One of the cornerstones of a successful CSR initiative is its quantification and evaluation.
Monitoring how effective a CSR strategy is can be instrumental in shaping future CSR initiatives for the company and lead to increased efficiency in problem solving. Furthermore, the transparent reporting of these activities can effectively communicate a company’s diligence towards fulfilling their ethical responsibilities to their clients and investors.
Often, companies can face challenges related to CSR planning, implementation, and monitoring. These include:
Information is key when it comes to successful CSR projects. For identifying projects that align with the company’s goals, it is important to conduct internal and external surveys and find relevant and scalable projects.
Lack of information and skilled volunteers can often cause impediments to creating scalable projects. Working with experienced non-profit organizations as well as proper training of volunteers and employees, along with monitoring their engagement and progress is crucial for a sustainable and growth-oriented plan of action.
Creating a brand image for the company as well as the goal of employee retention are important benefits that come from successful CSR strategies. However, these are intangible value creations that are hard to measure and often depend on accurate and transparent reporting of the CSR activities and impact generated by the company. Having a CSR monitoring software in place can lead to seamless reports generated on employee and client engagement. It can also be used to update the company’s website with relevant data on meeting CSR targets for a specific quarter.
Since India made CSR a legal obligation for companies, India’s CSR policies have seen numerous amendments. Tracking so many compliances and adhering to various regulations can often lead to slips in conforming to the law and cause valuable resources and time to be spent on untangling uncomfortable situations. Thus, a CSR management software is suitable for not only properly reporting CSR initiatives and creating accurate audit reports, but also for building a transparent and accountable system for CSR reporting.
A CSR monitoring software or platform helps in generating a responsible report on the impact created through a company’s CSR initiatives. It collates information on the company’s CSR funds, their allocation, the partner NGOs, and the utilization of resources, influence and outreach of the project, and internal volunteering engagement and client response to the company as well.
So, how exactly does a CSR project management software work?
CSR planning takes time and effort. Similar to a jigsaw puzzle that requires keeping the bigger picture in sight, it requires understanding the smaller blocks and piecing them together for reaching the target. This requires scrutiny and crucial elements of the strategy fitting together. Therefore, the monitoring software should focus on certain key areas, based on the MoU signed between the company and the partnering non-profit:
A CSR monitoring software should be updated with the regulations and laws regarding CSR. It should also align with the company’s credentials and setup to verify its compliance with the changing laws.
A successful project also means timely completion and judicious allocation of the available resources. As the monitoring software tracks the progress of the project and identifies potential roadblocks to its completion, it is crucial in maintaining the timeline and dispensing its resources for the appropriate tasks.
By providing important metrics for designing and tracking CSR projects, the monitoring software equips the company to make better decisions regarding potential and real-time roadblocks. Through the data generated, reliable monitoring software provides insights into the proper and successful implementation of CSR initiatives by creating a space for devising timely solutions.
The CSR management software at SoulAce, for example, supports a company’s CSR planning by helping the team design their projects and track and evaluate their progress. The software also tracks employee and client engagement and generates reports and audits based on the company’s requirements. The many benefits of using this platform include:
The software generates real-time information on tracking and submission of beneficiary data. This includes NGO information and reports as well, so that the CSR process is transparent on all fronts.
Accessible project performance reports are available on centralized dashboards and mobile-apps which provide key analytics and tools for the management of CSR projects.
Features such as geo-tagging, photographs, and other performance indicators can help customize the app and keep track of the project in real-time. This customization can be altered from company-to-company and on a project-to-project basis, thus encompassing the uniqueness of the CSR initiatives.