RENEWING SME – MANUFACTURING COMPANIES TOWARDS CIRCULAR BUSINESS MODELS

Heikki RUOHOMAA, Vesa SALMINEN

Abstract


Climate change, the energy crisis, environmental problems and the availability of raw materials have brought the term circular economy into the daily conversation, which has primarily referred to the recycling of raw materials and the use of recycled raw materials. As an economic theory, the circular economy includes several different circular economy business models that respond to customers' changing purchasing behavior/shopping habits and shift behavior from the ownership of goods to using services. The rapid development of digital technologies and the exponential growth of data volumes as well as the change in customer behavior have enabled completely new opportunities to renew the business operations of SME companies. The goal of the article is to describe the renewal of SME companies' business operations to the challenges of the future, by developing the companies' know-how. The article presents a concept for renewing the company's business by utilizing circular economy business models.


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References


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