CIRCULAR ECONOMY
Circularity is achievable , but it will take time , says Nuce . First , the procurement industry needs to prioritise digitisation . By moving away from outdated , paperbased record keeping systems , we can improve data quality and accuracy . Second , digitised data must be collected in machinereadable ways to ensure interoperability with technology providers and trading partners . Third , this data must be shared across global supply chains to ensure product materials are sufficiently tracked from origin to destination . Once businesses achieve these three steps , they will have the information they need to make their sustainability initiatives possible .
Future regulation may also play a role in the achievement of circularity . In the EU , Digital Product Passports ( DPP ) and Extended Producer Responsibility ( EPR ) requirements are in process , an indicator that similar activities will occur or expand in the US . as well .
The circular economy depends on collaboration The GS1 US leader says that a circular economy is not a solo exercise . It will require
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