SUPPLY CHAIN MANAGEMENT
footprints and extending the life cycle of their products ,” comments Maggie Slowik , Global Industry Director for Manufacturing at IFS .
“ To position themselves to benefit from this growth , companies should invest in developing circular business models that focus on remanufacturing .
“ This involves rethinking product design to enhance durability and ease of disassembly , implementing effective return logistics systems and utilising technologies such as AI for better forecasting and inventory management .
“ Additionally , companies should engage in collaborations within the ecosystem to find new uses for their
“ FOSTERING PARTNERSHIPS WITHIN THE INDUSTRY CAN HELP CREATE A MORE ROBUST ECOSYSTEM FOR SHARING AND REUSING MATERIALS ”
MAGGIE SLOWIK GLOBAL INDUSTRY DIRECTOR FOR MANUFACTURING , IFS waste materials , thereby creating new business opportunities and reducing dependency on raw materials .”
While remanufacturing poses revolutionary possibilities , it also comes with extensive barriers to adoption .
These barriers include price competitiveness for remanufactured products , legal barriers like restrictions on product design , the ongoing skills shortage and securing a good , consistent supply of end-of-life core returns .
Handling logistics is also a challenge , as Andrew explains : “ One major barrier to full adoption of remanufacturing practices is the challenge of setting up effective return logistics systems to retrieve used products .
“ Manufacturers need to establish mechanisms for collecting , assessing and processing returned items . Another barrier is the need for new business models and processes that support the circular economy .
“ Overcoming these barriers requires companies to invest in technology that supports remanufacturing , such as advanced tracking systems and the latest high-quality inventory management solutions , with AI increasingly adding more functionality .”
In addition to AI , Maggie points to the power of partnerships : “ Fostering partnerships within the industry can help create a more robust ecosystem for sharing and reusing materials .
“ Regulatory incentives and consumer demand for sustainable products can also drive wider adoption of remanufacturing practices .”