New Delhi: Speaking at ‘India International CSR Summit’, Abhishek Agarwal, Senior Vice President, Judge Group, said, “With the increasing acceptance of CSR in the business world, technology companies have also come up with a solution that aid in making the process simpler and organized. One such technology that can be used is Artificial Intelligence. AI can help to configure and optimize a CSR program; AI can understand the business value drivers of a firm as well have the ability to generate positive outcomes for multiple stakeholders.”
The summit was organized online and saw the participation of industry stalwarts from organizations such as Magic Bus, Jindal Stainless Limited, Birlasoft, Emami Limited, Fortis Healthcare, CRISIL Limited, etc. The speakers deliberated on ‘Corporate Social Responsibility 4.0’; Sandeep Simon Behera, Director – Branding & Promotions, Karunya Institute of Technology and Sciences (Deemed to be University), was the moderator of the event. Further speaking on the topic Agarwal, said, “AI can track and monitor emerging trends and the global changes that can provide an accurate and multi-dimensional measure of a CSR programme against global standards. To give an example, there are AI algorithms that can help suggest relevant NGOs or social service activities; corporates can browse and check which of these activities align to their CSR goals and can select accordingly.”
The advance technological solutions have made the work much simpler and convenient as compared to decades ago. The knowledge and expertise of the new age technology that companies bring to the table help the NGOs to face and resolve the challenges that they are facing. “Use of technology-based platforms for CSR activities is making tracking more efficient. The outcome of CSR plans can be measured, and it can give an idea of the impact. Both the parties can keep track of utilisation of funds, project deliverables, and timelines via a report; these utilities help in focusing on goals since the relationship is built on collaboration as opposed to a transactional equation,” he added.
He also said, “CSR has attained a new level of acceptance as corporate are recognizing responsibility towards the society. The change can be attributed to the social awareness of the customers also, which has made companies to meet the customer expectations of the social responsibility – environment, social, economic, etc. In fact, CSR was a central issue at the World Economic Forum (WEF) in Davos in January 2020. The business leaders are adopting a new form of capitalism, which is not only focused on shareholder value but also on serving the world, as Industry 4.0 is rewriting the role of business in the society.”