| Title | Circular economy practices in the leather products industry toward waste valorization: an approach of sustainable environmental management |
|---|---|
| ID_Doc | 4794 |
| Authors | Maliha, M; Moktadir, MA; Bag, S; Stefanakis, AI |
| Title | Circular economy practices in the leather products industry toward waste valorization: an approach of sustainable environmental management |
| Year | 2024 |
| Published | Benchmarking-An International Journal, 31, 3 |
| Abstract | PurposeThe global resolution of embracing dynamic and intertwined production systems has made it necessary to adopt viable systems like circular economy (CE) to ensure excellency in the business. However, in emerging countries, it is challenging to implement the CE practices due to the existing problems in the supply chain network, as well as due to the vulnerable financial condition of the business after the deadly hit of COVID-19. The main aim of this research is to determine the barriers to implementing CE considering the recent pandemic and suggest strategies to organizations to ensure CE for a cleaner environment and greener economy.Design/methodology/approachAfter an extensive literature review and validation from experts, 24 sub-barriers under the class of 6 main barriers are finalized by Pareto analysis, which is further analyzed via the best-worst method to determine the weight and rank of the barriers Further, fuzzy-Technique for Order of Preference by Similarity to Ideal Solution (TOPSIS) method is used to rank the proposed startegies to overcome the analysed barriers.FindingsThe results identified "unavailability of initial funding capital", "need long time investment", "lack of integrating production system using advance technology" and "lack of strategic planning" as the most acute sub-barriers to CE implementation. Further, fuzzy TOPSIS method is used to suggest the best strategy to mitigate the ranked barriers. The results indicated "integrated design facility to CE", "ensuring large scale funding for CE facility" as the best strategy.Practical implicationsThis study will motivate managers to implement CE practices to enjoy proper utilization of the resources, sustainable benefits in business, and gain competitive advantage.Originality/valuePeriodically, a lot of work is done on CE practices but none of them highlighted the issues in the domain of the leather products industry (LPI) and COVID-19 toward achieving sustainability in production and consumption. Thus, some significant barriers and strategies to implement CE for achieving sustainability in LPI are highlighted in this study, which is a unique contribution to the literature. |
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