More Companies Turn to Technology to Manage CSR Initiatives
Within the next two years, 89 percent of companies in the U.S. and 62 percent in Europe plan to use technology to manage their corporate social responsibility initiatives, according to a new AMR Research survey. However, while environmental issues are of prime importance in Europe, U.S. firms seem to be ahead in the integration of CSR-related data systems.
Currently, 47 percent of European companies either gain no CSR-related data from IT systems or have numerous disconnected systems; compare this to just 19 percent in the same position in the U.S. Nearly half of U.S. companies (49%) claim to have some or fully integrated systems to provide information on CSR topics; 32 percent claim to have just started the integration process. Just 17 percent of European-based companies have fully integrated systems.
Close to 70 percent of companies have a dedicated budget for CSR initiatives, with 48 percent of companies having a dedicated budget for environmental initiatives.
Of those that are tackling the subject, the leading business reasons were as follows:
- Customer satisfaction/loyalty
- To strengthen corporate brand and reputation
- Business opportunities (cost savings, improved profits)
- Compliance to regulatory requirements
- Moral imperative
- Board of directors pushing organization in that direction
- Competitive advantage
- Strategic risk management
- To encourage product innovation
- To elevate employee morale
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