Too often, transitioning to a circular business model is viewed primarily as an investment in the company’s image. While there surely is an advantage in that sense, this type of thinking misses the point. Going circular in industrial settings means saving a considerable amount of time, raw materials and money, while opening up all kinds of opportunities to innovate, diversify and develop additional revenue streams.
Today’s connected/smart industry solutions allow companies to easily monitor, optimize and improve their production processes. Industrial Internet of Things (IIoT) devices such as sensors and connected systems provide decision-makers with new sets of data, shedding new insights on KPIs, primary products, by-products and waste management. By taking advantage of these tools, companies can increase their competitiveness along their entire value chain, ultimately leading to higher profits, all while helping the environment.