Reflections and readiness: evolving our approach for the Social Finance Fund

In year one, we worked closely with the three wholesalers to build consensus, align on shared terminology, and co-develop a roadmap for implementing the Data Standard within the SFF.

Throughout 2024, our attention turned to SFIs: We met one-on-one to listen, offer hands-on support, and provide resources like info sessions, how-to documents, and demos with aligned software partners

We began with the belief that adopting software aligned with the Common Impact Data Standard would be the clearest path to success: more structured data, easier aggregation, and ultimately more powerful analysis.

But as we got deeper into the work, one thing became clear: for most SFIs, software is not yet a viable solution. Here’s why:

1. Fragmented systems and processes
Many SFIs manage their data across multiple, disconnected systems—pipeline tracking in one software, due diligence in another tool, and portfolio management or reporting in yet another. With no single system housing all their impact data, there isn’t an obvious place to “plug in” the Data Standard.

2. Early-stage IMM development
Several SFIs are emerging funds, still defining impact strategies or making their first investments. It’s simply too early to commit to a system when key outcomes and indicators are still in development and when many are simultaneously building out their broader IT infrastructure from the ground up.

3. Limited software fit for SFI use cases
The Common Approach-aligned software ecosystem was built with SPOs in mind. Many tools don’t yet offer the portfolio-level functionality SFIs need, such as customizable roll-ups or fund-wide analysis.

4. Software costs and capacity gaps
Some SFIs find IMM software cost-prohibitive, especially for lean teams just getting started. Others don’t have the internal IT or data capacity to manage a new system rollout. In those cases, change management barriers make switching from spreadsheets a non-starter.

From the beginning of our work with the Social Finance Fund, Common Approach made a commitment to move at the speed of trust. We said we would meet people where they are. That meant listening deeply to SFIs and rethinking what “adoption” needs to look like, especially in the early years of this ten-year fund.

As 2025 begins, we’re doubling down on a more practical, incremental approach. Instead of focusing solely on software integration, we’re putting energy into developing what we call data utilities – simple spreadsheet-based tools (like Excel, Google Sheets and Airtable) that allow SFIs to engage with the Common Impact Data Standard using the systems they already have.

Why data utilities? Because they:

• Require no new infrastructure
• Fit easily into existing workflows
• Build readiness for future software adoption

Our goal is to make the benefits of the Common Impact Data Standard tangible now, without asking SFIs to invest in tools they’re not yet ready for.

What we’ve been testing and learning

To ensure these data utilities truly meet the needs of SFIs and SPOs, we’ve focused on building test cases before recommending broader adoption. Each test is designed to explore how the Data Standard performs in real-world settings, helping us validate the approach, surface what needs improvement, and ensure the benefits are clear and achievable.

1. Custom systems can be aligned with the Data Standard
We worked with an SFI using a custom-built Airtable system to ensure their complex database could export in JSON-LD, the format required by the Common Impact Data Standard. This collaboration, with support from our technical partner, Purpose Analytics, demonstrates that even highly customized databases can be aligned with SFF reporting requirements. It also helps pave the way for other SFIs who may be working with similarly tailored systems.

2. Portfolio analysis can be easier using the Data Standard
We’ve built aggregation and dashboarding capabilities directly into Airtable using Common Approach’s extension, and have already tested it with one SFI using their real portfolio data and reporting needs. Interested in trying it out? We’d love to hear from you!

3. We’re developing a practical approach to help SFIs get set up
In collaboration with wholesalers, we’ve started preparing JSON-LD files for SFIs that submitted impact data for 2024. These files can serve as a starting point for aligning with the Common Impact Data Standard, whether by using Common Approach’s data utilities (in Excel or Airtable) or by importing the data into an aligned software system.

4. We’re testing lightweight tools for SPOs
We’ve developed a Reporting Template in Excel for SPOs participating in the Social Finance Fund, designed specifically for those that don’t yet have dedicated data systems. This free, easy-to-use tool helps SPOs track and report the impact data required by the SFF. We will be testing it with a handful of SPOs this summer. Reach out if you’d like some of your SPOs to be part of the pilot.

This shift doesn’t mean we’re abandoning software—far from it. While the challenges above will need to be addressed, we continue to believe that IMM software is essential for deeper analysis, efficiency and scaling impact practices. But we’ve seen that spreadsheets are a great starting point. They build familiarity with the Data Standard and make future software onboarding smoother (think: ready-to-migrate historical data).

Our goal remains the same: supporting a healthy, effective, and coordinated impact measurement ecosystem across the SFF. But how we get there is evolving.

We still believe software is the long-term solution. It enables better analytics, reduces manual work, and supports deeper insight. But adoption can’t happen overnight. Readiness comes first.

That’s why our focus in the short- to medium-term is on:

• Helping SFIs align their existing spreadsheets and databases
• Testing and refining our Airtable and Excel-based data utilities
• Building real-world examples of SFI and SPO adoption
• Continuing to grow our list of software partners with features tailored to SFI needs
• Supporting software partners in developing portfolio-level analysis capabilities

If you’re an SFI wondering how and when to start, our answer is: start with what you have.

We’re here to help you map your current data, identify gaps, and ease into alignment with the Common Impact Data Standard, using tools you already know.