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Growing Relevance of Circular Economy Principles for a Sustainable Business Practice

 Technology Today Bureau

Technology and digital tools will play a crucial role in supporting industries as they transition towards more sustainable business practices. The LinkedIn Live session on Advancing the Circular Economy through New Business Models and Practices discussed how digital strategies can empower enterprises and manufacturers toward profit while simultaneously looking after the interests of people and the planet. The riveting session was moderated by Sangeeta Gupta, Senior Vice President and Chief Strategy Officer, NASSCOM, in conversation with Karthik Natarajan, President and COO, Cyient, and Pierre-Yves Cohen, Co-founder and CEO, eolos. 

Karthik Natarajan, Cyient’s President and COO, said, “Enterprises today must think of how they can create development that does not come at the cost of society or nature. Carbon emissions have reached 38 gigatonnes when our carbon sinks can only absorb 10-11 gigatonnes. Reducing our emissions to reach this range is a massive challenge. I believe that the intervention of technology can help us reach our target five to seven years ahead of the 2050 timeline.” 

“We are really excited about our partnership with eolos. We plan to develop more engineering and consulting practices that can offer solutions on traceability, material engineering in the form of reduction and reuse, obsolescence management, and supply chain including packaging, disposal, and waste management.”

Karthik Natarajan, President & COO, Cyient 

Most people think of circularity of design as similar to recycling, repurposing, and refurbishing of a product. However, it is a different concept altogether. While in the linear way of doing things we take, make, and dispose, in the circular economy, we design a product to maximize its use. These principles can also be used for existing products.” 

--Pierre-Yves Cohen, CEO & Co-founder, eolos

The global population continues to grow rapidly, increasing the demand for raw material, so there is a pressing need to rethink how we design products that can be ‘made to be made again.’ Transitioning toward a circular economy represents a systemic shift that can generate long-term gains, create business and economic opportunities, and provide environmental benefits. Digital technology has the power to support this transition by radically increasing virtualization, dematerialization transparency, and feedback-driven intelligence.

--Sangeeta Gupta, Senior VP & Chief Strategy Officer, NASSCOM 

Cyient and eolos recently announced the launch of their “Design for Circularity” Consulting and Engineering practice that aims to support industries transitioning toward greater sustainability. With proven expertise in engineering and design across several industries globally, Cyient is ideally placed to spearhead the sustainability movement. It can leverage its rich experience and technical skills to guide businesses as they work toward reducing their carbon footprint for a more sustainable future.