Leadership should establish priorities and ensure accountability for circular economy initiatives
The circular economy is based on shifting away from a linear economic model to one centered on regeneration and reuse. Circular economy solutions are often positioned as enabling manufacturers to achieve cost efficiencies and facilitate product innovation while reducing the carbon footprint of operations and products. Click to tweet: According to a new @NavigantRSRCH report, the circular economy represents both a challenge and an opportunity for the manufacturing industry.
“The manufacturing industry faces increasing cost pressures and heightened risk exposure from commodity price volatility, customer preferences, regulatory environments, and geopolitical conditions,” says Rafael Go, senior research analyst at Navigant Research. “While adopting a circular economy model can increase manufacturers’ exposure to risks, it presents an opportunity for positive economic growth combined with positive environmental social impact.”
Incorporating circular economy practices requires fundamentally rethinking and retooling current operations and business models, according to the report. To position for success, manufacturing companies should map current resource use and waste generation to hedge the risks of a more regulated and demanding carbon reduction future. Leadership should establish priorities and ensure accountability for circular economy initiatives, and organizations should engage business partners and customers to communicate circular economy priorities.
The report, Circular Economy Solutions for Modernizing Manufacturing, discusses circular economy solutions and their potential. The study details how circular economy solutions differ from other value product chains, and the strategic and operational advantages these solutions offer. It includes recommendations of business strategies and other operational changes. Increasing awareness of the various pathways to the circular economy best enables manufacturing companies to pick and choose the optimal approach. An executive summary of the report is available for free download on the Navigant Research website.
About Navigant Research
Navigant Research, the dedicated research arm of Guidehouse, provides market research and benchmarking services for rapidly changing and often highly regulated industries. In the energy sector, Navigant Research focuses on in-depth analysis and reporting about global clean technology markets. The team’s research methodology combines supply-side industry analysis, end-user primary research and demand assessment, and deep examination of technology trends to provide a comprehensive view of clean, intelligent, mobile, and distributed energy. Additional information about Navigant Research can be found at www.navigantresearch.com.
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* The information contained in this press release concerning the report, Circular Economy Solutions for Modernizing Manufacturing, is a summary and reflects Navigant Research’s current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Navigant Research nor Guidehouse undertakes any obligation to update any of the information contained in this press release or the report.