IoT and The Circular Economy
Over the last few decades, the climate crisis has been one of the biggest and most dangerous problems of the world. It is a universal problem since it affects every country and every single individual, including the ones who do not have access to any resources.
Today, according to the pwc’s “The road to circularity” report, the global economy uses the equivalent of 1.7 planets to produce global output and absorb waste. In a business-as-usual scenario, the global ecological footprint is projected to exceed what nature can regenerate by 75 percent by 2020.
When it comes to becoming green, companies and individuals take different paths. For the companies, one of the most effective ways of this purpose is to have an operation model which is adapted to a circular economy. According to the European Parliament, the circular economy “is a model of production and consumption, which involves sharing, leasing, reusing, repairing, refurbishing and recycling existing materials and products as long as possible. In this way, the life cycle of products is extended.”
The circular economy requires collecting information about demand and resource, and the balance between the two must be optimized. For this optimization, circular economy and “Internet of Things” (IOT) needs to be combined. IOT is the description of the network of physical objects that are embedded with sensors, software, and other technologies for the purpose of connecting and exchanging data with other devices and systems over the internet.
So, how can IOT be helpful for this cause? It permits operators to analyze performance and the control of it, and to collect the usable data for more productivity. It can also provide the base for sharing platforms or products as a service model. In another word, IOT helps your business keep products in use in a way that makes money plus enhances the customer experience and it has played an important role in the circular economy.
As an example, Renault lets its customers lease the battery and pay a monthly fee based on their usage for its electric cars instead of selling them with batteries. The sensors send data about the status of the battery to its manufacturer. When the battery is no longer usable, it is used for recycling and not discarded as waste.
When we look at another example, Bosch has a project called “Papillon” which is about designing all stages of the production cycle for reuse. Like Renault, Bosch has opted for a leasing business model which causes some controversies between its consumers.
As Trilleco, our purpose is to enable increased efficiency, simplicity and sustainability in companies through our NoCode IIoT platform solution, supporting thoughtful use of resources, optimizing capacity utilization and offering outcome-based solutions. We are a multinational company, delivering applications as asset tracking, smart city, energy management, process optimization, and preventive/predictive maintenance functionalities and carbon management.
The Sustainable Development Goals and the Paris Agreement have set the targets we must reach to protect the earth and our growing global population. We focus on the power of a circular economy which transforms society and the industry to be more productive and sustainable than ever before.
Trilleco was launched in 2020 to accelerate these urgent transformations. Team and Advisors include an eclectic mix of investment managers, investment bankers, and senior leaders from the IIoT and AI space from companies such as IBM, Hitachi, Accenture, SAP, Qualcomm, Huawei, Salesforce.
In conclusion, the climate crisis and the actions that trigger it are global threats and concern every industry since the danger continues to increase. In today's world order, where the balances change rapidly, the issue must have been taken seriously by more sectors. For that, adapting operational models compatible with the circular economy can create a huge impact in the right way, and IOT is the key for it.