The whole idea of a circular economy is to hold onto as much value as possible from products, parts and resources. This robust, efficient way of working ultimately leads to spending less on raw materials.
A circular business model moves from selling products to offering a service. Businesses tend to hold onto the responsibility – meaning increased customer contact for service, maintenance and repair. This presents an opportunity to offer great customer service, and retain
customers for life.
Millions of tonnes of materials are wasted every year as a result of over ordering, incorrect ordering or damaged products. This means money is wasted too. Reusing materials and maximising resources leads to less waste, cutting environmental impact and wastage costs. Win win.
Switching your operations to a circular model creates a demand for new services and skillsets. You may need to hire remanufacturing experts, or marketers who can help you reach the right sort of market.
A circular business model offers a stable working process, and boosts resiliency. No more supply errors or price spikes in the supply chain. And a stronger ability to deal with unexpected changes in the business.