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 to conscious capitalism:
- Run a socially conscious organization that makes a profit
- Run a for-profit business that is socially conscious
#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 shows 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 our world’s 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 impact on the environment.
- Should a business owner not find any relevant data, they can try using public data to help solve a problem. Nestlé is a great example of this. Information gathered from the National Institute of Child Health and Human Development found that a large percentage of women and children living in India suffered from anemia. Nestlé developed a spice packet that was filled with vitamin A, iron, and iodine. You may not have the resources that Nestlé’s does, but any positive impact you have will make a difference to someone or something.
#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 change and a profit, it’s a win-win all around. With conscious capitalism, any positive change matters.
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