Why Do Corporations and Companies Need a CSR Monitoring Platform?

CSR managing platforms are becoming an indispensable asset to every organization, as they are investing to develop a constructive, beneficial, and well-ordered strategy for creating, managing, executing, and disseminating their CSR goals.

Corporate Social Responsibility (CSR) reveals the humane, ethically conscious, and responsible front of corporate monoliths and companies. In the efforts of creating a more ethical business model, India became one of the first countries to make CSR mandatory, by incorporating it into the Companies Act of 2013, in April 2014. Further, with the growing awareness of social and environmental responsibilities, employees and clients wish to engage with corporations that are responsible and transparent in their execution of CSR. Thus, with its growing importance, CSR has transformed into an independent body within companies, tasked with engaging employees and clients in activities geared towards promoting social and environmental welfare.

The following are some ways in which CSR benefits corporations and companies:-

1. A good CSR campaign can positively impact overall company returns.

2. Responsible, transparent, and effective CSR activities improve employee engagement and retention.

3. Creating a loyal client base becomes easier when clients can rely on the company’s efforts for creating a positive impact in the society and/or environment.

4. Creating social and environmental impact that positively impacts local and global welfare results in positivity within the company, improving its overall productivity and outreach.

However, despite its numerous benefits, CSR activity management, execution, and tracking can become a cumbersome process involving mountains of files, strings of interwoven communications, and constantly shifting social and environmental needs. Thus, in the age of growing reliance on digital tools and artificial intelligence, CSR monitoring platforms are becoming increasingly important.

A CSR monitoring platform is a tool to aid and enhance the CSR department of a corporation or company. It utilizes the software to transform the CSR management into a seamless experience.

Here are some ways in which a CSR monitoring platform can be useful for companies and corporations:-

1. Creating a Central CSR Database

With a central login portal for all stakeholders, the CSR managing platform collates the data relating to multiple CSR initiatives across locations and themes into one access point. This reduces the time and effort taken by the administration to track access and retain all information pertaining to the corporation’s CSR initiatives. This further benefits the tracking of complying with government regulations as these can also be stored on the software and the tools can allow for easy access to records and requirements for confirming with these regulations.

2. Strategizing for CSR Initiatives

The CSR management platform provides interactive tools to conduct in-house and wider surveys to understand employee and client motivations to participate in CSR activities. The demographic data can also be used to indicate activities that are most popular or engaging. Further this platform can also provide data on budgets and funding to map the most realistic strategies to create actionable CSR initiatives.

3. Allocating Responsibilities and Proper Recognition

This platform can also track employee information based on participation engagement making the process of employee recognition and effective job allocation smoother. It is beneficial in tracking employees suitable for rewards, as well as improving the execution of their responsibilities by enhancing communication amongst multiple channels and using the data management tools.

4. Efficient Impact Assessment and Report Writing

An essential aspect of CSR is knowing it is creating impact and providing the necessary documents to various stakeholders to substantiate this. This can be a grueling process going to numerous factors that are required in tracking the success of an initiative and subsequently forming a comprehensive report. The CSR management platform simplifies and alleviates this process. Again, owing to its centralized database, it is easier to assess the impact of the CSR activity and the software can express this data in multiple combinations to reveal the most prominent metrics, implications, and potential targets for the future. Owing to the interactive data visualizations, report making also becomes an engaging process that is actively pursued and understood, and becomes an actionable tool for guiding future activities.

5. Sharing the Company's Achievements and Improving its Transparency

Due to its centralized database, it is possible for all involved stakeholders to be abreast of the CSR activities undertaken by a company, by accessing the CSR managing platform. However, sharing this report with the world, on the company website, and keeping track of the awards and certifications associated with CSR, which solidify the integrity of the corporation, are integral towards participation in CSR. This process is also made smoother by employing a CSR managing platform, which regularly updates this information and gives reminders regarding deadlines for awards, thereby increasing the outreach of the company.

At SoulAce, this platform is built with web and mobile compatibility to make CSR tracking and execution more efficient. With an expanding database covering the themes and agents associated with creating the best CSR impact, SoulAce provides a convenient and comprehensive solution to the CSR management team of the Coprorates. The database and the platform of SoulAce allow the users to create customized plans for CSR project execution and interact with on-ground NGOs and organizations to create a long lasting and measurable impact.