Circular Economy and Supply Chain Management
Chen Hongmei*, RAII Ferdaous*, Lujun*, AMARIR Layla*
*Yanshan University, Qinhuangdao, Hebei Province, China
Keywords: Circular Economy, Supply Chain Management, Sustainability, Technology, Big Data, Flexibility, Frameworks, Strategies, Innovation, Regulatory Environment
Abstract
This paper delves into the integration of Circular Economy (CE) and Supply Chain Management (SCM) as innovative models for sustainable operations. CE involves recycling materials to recover inherent values and eliminate waste, while SCM aligns processes with circular principles, emphasizing waste reduction and resource efficiency. The symbiotic relationship between CE and SCM is examined, highlighting a systemic view of the supply chain as an ecosystem supporting sustainability. The transition to circular supply chains requires a significant shift from linear models, supported by real-world examples that illustrate practical success. The role of technology and big data in circular practices is crucial for efficient resource tracking and optimization. Supply chain flexibility emerges as a key factor, enabling companies to respond to changes while maintaining efficiency. The paper discusses frameworks and strategies for implementing circular supply chains, emphasizing collaboration, product redesign, new business models, and reverse logistics. The conclusion highlights the operational and strategic necessity of circular economy principles in supply chains, calling for further research, collaboration, and a collective commitment to global sustainable supply chain management.
