Building Trust, Transparency, and Sustainability
As our world continues to grapple with environmental challenges, the concept of the circular economy has emerged as a promising solution. However, achieving a circular economy entails addressing several critical challenges. Among these challenges are the need for transparency, recycling and implementing effective track & trace systems to reduce CO2 footprints. By understanding and tackling these challenges, we can move closer to a sustainable and resource-efficient future.
Building a Sustainable Circular Economy
The circular economy presents a significant challenge as our global economy operates at a mere 9.1 percent circularity, highlighting a substantial gap that needs urgent attention. This challenge is further exacerbated by the alarming statistic that 80% of consumer goods waste is either burned or sent to landfills due to poor design and inadequate end-of-life collection options.
The Need for Trust and Transparency
Consumers today expect trust and transparency when it comes to the products they consume and want to get comprehensive information about a product’s origin, materials used, environmental impact, certification and product composition (allergens, product health & safety claims, organic, gluten, halal, kosher, user guide, etc.). Transparency would empower consumers to make informed choices and support products that align with their values and sustainability goals.
The Environmental Impact of Freight Transport
Freight transport plays a significant role in global trade but also contributes to environmental degradation. It accounts for 20% of urban traffic and is responsible for 50% of carbon emissions from urban road transport. Moreover, it contributes to 60% of air pollution caused by urban road transportation (Trvst). By understanding the environmental costs associated with freight transport, brands can make informed decisions to reduce emissions and pollution, leading to a more sustainable and responsible business model.
Transparency breeds trust and sustainability
Traceability and transparency are the solutions that can drive sustainability and the adoption of a circular economy. By implementing robust traceability systems, businesses can effectively track and monitor the entire lifecycle of products, from sourcing to disposal. This enables them to identify areas for improvement, reduce waste, and make informed decisions to promote sustainable practices. Transparency plays a crucial role by providing clear and accessible information about the origin, production, and environmental impact of goods. By embracing traceability and transparency, companies can contribute to a more sustainable future where resources are used efficiently, waste is minimized, and the principles of a circular economy are embraced.
Maximizing visibility and control
With an effective track & trace technology, you gain real-time visibility into every step of your supply chain. From the moment products leave your facility to their final destination, you can monitor their movements, ensuring complete transparency and control. This enhanced visibility enables efficient stock management, proactive production planning, and minimizes the risks of overstocking or stockouts.
Efficient recalls management
Track & trace systems provide comprehensive insights into returned products. By swiftly identifying and tracking returned items, you can quickly identify the root causes of returns and take appropriate corrective actions. Streamlining the returns management process minimizes associated costs, improves customer satisfaction, and helps retain valuable relationships.
Loss prevention and theft mitigation
Track & trace technology helps detect and mitigate losses and theft. Through traceability, you can identify potential points of failure in the supply chain and take corrective actions to prevent losses, minimizing the risk of theft and related costs.
Circular Economy by Inexto
With INEXTO, unlock the potential of track & trace technology to address the challenges of circular economy and sustainability. Gain real-time visibility into your supply chain, enabling informed decisions, optimized resource allocation, and waste reduction. Our technology allows you to embrace transparency to enhance customer trust and satisfaction. Join us on the journey towards a more sustainable future, where your business thrives and stakeholders are engaged.