Journal
OPERATIONS MANAGEMENT RESEARCH
Volume 14, Issue 3-4, Pages 256-271Publisher
SPRINGER
DOI: 10.1007/s12063-021-00197-w
Keywords
Circular economy; Business models; Fuzzy TOPSIS; Supply chain management
Categories
Ask authors/readers for more resources
The concept of circular economy is gaining importance in academia, as businesses and governments see it as a way to reduce environmental pressure. Transitioning from a linear to a circular economy requires new business models, with product and process design being identified as most crucial in successful implementation. This research uses Fuzzy TOPSIS to rank business models for circular economy adoption, providing insights for strategic management decisions.
The concept of the circular economy has acquired importance in the academic world. The corporate firms and governments believe that the pressure on the environment can be reduced by implementing the circular economic system. The switching of a linear economy to a circular economy requires to build new business models that overcome the limitations of the linear model of the economy. This paper aims to rank the business models for the successful adoption of the circular economy through the criteria by employing an appropriate multi-criteria decision making (MCDM) method. Fuzzy Technique for Order of Preference by Similarity to Ideal Solution (Fuzzy TOPSIS) has been used in this study. Eleven Business Models have been identified through literature review and analyzed based on nine criteria for the business model to be successful. The ranking of results indicates that the product and process design is the most important business models for the implementation of the circular economy. The findings of this research enhance the understanding about the relative importance of the several business models based on which the management can formulate an effective strategy to systematically adopt an appropriate business model for successful implementation of an economic system.
Authors
I am an author on this paper
Click your name to claim this paper and add it to your profile.
Reviews
Recommended
No Data Available