Circular Economy, the sustainability effort
The Supply Chain (SC) has still a long-challenging way to go. A significant percentage of leaders found that the integration of sustainability is a fundamental element for business success; however, many are far from fully incorporating it into their management processes or the possibility that sustainability adding value in the short-term.
According to some researches, Supply Chain (SC) is to blame for the high per cent of environmental impact. The pandemic has massively multiplied the demand for real end-to-end SC visibility, not only from businesses but also from consumers. This crisis, plus the significant changes in consumers' behaviour, makes it urgent to integrate SC visibility and sustainability when looking forwards to companies' development.
Circular Transition Indicators, a collective effort
Incredibly, but the world is currently only 9% circular. Before the pandemic, the statistics showed another factor relenting this approach: the low percentage of industries trying to close the gap of a Circular Economy. If the pandemic has made one thing clear is that countries and enterprises can no longer act alone.
Circular Economy might have a positive-massive impact on your organisation, such as measures towards fundamental-sustainable future, a framework to respond to business needs for Circular performance insights at all level, opportunities, and the related risks it might take place.
The World Business Council for Sustainable Development elaborated the Circular Transition Indicators, a practical tool to support organisations to overcome the barriers of the 'new normal.'
What can leaders do to put this project into practice?
Industries must join forces to support a robust-clean-smart future for the Economy now in crisis and collaborate for better Supply Chain processes.
It is now time for the private and public sectors to leave behind the linear model and set ambitious circular targets. Issues such as transparency and alignment are vital to establishing a common purpose to develop a global and reliable framework to quantify circularity.
To take advantage of these opportunities, you need:
· Collaboration, because no companies can drive the needed Circular Transitions on its own.
· Measurement, because what is not measured, cannot be managed.
What does it offer?
· CTIs is an evaluation of the resilience and sustainability of a business.
· It is a factual-quantitative framework easily operated by all levels, organisations, sizes, value chain, and geographies.
· The CTI offers an everyday use of internal-easy decision-making communication with key stakeholders.
· It can collect real-measurable-verified data through a free online tool.
· It allows corporations to comprehend and be the owner of their circular transition tool, centred on their capacity and priorities.
· It delivers complete confidentiality without sharing data with third parties.
· The CTI makes available practical support to corporations to fast-track the transition to the Circular Economy.
· Businesses now have quantitative metrics to consistently measure their circularity performance to understand the associated linear risks and find circular opportunities.
· The CTI process helps companies pinpoint, set up the assessment, interpret its results, understand its risks and opportunities, and prioritise actions to establish SMART targets to monitor progress.
This CTI tool's initiation in business operations has had great acceptance among stakeholders, customers, and regulators' requesting circular performance information. Those corporations already prepared to assess, supervise and develop their circularity can now figure out how to boost business's stability and value, to bring resilience to business practices, standing high their authentic leadership.
Conclusions: Companies of all sizes and industries worldwide can confirm their Circular Economic engagement by measuring their circular baseline with the newest CTI tool's deployment.
Is your industry ready to demonstrate its commitment to the Circular Economy?
Do you think your Supply Chain is summing and not resting value to a sustainable world?
Dave Food