Australian businesses now have a powerful new tool to track and report their social impact, thanks to a strategic partnership between Social Traders and RobobAI. The collaboration aims to help companies understand and leverage their procurement spending to create meaningful societal change.
The partnership leverages AI technology to help businesses consolidate and analyze their spending with certified social enterprise suppliers. This comes at a critical time, as mandatory sustainability reporting became effective on January 1, 2025, initially targeting large businesses but expected to expand in the coming years.
Research indicates that two-thirds of a company's potential social impact stems from its supply chain. The new platform will enable businesses to not only evaluate their spending with social enterprises but also quantify the direct financial impact on local communities.
According to Social Traders' 2024 Report on Identified Social Enterprises, the sector currently represents nearly half of an estimated 12,000 social enterprises in Australia. These organizations invest $5.7 billion annually and create 89,000 jobs for individuals who might otherwise face employment challenges.
The AI-powered solution will help businesses quickly identify spending patterns, discover opportunities for social procurement, and generate comprehensive impact reports. By providing granular insights into supplier and category-level details, companies can make more informed, data-driven decisions about their social enterprise spending.
As sustainability reporting evolves, this partnership positions businesses to stay ahead of regulatory requirements and demonstrate tangible social performance outcomes. The technology offers a streamlined approach to tracking and reporting social impact, potentially transforming how companies approach corporate social responsibility.
