How Companies Can Use Technology As a Force For Good

In a rapidly digitising world, companies are coming to grips with the imperative to move their business online. However, to successfully compete in the digital space, businesses need to understand how they can use technology as a force for good.

When done right, technology can help:

• Create sustainable and ethical practices across your value chain
• Build trust and loyalty with your customers
• Enable new business models that better serve society
• Empower employees to work more efficiently and effectively

However, when done wrong, technology can do the opposite: exacerbating inequality, harming the environment, and violating people’s privacy.

It’s crucial for CEOs and boards to take a proactive role in setting their company’s digital strategy to ensure a positive impact. They need to think about how they can use technology to create value for all their stakeholdersーnot just shareholders. And they need to build the right team with the right skills and values to execute the strategy.

Here’s how your company can do it.

Digital Transformation

The digital era requires businesses to move away from slow, manual processes and propel toward automation driven by software and data. This can help reduce environmental impact, speed decision-making, and allow businesses to serve customers better. But the initiative and leadership must start with the CEO.

What should CEOs and boards do to reimagine their business in the digital era? How can they achieve digital transformation in an equitable, sustainable way? What mindset should they have, and what concrete approaches should they implement across their organisations, supply chains, and communities?

The answer lies in taking a holistic view of technology’s impact on people, the planet, and profitーand using this perspective to drive decisions about how to best harness its power.

Here are seven ways companies can use technology as a force for good:

1. Improve business efficiency

Companies can use technology to improve business efficiency. For example, many companies are using data analytics to improve their decision-making. Data analytics is a process of analysing data to find trends and patterns. The information enables companies to make better decisions about where to allocate resources and how to operate more efficiently.

In addition, technology can be used to automate tasks that are time-consuming or difficult to do manually. For example, many companies use robotic process automation (RPA) like Amazon to automate repetitive tasks such as data entry and invoice processing. As a result, RPA can help businesses reduce costs and improve efficiency.

2. Create sustainable practices across your value chain

Companies can also use technology to protect the environment. For example, Google Street View cars have sensors that measure air pollution levels. The data collected by the sensors is then used to create maps that show where air pollution is worst. This information can help people avoid areas with high levels of air pollution.

In fighting climate change, you can use technology to develop new clean energy sources. For example, Tesla offers solar roofs to power homes with fully integrated solar and energy storage systems. Solar energy is a renewable resource that does not produce greenhouse gases, making it a sustainable option for generating electricity.

Another example is the retail chain Marks & Spencer, which uses RFID tags to track clothing items throughout its supply chain. This helps the company reduce waste and ensures that clothes are only produced when customers demand them.

3. Generate new revenue streams

You can also use technology solutions to generate new revenue streams. For example, many companies are using subscription models to sell access to their products and services. Like Netflix, which charges a monthly fee for access to its library of movies and TV shows. This model has been successful for many companies as it provides a recurring revenue stream.

In addition, technology can be used to spur innovation and create new products and services. For example, Snapchat allows users to share photos and videos that disappear after a certain amount of time. This unique feature helped Snapchat become one of the most popular social media platforms.

So, you can use technology to promote better connections among people while also creating profit.

4. Improve communication and collaboration

You can leverage the role of technology to improve communication and collaboration within your organisation. For example, many companies are using video conferencing to hold meetings without having to travel. They use video conferencing to connect people in different locations so they can see and hear each other in real-time.

You can also take advantage of technology to create virtual work environments to promote inclusive workforce. For example, the cloud-based project management tool Asana allows teams to share files, assign tasks, and track progress. This helps teams stay organised and ensures everyone is on the same page.

5. Enhance customer experience

Technology can also be a tool to elevate the customer experience. For example, many companies use Augmented Reality (AR) to provide enhanced customer experiences. A company that uses AR is IKEA, which has an app that allows users to see how furniture would look in their homes before buying it. This will enable customers to make more informed decisions about their purchases.

You can also use technology to personalise the customer experience. For example, Amazon does it through their recommendation engine that uses data from a customer’s past purchases and browsing behaviour to make product recommendations. This helps customers find products they like and helps Amazon sell more products.

6. Fight poverty and inequality

There are many ways that companies can use technology to fight poverty and inequality. For example, mobile money transfer services like M-Pesa have helped people in developing countries access financial services that were previously out of reach. In Kenya, where M-Pesa was first introduced, the service helped reduce poverty by allowing people who have access to mobile phones but do not have or have limited access to a bank account to save and borrow money.

To fight inequality, companies can use technology to connect people with opportunities. For example, the social networking site LinkedIn allows users to find job opportunities and connect with potential employers. This has helped reduce inequality by providing people from all backgrounds with access to job opportunities.

7. Promote education and healthcare

Technology is also a tool that companies can embrace to promote education and healthcare in their communities. For example, Khan Academy is a free online education platform that offers courses in subjects ranging from maths and science to history and art. The Khan Academy has helped millions of people worldwide access the education they would otherwise not have had.

In India, the Akshaya Patra Foundation uses technology to provide hot meals to schoolchildren from low-income families. They can cook and deliver fresh meals to over 1.3 million impoverished children daily through their fully automated kitchens that can prepare 185,000 meals in less than 5 hours. By leveraging technology, the foundation feeds India’s hungry children daily.

Use Technology to Advance Your Business and Community

Companies can use technology for various purposes, such as improving business efficiency, enhancing customer experiences, generating new revenue streams, and improving communication and collaboration. So, take advantage of this opportunity to advance your business while also boosting your community. But remember that you have to be accountable for the potential impact of using technology, so it’s important that you ensure it’s used ethically and humanely.

All of these are possible with the leadership of a great CEOーwhich is where you come in.

Do you have the right people to lead and implement technology in your company?

Marlin Human Capital can equip you with the right talents for the job. We broker pioneering executive and technology leadership appointments for organisations like yours.

Get in touch with our team today to access talent that can help you start using technology as a force for good.