Firms Facing Circular Economy Challenges – Sage

A new survey by software development firm Sage has highlighted challenges for senior manufacturing and distribution industry leaders in the transition of their business operations to the circular economy (CE). The report noted that CE strategies are considered “a priority” for 84% of those surveyed, but two-thirds have yet to transform their operations accordingly. Respondents reported several barriers to implementing a CE strategy, with 71% citing difficulties finding employees with the appropriate area expertise. Further barriers include cost and budget limitations (68%) and challenges in updating technology integrations and processes (68%). Nonetheless, Sage added that 32% of organisations believe they will achieve benefits from incorporating a CE strategy within the next three years. Thirty-two percent of firms worldwide, and 43% of firms in North America, have experienced “significant benefits” from incorporating CE strategies, including “greater profitability and productivity to improved resource usage and an enhanced brand reputation”, the report said. Isaac Sacolick, Founder and President of StarCIO, a technology firm focused on digital transformation, said: “Organisations can overcome these barriers with innovative thinking. Recruiting from a wider talent pool to bring data and analytics skillsets into the fold will help manufacturers and distributors see the bigger picture.” 

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