Equity, Racial Justice, and Economic Empowerment
Audible is a U.S.-based audiobook and podcast service that allows users to purchase and listen to audiobooks and other spoken-word content online. Audible is the largest audiobook producer and retailer in the United States. Audible is a subsidiary of Amazaon.com, Inc, headquartered in Newark, New Jersey.
We have examined how an approach based on collaboration and partnership creates economic development for all.
- How can you meaningfully engage all of your stakeholders, including employees?
- How a business can positively affect the cities they call home.
- How can you create an inclusive approach to economic development?
Building IMM Capacity
Challenges before Sopact engagement
- Audible has multiple programs in the community that need alignment to the business value pillars.
- Audible is starting a pilot program leveraging Audible’s Newark Now debit card created with MoCaFi to support students and families at risk of food insecurity. It needs to have an impact framework defined from the beginning instead of evaluating it after the fact.
- Audible needs a program-level dashboard to make strategic decisions for initiatives such as Newark creating jobs, sustaining businesses, and attracting foot traffic resulting in economic empowerment.
Impact journey after engagement with Sopact
- Conducted an impact experiment for a pilot program Audible Bucks.
- Conducted end-to-end impact management from strategy, metrics, and data collection and built a dynamic dashboard within four months.
- In process of aligning all the other programs to business core values
- Able to connect all of the programs to the four core focus areas and three core value pillars of race, equity, and economic empowerment through Sopact impact advisory and Impact Cloud®.
- In process of decision-making dashboard for resource allocation with continuous impact learning
Audible has three pillars of business core value, Race, Equity, and Economic Empowerment of the community. The goal is to align all internal programs to the business value and continuous learning with data-driven decision-making capacity. Sopact helped Audible start with one program as an Impact Experiment serving as a pilot and learning will help to scale.
"We have seen a dramatic change in our impact learning processes after partnering with Sopact. We have consolidated Audible's current programs and organized them into cohesive focus areas. As a result, the focus area team now has a complete picture of the impact.
I cannot wait to see the dynamic data dashboard and all the programs at my fingertips to learn the return of our investments and make strategic capital allocation decisions with it. Audible progressed in light-years after one year of adding the capacity of IMM by partnering with Sopact!"