Introduction:

Circular Economy is based on the idea of extending the life of resources for continual usage and
eliminating waste. It has offered a new paradigm on products’ use and reuse.
Clients are now rethinking their ways of operation and are adopting circular economy practices. From
an economic perspective, it helps businesses reduce dependency on new resources and thereby,
optimise the production cost while reducing pollution. It helps promote the idea of effective waste
management by reducing and reusing it to the maximum extent possible. The beauty of circular
economy lies in the fact that it creates a ripple effect on all related industries and stakeholders.

Significance:
Today, less than 10% of the world functions in a circular manner. As we inch closer to climate
catharsis, there is an immediate need of a strategic approach which enables clients to imbibe a circular
strategy into their core business strategy in a manner which enables transparent operations and fact-
based decision-making.
There are umpteen business benefits of adopting a circular approach to operations:
1. It acts as a trigger to multiple innovations around the idea of reuse and recycling of resources
2. It helps companies be less dependent on scarce resources
3. It increases operational efficiency
4. The new offerings improve customer experience and help companies gain competitive
advantage.
5. Adopting circular ways of working and subsequent impact improves the client’s brand
perception in the market

How to make the circular economy vision a reality:

1. Advocacy of the vision of all involved parties is often the most critical step for the success
and augmentation of a Circular Economy model. The leadership should consistently enforce
the importance of the changes and help educate the workforce on concepts of circular
operations.
2. Robust Strategy:
3. Stakeholders’ Buy-in: Implementing a circular business model is often associated with high
costs at the beginning and therefore, it requires full faith of all involved stakeholders and a
strong business case to back the operating cost increase.
4. Operating Model Innovation:

Way Forward: