GenomeWeb/ABRF 2017 Webinar Series: A Balanced Approach to Assessing Return on Investment for Research Core Facilities
In these times of economic constraint and increasing research costs, shared resource cores have become a cost-effective and essential platform for researchers who seek to investigate complex translational research questions. Cores produce significant value that cannot be captured using traditional financial metrics. Benchmarking studies conducted by the Association of Biomolecular Resource Facilities and other organizations indicate that most research cores do not fully recover operating expenses. As such, these “operational losses” represent institutional investment, which, if well planned and managed, produce future returns for the institution’s research community that extend far beyond subsidized pricing.
Current literature indicates that there is no single measure that can provide an accurate representation of the full picture of the return on research investments.
This presentation attempts to provide instruction and examples using the Balanced Score Card (BSC), (Kaplan and Norton), as a tool for assessing the return on investment for research core facilities.
The BSC supplements traditional financial measures with criteria to measure performance in three additional areas — customers, internal business processes, and learning and growth. The presenters discuss and share their experiences on how they have utilized these ROI approaches to streamline their core operations and make sound investment decisions and strategies to further the mission of their institutions and to meet the expectations of their various investors and key stakeholders.