CSR and Artificial Intelligence
What do corporate social responsibility (CSR) and artificial intelligence (AI) have to do with one another? More than you may think.
Whether you like it or not, the rise of artificial intelligence is slowly beginning to transform almost every aspect of society. The development of intelligent machines that are capable to think and reason like humans has created unique threats and opportunities that will dramatically shape the future.
AI has been applied to a number of different fields and industries, such as military, automotive, finance, marketing, accounting and more. This article will highlight some examples of how AI is being used to help companies implement their CSR initiatives and goals.
Benchmarking
The failure to accurately measure data or to measure the right data is one of the top reasons companies are not able to fully implement their CSR mandate. Due to internal and external factors, companies focus on the wrong set of data to draw their findings and set their CSR strategies. In addition, data can be interpreted in different ways, which can lead to certain company efficiencies appearing better to some than to others.
Artificial intelligence can assist companies in overcoming the human error and biases that could impede a company’s CSR goals. New AI technology can effectively remove the risk of human error in measurements and assessments, and can help companies compare their data in a way that is unvarnished and accurately reflects a company’s position compared to the global average.
Data Collection
AI can not only help properly measure and interpret data, but it can also be an excellent support for a company’s data collection process. Companies cannot develop a clear and coherent CSR mandate if they do not have the right data and information needed to formulate their strategies. In many companies around the world today, AI is being used to generate, collect and organize huge sums of internal company data. This data, along with external data from competitors, is absolutely essential for any company that is serious about developing an all-compassing CSR strategy.
New AI technology can help companies quickly gather and record this data, and help them improve their efficiencies by automating certain clerical practices. With this data, AI can be used to identify trends, strengths, weaknesses and help companies develop a solid foundation of knowledge upon which they can build excellent CSR strategies.
Cross-Functional Teamwork
Once all the data needed to develop a strong CSR strategy is collected, measured and entered into databases, it’s essential to have all the different functions of a business working together cohesively to execute any kind of strategy. Different parts of the business must be able to work together and monitor the progress that is being made as a whole in order to ensure that they are measuring well against their colleagues.
New AI software has given companies the power to track the performance of multiple dimensions of their business, allowing them to develop a holistic view of the progress being made. New AI technology and machine-learning programs are able to suggest solutions to issues in one area of a business, and provide a solution that creates success for the business as a whole. By engaging all areas of a company, AI can assist companies in executing a fully-functional CSR strategy that is implemented in every area of a company.
