It is imperative to mention that the role of social responsibility has recently increased, and it became a crucial part of many businesses. Enterprises should consider numerous internal and external factors when making decisions because they could have a long-lasting impact on the environment and may have other implications. The fact that some actions may affect stakeholders also should be acknowledged (Jensen & Scheuer 2016). Furthermore, it would be reasonable to apply such concepts to particular areas of spend.
One of the areas in which ADNOC is willing to spend enormous amounts of resources is new technologies. Moreover, a lot of attention is devoted to software programs. It is hard to argue with the fact that their economic value is incredibly high (Wilson 2015).
One of the most significant aspects that should not be overlooked is that they may lead to tremendous growth. The enterprise that has access to the latest software programs has many advantages over its competitors, and it is reasonable to keep track of the recent developments. The revenue of the company is also expected to increase because such tools may be utilized to identify the most problematic areas and assess issues that should be addressed. ADNOC has access to necessary resources, and it is easier to manage supply chains (Hoejmose, Brammer, & Millington 2013).
The environmental dimension also should not be overlooked. Software programs help to develop strategies that would minimize possible harm and damage to surroundings (Collins & Flynn 2015). Also, they make communication much easier, and emergencies can be resolved promptly. Moreover, enormous amounts of data are collected, and it is possible to calculate how available resources may be used as efficiently as possible (Mullerat 2010).
On the other hand, social benefits are not as obvious and should be evaluated. It is paramount to understand that such technologies may help to increase levels of creativity among employees. Also, workers are likely to be retained because they value companies that support innovative approaches. The functionality of modern software programs has been increasing, and they may be utilized to communicate with consumers.
One of the challenges when applying the principle of TBL that may occur is that it is not an easy task to justify why the purchase of such products is beneficial from the social perspective (Tullberg 2012). Moreover, it is possible to state that their impact on employees is relatively small. Also, the introduction of new approaches may be met with disapproval, and many workers are reluctant when it comes to accepting changes. The problem is that it is not an easy task to evaluate such factors as satisfaction rates and others, and one may think that such expenses are not reasonable because it is hard to prove that they are efficient.
In conclusion, it is quite evident that the concept of TBL is quite useful because it helps to determine the benefits or disadvantages of particular services or products. Overall, possible challenges and conflicts should be taken into account because it could lead to severe complications.
Reference List
Collins, A & Flynn, A 2015, The ecological footprint: new Developments in policy and practice, Edward Elgar Publishing, Northampton, MA. Web.
Hoejmose, S, Brammer, S & Millington, A 2013, ‘An empirical examination of the relationship between business strategy and socially responsible supply chain management’, International Journal of Operations & Product Management, vol. 33, no. 5, pp. 589-621. Web.
Jensen, I & Scheuer, JD 2016, The balanced company: organizing for the 21st century, Routledge, New York, NY. Web.
Mullerat, R 2010, International corporate social responsibility: the role of corporations in the economic order of the 21st century, Kluwer Law International, Frederick, MD. Web.
Tullberg, J 2012, ‘Triple bottom line – a vaulting ambition?’, Business Ethics: A European Review, vol. 21, no. 3, pp. 310-324. Web.
Wilson, JP 2015, ‘The triple bottom line’, International Journal of Retail & Distribution Management, vol. 43, no. 4/5, pp. 432-447. Web.