Bodycomb, Aphrodite; Baglivo, Megan D. Del

doi:10.3163/1536-5050.100.2.011

Cited by 5 publications

(6 citation statements)

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“…Cost-effectiveness Analysis and Cost-utility Analysis: Two other measures were identified in this review: cost-effectiveness of resources supplied through the librarythis has particular relevance to academic health centres and in university health libraries. 40,53 This form of measure is based on established accountancy practices. Both cost-utility analysis (CUA) and cost-effectiveness analysis (CEA) are recommended analytical methods for health economic evaluation studies.…”

Section: Methods Of Measuring Financial Impactmentioning

confidence: 99%

“…Cost‐effectiveness Analysis and Cost‐utility Analysis : Two other measures were identified in this review: cost‐effectiveness of resources supplied through the library – this has particular relevance to academic health centres and in university health libraries . This form of measure is based on established accountancy practices.…”

Section: Methods Of Measuring Financial Impactmentioning

confidence: 99%

“…In the McGowan papers, there is no account of whether their findings were viewed as acceptable or justified by their stakeholders. Nor do Bodycomb, Chung, Esparza and Banks indicate the outcome and/or acceptability of any of the tools used in their respective studies. Anecdotal evidence cited in Kelly suggests that the NN/LM (National Network of Libraries of Medicine) Valuing Library Services adapted calculator has attained some acceptability when presented to management.…”

Section: Validity Of Value Measuresmentioning

confidence: 99%

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Demonstrating the financial impact of clinical libraries: a systematic review

Madden

Collins

Macias

et al. 2016

Health Info Libraries J

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Objective: The purpose of this review is to evaluate the tools used to measure the financial value of libraries in a clinical setting. Methods: Searches were carried out on ten databases for the years 2003-2013, with a final search before completion to identify any recent papers. Results: Eleven papers met the final inclusion criteria. There was no evidence of a single 'best practice', and many metrics used to measure financial impact of clinical libraries were developed on an ad hoc basis locally. The most common measures of financial impact were value of time saved, value of resource collection against cost of alternative sources, cost avoidance and revenue generated through assistance on grant submissions. Few papers provided an insight into the longer term impact on the library service resulting from submitting return on investment (ROI) or other financial impact statements. • It is worth pursuing the concept of value of information studies in the context of clinical libraries.• Health library associations should collaborate on the development of common measurement standards, which reflect accounting practices in the wider clinical setting.• Health librarians should commit to adopting and implementing these standards in their own organisation.• It is important that health librarians identify and include feedback and outcomes in studies analysing the financial impact of their clinical library service.

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Section: Methods Of Measuring Financial Impactmentioning

confidence: 99%

Section: Methods Of Measuring Financial Impactmentioning

confidence: 99%

Section: Validity Of Value Measuresmentioning

confidence: 99%

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Demonstrating the financial impact of clinical libraries: a systematic review

Madden

Collins

Macias

et al. 2016

Health Info Libraries J

View full text Add to dashboard Cite

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“…Her work revealed an ROI of 2.76:1 for the library's online journal collection. Bodycomb and Del Baglivo (2012) used the NN/LM MCR Valuing Library Services Calculator to determine the ROI for resources in the University of Maryland Health Sciences and Human Services Library. Matthews (2011) noted both strengths and weaknesses in the various methodologies used by public libraries to determine ROI.…”

Section: Literature Reviewmentioning

confidence: 99%

Applying Return on Investment (ROI) in Libraries

Kelly

Hamasu

Jones

2012

Journal of Library Administration

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State, public, academic, and special libraries are conducting and publishing the results of studies aimed at showing the value of their services and resources. Librarians must be prepared and proactive so when asked to justify budget allocations they have the tools to show their library's value and understand the importance of expressing value in terms familiar to the administrators. By identifying stakeholders and obtaining their buy in, librarians can turn data into evidence of the organization's return on investment (ROI) in the library. ROI is a powerful tool to use when establishing credibility, accountability, and evidence demonstrating the library's value.

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“…This group divided these tools into three components: an ROI analysis tool, a library scorecard, and a management support report. Later on, the Health Sciences and Human Services Library of the University of Maryland used an automated tool to calculate ROI and cost benefit figures for their annual book and journal expenditures (Bodycomb & Del Baglivo, 2012).…”

Section: Literature Reviewmentioning

confidence: 99%

More Than a Number: Measuring Value and ROI in a Library Microgrant Program

Condron

Gao

Komos

2018

IJoL

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The objective of this study was to identify whether the internal microgrant program at the University of Houston Libraries provided a suitable return on investment. This study identified three criteria for assessing return on investment from library microgrants: engagement, continuation, and professional impact. The results indicated that compared to costs for other library outreach programs and events, the amount for the microgrant program is not excessive. However, it resulted in significant participation and impact, with many continuing positive outcomes. Internal microgrant programs offered a positive return on investment for the University of Houston Libraries during the period reviewed. This study will help with the decision-making process of other libraries looking to fund similar programs. It also has implications for assessment in libraries with similar existing programs.

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Using an automated tool to calculate return on investment and cost benefit figures for resources: the Health Sciences and Human Services Library experience

Cited by 5 publications

References 0 publications

Demonstrating the financial impact of clinical libraries: a systematic review

Demonstrating the financial impact of clinical libraries: a systematic review

Applying Return on Investment (ROI) in Libraries

More Than a Number: Measuring Value and ROI in a Library Microgrant Program

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