Ratio of the price savings obtained by the client from purchasing a product/service from the organization compared to the average price that would be otherwise paid for a similar product/service in the local market.
Organizations should report these prices as of the end of the reporting period.
Organizations should footnote all assumptions used, including how the similar, local product/service and price were selected.
This metric measures the price discount/savings as a percentage compared to a similar product/service.
For example, if the organization's product costs $5 and the average price for a similar product is $10 in the local market, this would be calculated as: ($5 - $10)/ $10 = -0.5 or 50% savings. Negative numbers can be interpreted as savings to the consumer (client).
March 2016 - IRIS v4.0 Released (current version)
Immaterial change. Minor revision to definition language for clarity.
March 2014 - IRIS v3.0 Released
New metric. Client Savings Premium (PI1748) developed via IRIS Taxonomy Group.
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