Abstract
The recent technological inclusions in supply chains are encouraging practitioners to continuously rethink and redesign these supply chains. Organizations are trying to implement sustainable manufacturing and supply chain practices to utilize their resources to the full extent in order to gain a competitive advantage. Circular supply chain management acts as the main pathway to achieve optimal circular business models; however, research in this area is still in its infancy and there is a need to study and analyze how the benefits of technology can be leveraged in conventional models to impact circular supply chains and build smart, sustainable, circular business models. To gain better familiarity with the future research paradigms, a detailed systematic literature review was conducted on this topic to identify the dynamics of this field and domains deserving further academic attention. A holistic and unique review technique was used by the authors to capture maximal insights. A total of 96 publications from 2010 to 2021 were selected from the Web of Science core collection database through strict keyword search codes and exclusion criteria, with neat integration of systematic and bibliometric analyses. The findings of this study highlight the knowledge gaps and future research directions, which are presented at the end of this paper.
Highlights
The circular economy (CE) approach is a strategy used for sustainable development.The 3R principles of CE are content elimination, reuse, and recycling based on a circular system in which all products are recycled and reused [1]
This study aimed to review the literature to study how technologies have been applied in conventional supply chain settings, and how and where such technologies could best fit in the circular supply chain (CSC) scenario to move forward towards building a circular business model (CBM)
A new service-based paradigm known as Product as a Service (PaaS) exists in another dimension, in which the customer does not buy the equipment but rather uses it as a service and returns it
Summary
The circular economy (CE) approach is a strategy used for sustainable development. The 3R principles of CE are content elimination, reuse, and recycling based on a circular system in which all products are recycled and reused [1]. The new economic business model for sustainable industrial growth is based on the principle of circularity, which refers to the productive application and reuse of energy, resources, and products. This contrasts with the current linear economic model, which is related to the acquisition, production, and disposal of materials within the business model [2]. Union, are firmly backing CE-based business models in order to manage environmental degradation. The term “circular economy” was first formally used in [3], while the idea of closed systems was introduced in [4], the author of which envisaged a future economy that would work by reproducing the limited stock inputs and recovering waste outputs
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