Meaningful Metrics for Knowledge Exchange: Rethinking Social Value Metrics for University-Business and Community Interactions

Abstract

This paper introduces the Meaningful Metrics Framework. It has the potential to provide a novel approach to evaluating Knowledge Exchange (KE) in UK Higher Education Institutions (HEIs). Moving beyond financial proxies, the framework captures the social value of interactions among universities, businesses, communities, and public partners. Grounded in four years of international research on digital performance indicators, it proposes a co-created methodology that reflects diverse stakeholder perspectives, builds trust, and supports long-term collaboration. Central to the framework is the concept of a measurement convention, operationalised through tools such as the Partnerships Pre-Settled Goals Agreement (PSGA) and the role of the Meaningful Metrics Convenor (MMC). These mechanisms foster early alignment, clarify shared objectives, and ensure transparent accountability. Fieldwork with KE practitioners highlights gaps in current metrics – particularly around student engagement, local impact, and tracking progress – and demonstrates the value of more inclusive, socially attuned indicators. The paper showcases metrics used by universities to demonstrate the success of their initiatives, inform strategy and support funding decisions. By reframing measurement as a collaborative and capacity-building practice, the framework aims to strengthen KE evaluation, improve decision-making, and enable the sector to capture its full social value. Beyond KE, this approach can help the wider research impact community account for and recognise the social value of academic-related activities. Funders and other philanthropic bodies increasingly emphasise co-designed research that reflects stakeholders’ perspectives and generates tangible social impact. To ensure that social value is effectively delivered and recognised, alternative evaluation perspectives can be applied. Translating collaborative research into progress metrics requires careful attention, and the Meaningful Metrics Framework offers a practical tool to support this process.