Australian businesses now have a powerful new tool to measure and report their social impact, thanks to a strategic partnership between Social Traders and RobobAI. The collaboration leverages artificial intelligence to help companies easily track and analyze their procurement spending with certified social enterprise suppliers.
The partnership comes at a critical time, with mandatory sustainability reporting now in effect as of January 1, 2025. Initially targeting large businesses and set to expand over the next three years, these regulations are expected to increasingly include social reporting obligations.
Social enterprise spending represents a significant opportunity for businesses to create positive societal change. According to recent research, two-thirds of a company's potential social impact stems from its supply chain. The Social Traders 2024 Report on Identified Social Enterprises revealed that social enterprises invest $5.7 billion annually in community development and create 89,000 jobs for marginalized workers.
RobobAI's AI platform will help businesses consolidate and classify their spending data with certified social enterprise suppliers, providing granular insights into their social procurement strategies. This technology enables companies to generate comprehensive Social Impact Reports that demonstrate tangible community outcomes.
As businesses face growing pressure to adopt sustainable and ethical practices, this partnership offers a strategic approach to meeting stakeholder expectations. By utilizing AI-driven analytics, companies can now easily identify and expand their social enterprise procurement, contributing to meaningful social and economic transformation.
