Circular business models can be applied across the entire value chain – however, the biggest value potential is typically achieved during the product usage phase, requiring increased forward integration of manufacturing companies. Successful transformation into a circular business requires a considerable shift in capabilities, mindset and collaboration as manufacturing companies will have to adapt their products and solution design, and continuously engage with their customers and ecosystem partners.
Business intelligence derived from IoT, sensors and analytics to improve life-time productivity can increase value by enabling high lifetime revenues and increased profit margins on the installed base.
(Text source: ‘Circular economy business models for the manufacturing industry’ published by SITRA, Technology Industries of Finland and Accenture Strategy, 2020)
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