The circular economy is what everyone is talking about in the Waste & Recycling industry and Business Green have a great article about how new technological innovations can help make it more of a reality.
One of the most common issues from manufacturers exploring circular business models is the unpredictability and cost of getting products back to factories. Unpredictable flows of product at the end of their first life, creates uncertainty and cost.
But what if, asks Business Green "you don't need to return the product at all?"
What if you can remotely service products or know exactly which component has failed?
Or can carry out guided and predictive maintenance before a product fails?
In an industrial setting, where downtime because of machine failures can lead to lost orders and cost millions of pounds, not only could this extend a machine's life but it can also reduce business continuity risks and increase factory efficiency.