Circular economy aids in performance
– Dr. Srinivasa Kosiganti, Enterprise Architect, Tech Mahindra
Transitioning from product-based models to service-based ones is crucial for sustainability. This shift promotes technological advancements that facilitate efficient recycling processes.
Growing emphasis on sustainable practices
Across sectors like manufacturing, oil and gas, precision medicine and healthcare equipment management, there’s a growing emphasis on sustainable practices and circular economy principles. Carbon capture and utilisation (CCU) technologies exemplify recycling and circular energy concepts by converting captured CO2 emissions into valuable products. Advanced water systems in oil and gas operations, alongside genome sequencing in healthcare, optimise resource use and production processes while reducing waste.
Utilising AI and new tech
Technologies like AI, augmented reality and virtual reality enhance recycling efforts and drive economic growth. The projected revenue growth in key industries underscores the importance of adopting circular energy practices and leveraging innovative technologies for sustainability.
Product as a service model
Transitioning from selling products to offering them as services marks a pivotal shift in business dynamics, particularly emphasising the role of technology. This model not only encourages manufacturers to prioritise durability, maintainability and sustainability in their products but also underscores the importance of recyclability. By adopting a “product as a service” approach, which is similar to models like software as a service or infrastructure as a service, recycling gains significant traction. This shift aligns with broader trends towards renewable energy sources such as solar, wind and hydropower, reflecting to a commitment to sustainable resource usage. Moreover, it addresses environmental concerns by minimising the ecological footprint associated with traditional fossil fuels, creating a circular economy. As non-fossil energy sources gain prominence, efforts to reduce dependency on finite sources and mitigate environmental impacts gain momentum, offering a path towards a sustainable future.
