Conscious Capitalism: The Current Key To Growth
Businesses realize that their bottom line is multi-dimensional. It encompasses not only profit but our planet and its people as well. How does a business tap into these aspects? Data. Companies use data for everything from employee relations to SEO to finance. Smart business owners leverage that data for the greater good.
4 - Conscious Capitalism Is Emerging
There are two methods of conscious capitalism:
Run a socially conscious organization that makes a profit
Run a for-profit business that is socially conscious
Conscious capitalism reflects a shift in how businesses view their role in society, balancing financial success with positive impact on the environment and communities.
3 - The Socially Conscious Business
Helping people or the environment is part of the mission statement for these companies. Data can be used in various ways:
Information can be used to solicit funding and show potential donors tangible results.
Philanthropic businesses use multiple sources of data to create for-profit ventures. For instance, the World Resources Institute worked with their partners to utilize crowdsourced witness accounts, public data, and satellite imagery to track global deforestation.
2 - The For-Profit Business Looking To Become Socially Conscious
Many business owners are hesitant to go down this route as they feel it is too costly. Often, they’re wrong. First, business owners should evaluate all of their undiscovered data (“dark data”).
This new data can help a business run more efficiently and reduce costs, lessening its environmental impact.
If no relevant internal data is found, public data can be used to help solve a problem. For example, Nestlé used information from the National Institute of Child Health and Human Development, which found that many women and children in India suffered from anemia. Nestlé developed a spice packet fortified with vitamin A, iron, and iodine. While not all businesses have Nestlé’s resources, any positive impact can make a difference.
1 - Aim For A Win-Win
Every business owner has access to public or proprietary information. Ultimately, if a business can use data to make both a positive change and a profit, it’s a win-win all around. With conscious capitalism, any positive change matters.