PUTTING A VALUE ON ‘PRICELESS’
An independent assessment of the return on investment of special libraries in Australia
“Australian health libraries’ return on investment
Special library study indicates over $5 return for every $1 invested
Wednesday 2 April 2014: A study released today which suggests law firms, government departments, associations and other organisations involved with special libraries gain over $5 in return for every $1 they invest in special libraries.
The Australian Law Library Association, Health Libraries Inc (HLInc), Health Libraries Australia (ALIA HLA, a national group of the Australian Library and Information Association) and the Australian Library and Information Association commissioned award-winning firm SGS Economics and Planning to survey special libraries across the nation and from this to assess the return on the annual investment in these services to their organisations.
ALIA Executive Director Sue McKerracher said, ‘Working in the library and information sector, we all recognise the value of special libraries. What is exciting about this report is that an independent firm of economists has been able to put a figure on the value—and that figure is five times the original investment’.
The indicative finding of $5.43 for every $1 invested is likely to be even higher. SGS assessed the benefits provided directly to special library users, including time saved and value of ‘out-of-pocket’ expenses such as journal subscriptions. However, the user focus of the study omitted the return on investment in terms of client outcomes, and SGS said ‘it is highly likely that the benefits of industry libraries outweigh their costs considerably’.
The full report Putting a value on priceless: An independent assessment of the return on investment of special libraries in Australia can be downloaded here.
For more information, contact: Erin York, Communications Manager, ALIA 02 6215 8225, or Sue McKerracher, Executive Director, ALIA 0404 456749.”