Association of Supply Chain Management

7 BUSINESS VIEW MAGAZINE VOLUME 9, ISSUE 11 consumers money. Circular business practices and models have been rising in popularity and are more important than ever going forward. Although recycling has been a consumer buzzword for decades, it’s not a way forward. In the past few years, China stopped accepting trash and recyclables from Western countries, leaving the United States and other rich countries with nowhere to import their garbage. The truly sustainable way for businesses to cut costs and environmental impacts is to reduce waste by innovating their designs and production processes. According to the CEO of Coreo, Ashleigh Morris, in an interview with ASCM, “A circular economy is made up of three ideas: Firstly, it designs out waste and pollution from our world. Secondly, it keeps products and materials at their high value for as long as possible. And finally, it regenerates our natural systems.” For example, it’s becoming increasingly difficult to find the rare minerals needed for high- tech goods such as semiconductors, electric vehicles, fiber optic cables, and solar panels — products that have grown in popularity as technology has advanced and environmental concerns have increased. But excessive waste during the manufacturing process, especially of minerals such as neodymium, contributes to its rarity. By rethinking how organizations use the minerals in production — high on the make scale in the SCOR digital standard — companies can limit waste and pollution and keep more of the raw materials for additional products, increasing sustainability and reducing costs. These three trends are just some of the massive changes that businesses are encountering in their supply chains, and they will continue into 2023 and beyond. But perhaps the most important takeaway is this: All supply chain shifts require competent and capable people, who can maximize opportunities, overcome challenges and ensure everyone contributes to their fullest potential. As is always the case, a supply chain’s talent is its most valuable resource. To learn more about how ASCM equips industry professionals for whatever may come their way, as well as these and other trending topics, visit ASCM.org .