In this digital age, the wonders of technology are no surprise to anyone. Business owners are proactively using savvy tools across different channels to streamline operations. You can automate inventory management practices, streamline logistics, or expand your global outreach with digital marketing. Similarly, accounting software and expense tracking tools can come in super handy if you encounter money-related problems.
In addition to transforming processes, technological innovations can regulate business activities. Whether you want to start an online donation campaign or a plantation drive – technology plays a crucial role in corporate social responsibility (CSR). Nowadays, companies spend a lot of time and effort on CSR since it brings intangible value to businesses. It sends out a message of sustainability, leaving a good impression on consumers.
Are you taking part in CSR? Although you can’t conduct most CSR activities virtually, technology can help you design campaigns, measure sustainability, and strengthen business ethics. Therefore, if you want to build a competent CSR campaign, integrate technology. Here we’re listing five ways of how technology is impacting CSR.
Big Data Measures Sustainability
Unsurprisingly, big data is dynamic and accessible, providing real-time information to businesses. Thus, you can use it to collect and analyze data on sustainability performance. It leverages technologies like blockchain and artificial intelligence to find correlations between business operations and sustainability. At the same time, big data puts prices on third-party externalities and risks while creating solutions to monetize them.
Moreover, it facilitates sustainability reporting to analyze environmental, social, and governance (ESG) indicators. Can you work with big data? If not, opt for an information management degree or explore online courses to learn the ropes. It will help in achieving consistency between the company’s stated values and action in practice.
Strengthens Business Ethics
Before stepping into the outside world, find CSR opportunities within your firm. Firstly, use cost management tools to sell your high-quality products at a fair price. Likewise, cultivate positive and productive relationships with your suppliers and customers. Here, you can utilize customer relationship management software to keep a close eye on your customers’ whereabouts. Most importantly, provide employees with fair salaries and workplace autonomy.
Designs CSR Projects
Do you have any ideas for your CSR campaign? Being socially responsible is effortless. You can reduce carbon emissions, make donations for disabled people, or initiate environment-friendly investments. But implementing these campaigns in real-time is quite challenging. Luckily, technology provides a pathway for all these projects. If you want to volunteer for the community, the social tools will connect you to relevant NGOs and organizations. Similarly, you can invest in the energy or power sector to help them reduce carbon emissions.
Above all, tech-savvy tools encourage your customers and followers to take part in social activities. For instance, you can include a donate now button on your webpage. Otherwise, insert a donate box beside the checkout option so that people can donate while paying their bills.
Promotes Integrated Sustainability Reports
Unsurprisingly, technology can act as an enabler for businesses by adapting an integrated reporting framework. With digital tools, companies can include detailed data on their supply chain and regional operations. Besides providing a more comprehensive picture of corporate sustainability and compliance, you can identify the areas that need utmost attention. For instance, in this pandemic, many employees have lost their jobs. You can create some short courses regarding coding or business intelligence to expand their skill set and find better jobs.
Once you have a CSR campaign ready, publish an annual report on corporate social responsibility. It would inform stakeholders about your environment-friendly practices, building trust with your company. Simultaneously, it can captivate more investors because these days, people prefer investing in sustainable businesses.
Helps in Reducing Environmental Damage
Do you know corporate America is going green? Almost every organization is opting for environmental stewardship to gain a competitive edge in the industry. Fortunately, IT has tools to demonstrate that companies can be profitable while reducing environmental damage. Since the cost of non-renewable energy is likely to increase in the future, companies are looking for ways to become energy efficient. Smart tools can monitor energy usage and all kinds of emissions.
Besides this, connected devices can turn off equipment and lighting automatically, saving energy. Moreover, it can educate employees on efficient waste management practices and plastic hazards to make this world a better place.
Corporate social responsibility demonstrates that companies go beyond profitability and take an interest in social issues. In turn, it attracts customers and investors who share the same set of values, creating business goodwill. Since entrepreneurs already a plethora of responsibilities on their shoulders, leveraging technology for CSR can be useful. It unfolds smart CSR practices, builds reputation, and create awareness regarding environmental concerns.