Monitoring and evaluation (M&E) is an essential part of the Innovative Financial Advisors Pvt. Ltd. practices. The aim is to conduct thorough research and develop a holistic understanding of the project that helps analyze the social investment, implementation deliverables and resultant impact. Effective Monitoring and Evaluation is necessary to create a positive impact out of the project that is being implemented. Innovative Financial Advisors Pvt. Ltd. understands that many CSR projects that are implemented in the country are not being monitored and evaluated efficiently. In order to know the exact impact and create more impact these projects should be monitored and evaluated correctly, ensuring that there is more return on the social investment done by the corporate.
The process of developing a roadmap with key pointers that explains where one is in relation to where one wants to be is known as Monitoring. It is an invigilating mechanism that helps in keeping track of the project in detail. Innovative Financial Advisors Pvt. Ltd. employs monitoring tools for an enhanced accountability framework which allows for an enhanced communication of results with donors/stakeholders. Innovative Financial Advisors Pvt. Ltd. refers to the Results Matrix and the Implementation plan as the key monitoring tool. All these tools are used in every social development project to ensure effective monitoring.
Innovative Financial Advisors Pvt. Ltd. collects quantitative data from implementation field, utilizes qualitative research methods such as testimonials, focused group discussion or participatory, learning and action processes methods such as mapping, ranking and scoring to show change over time in cases where a baseline data is unavailable.
The main objectives behind monitoring are to:
1. Review assumptions made during the planning process to ensure they still hold true
2. Track progress in the achievement of results
3. Conclude whether the original strategies are still appropriate and should be continued or modified
4. Make necessary adjustments to resources, both human and/or financial (if concluded).
Evaluation is understood as an impartial and systematic assessment of a project /programme activity after the field implementation phase.
It helps to determine the relevance, impact, effectiveness and sustainability of the select interventions and contributions of the organizations.
The evaluation conducted by Innovative Financial Advisors Pvt. Ltd. adheres to that UN standards and looks at the following aspects:
* High Quality
* Time bound
Innovative Financial Advisors Pvt. Ltd. conducts an unbiased evaluation process which fulfills four main functions:
1. Knowledge – The process provide decision-makers with knowledge and evidence about performance and good practices
2. Accountability – It enhances accountability among donors, political authorities, stakeholders and the general public.
3. Sustainability & Investment – It helps to decide future course of engagement and social investment
4. Evidence Based Practice – It enables the organisation to present ‘evidence’ based record of meaningful engagement to the stakeholder.