Technology-Driven Innovations in Social Accounting for Sustainable Business Growth

Abstract

The chapter explores how technology has been instrumental in the development of social accounting (SA) practices and in the promotion of sustainable business growth. It strives to establish how such seemingly digital innovations as blockchain, artificial intelligence (AI), big data analytics and green technologies are increasing the possibilities for organisations to report on and manage their social and environmental concerns. Beyond conventional frameworks, there seems to be a shift occurring into event-driven and stakeholder-focused accounting models that use real-time data and multimedia applications to represent better an organisation’s social impact. Looking from the perspective of the Indian business environment, the chapter attempts to offer paid context on SA while simultaneously providing some insights transferable to the developing economies. It goes on to provide a critical assessment of the problems and potentials arising out of engaging technology in social accountability frameworks while putting emphasis on the need for reporting methods that are inclusive, transparent and adaptable. The discussion also traverses regulatory frameworks, stakeholder interaction and emerging trends in this line of study. This chapter argues for the positioning of technology within SA so as to affect some corporate transparency and environmental responsibility; thereby, it engenders stakeholder trust and strategic positioning. This integration is thus necessarily pursued by whichever company that would like to sustain itself in a global market increasingly aware of sustainability aspects. Hence, the SA domain might create pathways for value addition through SA technologies that enhance long-term value creation for society and shareholders alike.