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Digitization in a Circular Economy for Enhancing Sustainability
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Journal Article
Digitization in a Circular Economy for Enhancing Sustainability
2023
Overview
Purpose As the need for efficient solutions and transactions simpler as investor and financial service user needs become more sophisticated. Given the rise in the use of automated services, it was inevitable that financial institutions would have to increase the number of digital services offerings. Digitization provides many opportunities for economic growth and by enabling nations to provide more diversified educational opportunities, universal access, and a comprehensive supportive environment for the development of societies transforming and preserving natural resources, the environment, and people. It concerns the necessary transformation of businesses, individuals, and communities. Where, circular economy signifies future sustainability and enables optimal resource utilization. However, there are significant impediments to digital transformation and adoption in a circular economy context. The study investigates the hurdles to digitization and digital transformation initiatives in the circular economy and clarifies the role of digitization in enhancing sustainability. Findings The improvement of business sustainability is one of the advantages of implementing new technologies; additionally, the most significant barrier to digitization in the circular economy emerged as the risk of data security and information privacy in connection with the use of external data and protecting customer data. In addition, financial difficulties seemed to be the most important category of barriers to the adoption of digital manufacturing in the circular economy. Originality Despite all of the potential advantages of using Industry 4.0 technology in the manufacturing sector, adoption is still in its early stages and faces significant challenges that must be solved to hasten adoption. This study investigates how digitization might enhance sustainability.
Publisher
جامعة عين شمس - كلية التجارة
Subject
