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What are the most reliable sources of social impact data for your business?

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If you want to measure and communicate the social impact of your business, you need reliable data sources that can help you track and report your performance. But where can you find them? And how can you use them effectively? In this article, we will explore some of the most common and credible sources of social impact data for your business, and how to leverage them to improve your sustainability strategy and stakeholder engagement.

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Raj Kapoor

Founder | India Blockchain Alliance , Chairman | Global Alliance for Ethical AI, Sustainable Tech, ESG, Climate Tech…
Jogitha Kanappaly

CSR & ESG Expert | Driving Sustainability Initiatives, Analytical Solutions
David M.

Socio Líder de Precios de Transferencia / Investigador Economía Circular

1 Standards and frameworks

One of the first places to look for social impact data is the standards and frameworks that guide and benchmark your sustainability efforts. These include the Global Reporting Initiative (GRI), the Sustainability Accounting Standards Board (SASB), the International Integrated Reporting Council (IIRC), the Social and Human Capital Protocol (SHCP), and the United Nations Sustainable Development Goals (SDGs). These standards and frameworks provide you with indicators, metrics, and principles that can help you measure and report your social impact in a consistent and comparable way. They also help you align your business goals with the expectations and needs of your stakeholders, such as investors, customers, employees, and regulators.

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Raj Kapoor

Founder | India Blockchain Alliance , Chairman | Global Alliance for Ethical AI, Sustainable Tech, ESG, Climate Tech, Tech4Good AI/ML. International Keynote, G20 and TedX Speaker. Tech Zero. Blockchain and AI Leadership
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Besides the usual reliable data points like GRI, SASB etc., social impact databases like B Analytics and ImpactBase are good to refer to as they aggregate data on companies committed to social and environmental responsibility, providing access to credible and up-to-date social impact data and insights. Additionally, reports and publications from NGOs such as the World Wildlife Fund, Oxfam, and the UN offer comprehensive data on various social and environmental issues. Regularly updated government reports and publications, from agencies focused on environmental protection and social welfare, are also reliable sources for businesses aiming to make informed decisions based on reliable social impact data.

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Marek R. Helinski (M.Sc. MBA) B2B Export ??PL EU ? ?? ?????

Find your new growth opportunities with experienced international business development senior executive - B2B export, innovations, inventions, new technologies, AI, CSR/ESG - business partners search, product sourcing
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I'd say: - Global Reporting Initiative (GRI), - Sustainable Development Goals (SDGs) Indicators Database, - Carbon Disclosure Project (CDP), - B Corporation Impact Assessment, - SASB (Sustainability Accounting Standards Board), - CSRHub, - ImpactAlpha, - World Bank Data, - Social Progress Index (SPI), - Human Development Index (HDI), - OECD Better Life Index, to list a few. Always ensure that the data you use comes from reputable and authoritative sources. Additionally, consider the specific needs and goals of your business when selecting data sources to align with your social impact initiatives.

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2 Surveys and feedback

Another source of social impact data is the surveys and feedback that you collect from your stakeholders, especially those who are directly affected by your business activities, such as your customers, employees, suppliers, and communities. Surveys and feedback can help you understand the perceptions, opinions, preferences, and satisfaction of your stakeholders, as well as their challenges, needs, and expectations. They can also help you identify the gaps, risks, and opportunities for improving your social impact. Surveys and feedback can be collected through various methods, such as online platforms, mobile apps, interviews, focus groups, and polls.

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Jogitha Kanappaly

CSR & ESG Expert | Driving Sustainability Initiatives, Analytical Solutions
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Social impact can also be measured through social media analytics. Platforms like Twitter, Facebook, and Instagram offer valuable insights into public sentiment and engagement with your brand or initiatives. These platforms provide real-time data on user interactions, mentions, and trends, enabling organizations to gauge the effectiveness of their social impact strategies and adjust accordingly. A study by the Pew Research Center found that 55% of U.S. adults get news from social media, highlighting its importance as a source -News Use Across Social Media Platforms in 2020, Pew Research Center, 2021. Social media analytics thus complement traditional survey methods by providing a broader, dynamic perspective.

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3 External ratings and rankings

A third source of social impact data is the external ratings and rankings that evaluate and compare your business performance on various sustainability aspects, such as environmental, social, and governance (ESG) criteria, corporate social responsibility (CSR) practices, and social return on investment (SROI). These ratings and rankings can help you benchmark your social impact against your peers, competitors, and industry standards. They can also help you attract and retain investors, customers, employees, and partners who value sustainability. Some examples of external ratings and rankings are the Dow Jones Sustainability Index (DJSI), the FTSE4Good Index Series, the Corporate Knights Global 100, and the B Impact Assessment.

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David M.

Socio Líder de Precios de Transferencia / Investigador Economía Circular
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In my review of the topic, I have found rankings based on indicators to be quite useful at the company level: Dow Jones Sustainability Indices (DJSI): Benchmarks companies on economic, environmental, and social criteria. FTSE4Good Index Series: Gauges companies with strong ESG practices. MSCI ESG Ratings: Comprehensive evaluation of companies on a broad range of ESG criteria Corporate Knights Global 100: Annual ranking of the world's most sustainable companies based on ESG indicators. CSRHub: Aggregates CSR data to generate rankings based on overall CSR performance. Reputation Institute's Global CSR RepTrak: Ranks companies on CSR practices and reputation.

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4 Internal systems and tools

A fourth source of social impact data is the internal systems and tools that you use to manage and monitor your business operations, processes, and outcomes. These include your enterprise resource planning (ERP) system, your customer relationship management (CRM) system, your human resource management (HRM) system, and your data analytics and visualization tools. These systems and tools can help you collect, store, analyze, and communicate your social impact data in an efficient and effective way. They can also help you integrate your social impact data with your financial and operational data, and create dashboards and reports that can inform your decision-making and strategy.

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Monika Duda (she/her)

ESG Reporting and Communication | Policy & Sustainability Analyst | Accessibility Expert | ESG Risk Management | All opinions are my own
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A company itself serves as the primary source of valuable social data, dispersed throughout its various departments and processess. This decentralized data often resides in different organizational silos, reflecting diverse aspects of social matters. Human resources may hold insights into employee well-being and diversity, while customer service may capture stakeholder concerns. By systematically collecting and integrating this scattered data, a comprehensive picture of the company's social impact emerges. Collaborating across departments and leveraging technology for data consolidation allows for a holistic understanding of social performance. When effectively harnessed, it becomes a powerful tool for informed decision-making.

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5 Partnerships and networks

A fifth source of social impact data is the partnerships and networks that you establish and participate in with other organizations and entities that share your sustainability vision and values. These include your industry associations, your non-governmental organizations (NGOs), your academic institutions, your media outlets, and your public sector agencies. These partnerships and networks can help you access, exchange, and validate your social impact data, as well as learn from the best practices and innovations of others. They can also help you amplify your social impact and influence by collaborating on joint projects and initiatives, and advocating for common causes and policies.

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María Fernanda Martínez Valladares

Research | HR | EX | Sostenibilidad | ESG | Responsabilidad e innovación social | Transformación
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La participación en redes puede tener varios beneficios en tu proceso de medición de impacto social, te dejo algunos por aquí: - Comprar buenas prácticas de medición de impacto - Acceso a data de la comunidad de influencia - Acceso a marcos de trabajo especializados - Validación de los datos por terceros Entre otros

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6 Continuous learning and improvement

A sixth source of social impact data is the continuous learning and improvement that you pursue and embrace as part of your sustainability journey. This means that you constantly evaluate and review your social impact data, and use it to identify and implement actions that can enhance your social impact and value creation. This also means that you seek and welcome feedback and suggestions from your stakeholders, and use them to improve your data quality and relevance. And this also means that you keep abreast of the latest trends and developments in sustainability, and use them to update and refine your data sources and methods.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Shashi Kant M.

MBA - IIM Lucknow || MSM - Netherlands ||CSTEP || Finance || Ex- Manager PNB
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From education to environment, businesses use data to gauge their impact. Teach For America tracks graduation rates, Unilever tailors products with demographics (e.g., rural India water purifiers), Patagonia uses customer feedback (organic cotton transition), Walmart tracks energy & supplier practices, Global Fund partners share disease data, and CDP leverages satellite imagery for deforestation insights. These diverse sources empower businesses to measure progress, identify areas for improvement, and make informed decisions for positive social & environmental impact.

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What are the most reliable sources of social impact data for your business?

1

2

3

4

5

6

7

1 Standards and frameworks

2 Surveys and feedback

3 External ratings and rankings

4 Internal systems and tools

5 Partnerships and networks

6 Continuous learning and improvement

7 Here’s what else to consider

Sustainability

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What are the most reliable sources of social impact data for your business?

1

2

3

4

5

6

7

1 Standards and frameworks

2 Surveys and feedback

3 External ratings and rankings

4 Internal systems and tools

5 Partnerships and networks

6 Continuous learning and improvement

7 Here’s what else to consider

Sustainability

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