#CSRAudit: New age reporting mechanism for Stakeholders

The corporations around the globe are now shifting their focus to improve the reporting tools and mechanisms with a view to give a comprehensive picture of the activities to the stakeholders. A growing number of companies see sustainability reporting as a means to drive greater innovation in their business operations to create a competitive advantage in the market. Fiinovation believes that, there is an urgent need for new reporting techniques & reporting mechanisms to be introduced in the market which are simple, understandable and clearly conveys the impact to the stakeholders.

#CSRAudit can be the answer to those corporations who want to bring greater transparency & accountability in their CSR interventions while keeping the stakeholders engaged and informed. Often organisations neglect stakeholders’ participation, but their engagement is vital for successful running of the project. Now, it is up to organisations what methods, service or tools they will employ to inform and engage stakeholders about the projects undertaken. Time has come for organisations to start adopting new age reporting mechanisms such as #CSRAudit to effectively communicate the impact of the CSR activities and strengthen the process of engagement with the stakeholders.

#CSRAudit can help the organisations in reducing the loopholes between the planning and implementation of the programme and helps in assessing the long term impact based on audit findings. It can also prove helpful in improving the strategy of execution after the data of the ongoing activities are collected. Fiinovation believes that in today’s competitive global market, organisation’s image is everything when it comes to attracting new ventures and projects for growth and expansion. ‘Brand’ building is one such area which remains on top of the priority list of every company or organisation whether small or large. This can also be addressed through conducting #CSRAudit for better brand positioning and image building to earn long term benefits.

Another area which stakeholders would like to know about i.e. optimum utilization of resources and manpower for operational efficiency. #CSRAudit can help in gathering data and provide insights to stakeholders to channelize the resources in the right direction for better utilisation of resources to achieve greater efficiency and output.

Fiinovation believes that #CSRAudit is imperative for achieving not only organizational goals but improving the overall performance of the organisation. No matter what methods you choose to utilize in keeping stakeholders informed of project progress, but it is important to keep them involved in the project planning process. Therefore, Fiinovation recommends that Indian companies should not ignore the benefits of CSR audit thinking it as an additional cost burden, rather consider it for reaping long term benefits.

By – Rohit Kaul

Media & Communications – Fiinovation

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