A circular economy gives companies a stronger sense of corporate social responsibility (CSR) that they can put into practice and measure. Aiming to promote reuse and decrease waste in manufactured goods, the circular economy is a restorative and regenerative process. By managing finite stocks, a circular economy maximizes resource returns, protects and enriches natural capital, and reduces system risks.
Companies will be able to transition to a circular product development model with the support of PLM’s role in developing a sustainable circular economy. With PLM in place, the end of a product’s life is when the product is used and returned to the manufacturer to be recycled or refurbished. PLM’s role in supporting a circular economy benefits the organization and society.