A recent Gartner survey found that 74% of supply chain leaders expect profits to increase between now and 2025 as a result of applying circular economy principles. Read the press release to learn more: GartnerSC Sustainability
The circular economy is a system which decouple resource consumption from business value and growth. This is achieved by designing products and materials for reuse, keeping materials in use at their highest quality for long as possible, and by applying new business models. When materials can no longer be used, materials are returned to the environment in a way that does not cause harm.
“The circular economy represents systems-change; it is rare to be able to scale circular activities in isolation. Scalability will depend on overcoming the barriers. Technology will speed up activity, create visibility and automate decision making. Partnerships can help to bridge knowledge gaps and create shared value. Measurement is essential to showing progress to stakeholders, maintaining buy-in and good will,” Watt said.
The survey showed that respondents are making changes to the supply chain including integrating circular economy products into the planning process , adding new capabilities to existing manufacturing sites , and adding new locations for repair/ remanufacturing and waste management which are company owned . Looking out over the next three years, the focus will increase on procurement, with buyers being incentivized to purchase circular materials .
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