#plasticrawmaterial

Creating a fully circular business model requires digital business ecosystems that can make meaningful decisions and act. Companies must enhance their digital processes while simultaneously creating durable, interoperable ecosystems. They should implement circular business models and use digitalization to support circular ambitions, develop synergies and jobs, and create new opportunities for innovation and differentiation. Rawtech Trade, an online plastic marketplace in the UK, has changed the game for plastic trade. Now, buyers and sellers can connect from any part of the world to trade all plastic products easily and instantly with a few clicks. Due to this, economic efficiency will be achieved, savings will be made, and profits will be increased by developing this innate virtuous circle.

What is a circular economy?

An economic model with the goal of creating sustainable and eco-friendly services and products is defined as a circular economy. It will restrict the raw material consumption and waste of resources, along with waste production. 

The transformation of waste into recycled raw material for use in product design or other services breaks with the linear economy model based on take-make-consume-throw away.

Integrated directly into sustainable development, the circular economy model fits in well. It is simply a part of a global strategy putting the green economy principles,  ecodesign, industrial ecology, and functional economy into use to sustain raw materials (water, energy, plastic, etc.), and control waste

Putting an end to relying on limited natural resources.

Natural resource consumption is decoupled from economic growth and development in a circular economy. The company uses principles and strategies to achieve global environmental and climate goals while increasing profitability and competitiveness. As a result, it enhances supply chain flexibility and improves our resilience, innovation, and resource efficiency.

Waste will be nothing more than a comma in the history of the global circular economy. 

It is estimated that almost nothing was thrown away before the Industrial Revolution and mass production; all items were reused, repaired, or recycled. 

But nowadays, we consider products and materials that are no longer useful as non-usable. There must be an end to this practice. 

The concept of waste must not be an integral part of our modern society if we are to reach global climate goals while increasing global wealth. 

Therefore, the economic value of materials and products must remain intact, and they should never be considered unusable; instead, they should constantly prepare themselves for their next phase of use.

The circular economy should be ecosystem centric.

Organizations have the most opportunities to innovate and differentiate in a circular economy. A circular economy collaboration allows companies to create, capture, and deliver the sustainable value of products and materials with the help of their ecosystem partners.

Utilizing all life cycles and extending product lifespans, companies improve the efficiency of their resources, decrease reliance, improve their customers' intimacy and benefit from new sources of income.

Using Digital Technology to Enable Circular Economy

Information can now travel with a product thanks to various digital technologies. With the help of digital technology, we can now identify a product, and capture, share, store, and analyze data during the entire lifecycle of the product.

Two types of technologies exist for identifying and tracking products: embedded or attached anchors. These anchors can be of three types: 

Physical: fluorescent markers or watermarks

Digital: Radio Frequency Identification (RFI) or printed electronics

Biological: chemical tracers or DNA markers.

Once the technology identifies the product, its data can be quickly retrieved by recognizing its design, location, and condition, thus updating its information online. 

The transition towards the circular economy.

Though the task is quite challenging, shifting the internal and mindset biases is still essential. It means we must shift from a limited company-centric focus to a broader and long-lasting transition to ecosystem-centric collaboration. 

Businesses and organizations must train themselves to expertise in circular business models, as they will be the ultimate future. Integrating customers and partners deeper into organization operations requires leveraging their digital backbones. As a result, identification and trust will become strong, the value will be emphasized in the use of the service rather than in the transaction, and new innovations will be introduced to the market, thus enabling and improving value co-creation.

A circular economy's ecosystem-centric business model is built on this migration to a digital core. Value creation, capture, and delivery must become part of the executive's work process. Participation is essential to gain experience, even if an organization chooses to refrain from participating as a keystone player. Co-creation with business ecosystem partners and customers is only one benefit of the shared global digital backbone. In addition to minimizing environmental harm, it provides a path to greater profitability and competitiveness.

The future is now. Rawtech Trade, one of the biggest online plastic marketplaces in the UK, is playing its part efficiently in digitizing plastic trade across the globe. Check out the website to know more.