- Making an informed decision
Following the first part of this topic,
Circular economy for many companies is something of a top-up nature, instead of a daily must for the time being.
For companies that are in difficulties (, or those not), believe the leaders could well prioritise it as to whether to have this fully or partially on board or leave it for a later time.
While it could mean extra work, costs etc, the involvement has its positive sides too.
Like most commercial activities, it’s better to make an informed decision.
I’ve outlined the structure of going about the subject in the diagrams below for reference.
From a general sense, the benefit of adopting and adapting to circular economy is that a company might take the chance to improve the internal and external processes/relationships for a bigger strength and collectively better commercial and social effects that could snowball into the future.
Many companies actually already have recycling, returning etc as part of the operations, which are typical actions towards the circular economy. The next step is, how to systemise the structure and processes to maximise the commercial benefits, as well as to achieve more for a circular economy in the role the company is playing in the community.
As other ESG areas, supply chain is one of the main executing functions here. Better SC efficacy leads to easier implementation and more benefits.
Starting from getting to know more, maybe eventually this could be included in the 2024 achievement list? ⛳
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