INDUSTRY 4.0 – AS A TECHNOLOGY ENABLER FOR CSR

Abstract

Corporate social responsibility now has become a global phenomenon where businesses all over the world are trying to create and well accepted image in the eyes of stakeholders as well as gain competitive advantage out of such initiatives. The newly evolving themes around corporate social responsibility are not restricted to the social consequences of business action but are built around the aspects like sustainability, resource conservation, waste management, customer satisfaction, power saving and employee satisfaction. These new areas of CSR encompass almost all activities of business and all the systems within the business management. There is ample amount of the research showing correlation between management practices and CSR. The fourth Industrial Revolution is one of the technology-based solutions that is been globally adopted by almost all businesses. This involves cyber physical system-based integration of technology and human effort.This research paper’s purposes is to analyse the influence of Industry 4.0 practices independently as well as along with general management practices of the business on CSR. as per the review of literature, the authors have attempted to understand CSR from the evolving perspective of the concept taking it forward from mere business consciousness to socially responsible business practices. The paper analyses how Industry 4.0 based technologies play an effect on cross functional business activities creating a positive impact on CSR initiatives. This study’s findings suggest that Industry 4.0 has a positive along with cross functional business activities effect on the CSR practices of organizations. Although individually both Industry 4.0 and cross functional business activities have a positive impact on CSR but combined impact of both Industry 4.0 and cross functional business activities is slightly better. Looked from this perspective Industry 4.0 can serve as a technology enabler for CSR.The research has created a guideline for improving CSR activities of organisations. It is also revealed how human technology interaction-based Industry 4.0 solutions impact the CSR performances of the organisations.The paper proposes a novel approach of integrating Industry 4.0 technology solutions with business activities for solving CSR issues. It is bringing forth impact of Industry 4.0 as a technology enabler on CSR, which never been thought earlier and it contributes the addition in literature available.