Can Digital Payments Replace Cash Payments?

Technology has revolutionized the way people shop, sell, and save, and people are increasingly moving away from using cash. Even though, the rise of these digital payment systems and electronic banking has led to debates among economists, business experts, and the public about the future of cash. Recent studies states show cashless transaction volumes will increase by over 80% to 1.9 trillion by 2025 and that digital payments per person will triple by 2030.

The Move to Cashless Societies

The evolution of money as a payment method goes back to 5th century B.C. where what we know as coins today were first used. This transition from the old form of payment through bartering to the use of a universal payment method was industrialised in the ancient European continent in a region called Lydia where coinage manufacturing (minting) first took place.

Corporate Governance Digitization Strategy

Good governance encompasses the processes, practices, and policies that form the cornerstone of companies enabling leaders to responsibly manage their companies. Consequently, technology is mission-critical and crucial to the survival of a business.

20 years on: 9/11, Lone Wolves, and the threat of “New Threat-ism”

The attacks of 9/11 ‘changed everything’ for terrorism research – or, so at least the story goes. Brian Jenkins of the RAND corporation famously captured the field’s zeitgeist with a rephrase of an earlier version of his work, stating the ‘new type of terrorists’ “want a lot of people watching, and a lot of people dead” (own emphasis).

Can technology play a bigger role in enhancing CSR?

Information technology (IT) is an effective enabler for all sorts of business strategies, so it comes as no surprise that IT is useful for implementing a firm’s CSR initiative. There are many technological practices available that are targeted at improving the impact of CSR. Technology remains the basic driver of societal development, but growing social expectations place new demands on technology developers of responsible and sustainable technologies that could adequately support the solution of social issues in modern society.   Technology can help businesses to adopt a more coherent and integrated reporting framework. Through technology, companies are better placed to include detailed data on their supply chains and regional operations, providing a more comprehensive picture of their corporate sustainability and compliance. Consequently, technology allows businesses to explore and benefit from the interconnections between organizational strategy, governance, and economic performance. For example, Google is using its technology to tackle education inequality worldwide. The company has supported the creation of an open-source platform that translates books into local languages spoken in smaller communities around the world (Rico). Therefore, investors want to be associated with companies that have a long-term strategy to sustainably operate and maintain harmonious relationships with their stakeholders.   There is a huge potential for technology in strategizing, planning, managing, and reporting CSR programs. It has the potential to impose great impact. For companies looking to break away from the traditional way of doing and managing CSR, technology is regarded as a game-changer in the long run. These plans and strategies have the rationale for choosing the causes to support, beneficiaries, and locations to focus on and modalities of monitoring and reporting based on their previous learning and data analytics.   Technology could play a bigger role in enhancing CSR since tech platforms can bring greater transparency by bringing all the relevant stakeholders on one plane. Technology can help in prioritizing CSR expenditure by aligning them with the needs on the ground and helping choose the right partners at the planning stage. Additionally, CSR strong planning is a very important step that can be done by introducing various tech platforms. Tech based monitoring of CSR programs provides eyes on the ground and direct access to beneficiaries which paper-based monitoring cannot. CSR and Innovation are the foundation of business competencies. These two elements help companies to create value and new ways of operations that may be more efficient in resource utilization and will benefit the company in the long term.   References: John Riccio, How big tech is giving back to society, https://www.pwc.com.au/digitalpulse/tech-philanthropy-industry-giving-back-society.html. María I. González-Ramos* , Mario J. Donate , Fátima Guadamillas, “Technological Posture And Corporate Social Responsibility: Effects On Innovation Performance”, http://www.eemj.icpm.tuiasi.ro/pdfs/vol13/no10/Full/9_665_Gonzalez-Ramos_14.pdf. Goodera, “Technology as a game-changer for CSR”, https://goodera.com/blog/csr/technology-as-a-game-changer-for-csr/.

How Technology is Helping ESG Rating

With the help of software developed by a number of tech companies like INTELEX, Greenstone, Accuvio and Navex, companies can now easily manage their compliance with different ESG frameworks. These play a crucial role particularly since there are more than 400 ESG metric.

Role of Tech Companies in Managing Corporate Social Responsibility

One of the positive roles Tech companies can play in enhancing Corporate Social Responsibility is through providing different tech solutions to help business, companies and multinationals measure CSR related metrics. Tech companies developed software to help manage both, internal and external, Environmental, Social and Governance reporting.

Book Review: Corporate Social Responsibility and Law in Africa

The book titled Corporate Social Responsibility (CSR) and Law in Africa, is a timely contribution to literature in this era, with regards to the role of corporate law towards promoting sustainability in Africa. The book is a rich source of knowledge in understanding how CSR can be embedded in the governance of firms and provides a framework to achieve this.