Circular business models in high value manufacturing: Five industry cases to bridge theory and practice |
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| Authors: | Okechukwu Okorie Fiona Charnley Jennifer Russell Ashutosh Tiwari Mariale Moreno |
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| Affiliation: | 1. Exeter Centre for the Circular Economy,Science, Innovation, Technology and Entrepreneurship Department, Exeter Business School, University of Exeter, Exeter, UK;2. Department of Sustainable Biomaterials, Virginia Polytechnic Institute and State University, Blacksburg, Virginia, USA;3. Department of Automatic Control and Systems Engineering, University of Sheffield, Sheffield, UK |
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| Abstract: | The transition to a circular economy (CE) requires companies to evaluate their resource flows, supply chains, and business models and to question the ways in which value is created. In the high value manufacturing (HVM) sector, this evaluation is critical, as HVM enables value in nonconventional forms, beyond profit, including unique production processes, brand recognition, rapid delivery times, and highly customized services. We investigate the role of value, cost, and other factors of influence in the selection of a circular business model (CBM) for HVM. Explored through five case studies using a qualitative evaluation of circularity, we then contribute to the emerging field of CBMs by modifying the CBM canvas that can capture the nontraditional value, traditional value, cost, and other influencing factors enabled via CBM adoption in HVM. Finally, the important role of digital technologies for incentivizing and enabling CBM adoption, is clarified. |
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| Keywords: | circular business models circular economy digital technology factors of influence high value manufacturing value creation |
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