It follows the ideology of sealing the cycles of production, consumption and disposal of products with encouragement of reuse, recycling and regenerating material and resources. Circular Economy Models promote recovering goods and materials beyond their use, instead of the linear use-and-discard approach, relying on repair, recycling, sustainable design, and efficient resource use.
Goals of the circular economy, thus, attempt to reduce the impact on the environment and foster economic sustainability in the long-term perspective. Though we will learn more about this in the following part, the best way to get an idea about how the circular economy model functions and what positive outcomes it has is to become familiar with what technological progress can be nowadays caused by this new perspective on the world. Sensors and the IoT technology embedded in the products and systems make it possible to track and monitor resources precisely.
What are the Incentives for Circular Business Models?
The ability to monitor circulating parameters in the circular economy includes sensors that can be used to monitor energy consumption, water quality, or temperature, and thus, ease the process of optimization, identification of possible issues, and related decision-making processes. Minimizing wastes and increasing resources will give greater knowledge of the large amounts of data obtained and analyzed to advance resource management and decision-making in the circular economy.
Due to the technology of 3D printing, we can produce individual and exclusive products without resorting to their large-scale production and the resultant wastage. In addition, 3D printing can accelerate the time of repairing and reusing components to the further lifespan of the product, generating less need of new resources. Transparency and traceability in supply chains are provided by this technology and these are paramount to the circular economy. It can trace down the materials, products and the life cycle use of the material until it reaches the last point so as to trace the sustainability practices and genuineness of the recycled products.
Key benefits of a circular economy in tech
These are the kinds of internet services that comprise connections between individuals and companies in order to trade, resell and reuse of used items. Here we are talking about extending the life of the product and minimizing the wasteful phase, and it results in the generation of business and encouraging circular economy. In the circular economy, the technological advances provide us with the possibility to ensure optimal utilization of resources, minimize wastes, and make the way to a more sustainable future. With the implementation of much of these technologies, at Bassols Energia.
We enhance efficiency in all we do and leave our mark on environmental conservation and, therefore, as a pioneer of the shift to the idea of a circular and responsible economy. The fear of lack of natural resource, pollution, and need of consumption alternative that would guarantee future of world has also provoked companies to be interested in finding new ways of production that could streamline their operations thus making them sustainable and self sufficient. Therefore, the ideas of the circular economy, eco-design, sustainability materials, resource efficiency, shifts in the energy paradigm and waste.
Making the case for the circular economy in tech
Reuse are gaining their significance in the everyday companies functioning operation. And technology is essential in the implementation of them. To make the long-awaited switch to a sustainable economic model as well. A research report on the power of technological innovation in Circular Economy and sustainability by UPV/EHU university gives the statement that technological progress and digitalisation allow the businesses to achieve their circularity optimization, although the improvement relates to the minimization of materials and energy consumption, waste creation, and emissions primarily.
What technologies do you see as the best opportunity? It is just a matter of need of every company. Robotics will be the case in other applications owing to the fact that, say, robotics can more easily bring under its control the management and treatment of the waste (it can use robots in collection, transfer and sorting operations).
Conclusion
Whereby it is possible to track the entire production process in real-time and prolong the life cycle of the machinery, or Artificial Intelligence that can predict possible complications or other mistakes before they take place, hence reduce costs of operation. This is all without having ignored other type of technology such as 3D printing that makes it possible to be able to build made to measure products, less use of mass production, and the possibility to be able to fix and reuse components, thereby lengthening their exploitation, which decreases the use of new materials.
Or Big Data and data analysis, that study tendencies, find the weak places, and make the best of available resources. Or Blockchain, with its transparency and traceability of the supply chains. In this respect, businesses know about the advantages of merging technology and sustainability. The report 2023 Spanish IT Barometer by the consulting company SEIDOR shows that 93 percent of the top management of Spanish companies view technology as being essential to move forward the sustainability of their organizations and achieve a beneficial contribution through their actions in the society.
