How can organisations measure impact effectively?

How sustainable or effective are run-off-the-mill CSR initiatives in delivering social / environmental impact? Is anyone measuring or quantifying these activities? How can corporations standardise and efficiently report impact?
Social Return on Investment (SROI) is a method for measuring and communicating a broad concept of value that incorporates social, environmental and economic impacts. It is a way of accounting for the value created by our activities and the contributions that made that activity possible.Can corporations now quantify impact into tangible economic values to boards and stakeholders?