Value for Money
At Orbit we take Value for Money very seriously. In this section you can find our Value for Money Self Assessments (Statement) for Orbit and our Value for Money framework. This explains how we drive efficiency across Orbit as part of a campaign of ‘Making it Count’.
What does Value for Money mean?
Delivering Value for Money (VFM) is an integral part of Orbit’s corporate ethos and values; our ambition is to run an efficient and effective organisation whilst providing value for money services to our customers. Our Customer First framework makes the commitment to “fully satisfy agreed customer requirements, at the lowest internal cost”. In the very simplest terms this means making the best use of the resources available for the provision of homes and services, whilst achieving quality standards agreed with our customers. We challenge ourselves to ensure the best use of our resources by first understanding the benefits and measuring them, thus enabling us to realise those benefits over the lifetime of the investment or project. Providing Value for Money will improve our services and release resources to provide more houses, improve our existing homes and enable us to invest in our products and services and the communities where we work.
Other ways to ‘Make it Count’
In order to manage the homes we own effectively we also have something called a Portfolio Management Tool to show us what properties are used for, what they cost to repair and how much income they generate.
We have also saved millions of pounds by really focusing on how we buy goods and services – this is called procurement and you can find details of how we do this in our Procurement Strategy.
Supplier Payments in terms
|Financial year||Proportion of valid & undisputed||The amount of interest paid to|
|invoices paid within 30 days in||suppliers due to a breach of the|
|accordance with regulation 113||requirement in regulation 113|
|The Government have recently issued guidance under r113 of the Public Contracts regulations, that asks Housing Associations to publish performance regarding payment of suppliers. The table complies with this request and shows how many invoices Orbit have paid within 30 days and how much interest Orbit has paid due to late payment.|