Sustainability is a major goal for the economy moving forward. Closing the loop in terms of waste and ensuring that products can be recycled efficiently is important. New technology can monitor this process and eliminate unnecessary steps in production and design. Scaling up production while making sure that profits stream back into the economy can ensure that a system is viable long-term. Capturing and managing the environmental footprint of a product is necessary in order to find new ways to eliminate waste.
- Companies are focusing more on taking care of a product throughout the products’ entire life cycle for environmental purposes.
- Accenture claims that the circular economy is the biggest shift to take place in manufacturing in 250 years.
- Many manufacturers are shifting to a technique known as remanufacturing in order to reduce costs and help the environment.
“With a circular business model, manufacturing companies can achieve stronger value chain relationships and yield long tail revenues.”