CS Pradnesh Kamat, CS Hasti Vora & CS Charu Roopchandani – [2023] 153 taxmann.com 219 (Article)
Introduction
In the ever-evolving landscape of business, corporate houses are increasingly recognizing the importance of incorporating social responsibility into their core strategies and technology is playing a key role in making this possible. Corporate Social Responsibility (CSR) is no longer just a buzzword, it has become a business imperative. And with technology evolving at lightning speed, companies have more tools than ever to make a positive impact on the world.
In recent years, the interplay between CSR and technology has emerged as a driving force behind innovative solutions for social and environmental challenges. By leveraging technology, companies can more effectively track and report on their CSR initiatives, which can help them to identify areas for improvement and optimize their sustainability efforts.
This article explores the symbiotic relationship between CSR and technology, highlighting how technology can help effective and seamless implementation and monitoring of CSR to create a brighter, more sustainable future.
1. Leveraging Technology for Sustainable Practices
Technology has opened new avenues for businesses to address environmental concerns and societal challenges more effectively. It has become an increasingly important tool for companies looking to make a positive impact. As companies continue to prioritize their social and environmental responsibilities, technology has become an increasingly important tool for designing, monitoring and implementing CSR programs. By encouraging technology, companies can more effectively address social and environmental concerns, while also improving their own operations and reputation.
2. Enhancing Transparency and Accountability
Transparency and accountability are critical pillars of CSR. These two help to build trust with stakeholders and demonstrate a company’s commitment to social and environmental responsibility. By leveraging digital platforms, companies can more easily communicate with stakeholders and respond to their concerns. Social media, for example, has become a powerful tool for companies to engage with customers and address their concerns in real-time.
It is also advisable for companies to provide photographs and geographical tagging of their projects to provide greater transparency to ensure the visibility of CSR initiatives to the stakeholders. This level of transparency fosters trust and credibility among regulators and other stakeholders.
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