How to contribute to the Circular Economy with Sustainable Asset Management

Contributing to the circular economy is a great way to help your business hit its Net Zero targets. Not only does this benefit the planet, but it will help you grow both in the short and long term, with hardware reuse saving you money in the present and sustainable practices preventing lost business in the future.  

The linear economy 

To understand the circular economy, we should first look at what came before it: the liner economy. 

The linear economy involves creating products using raw materials and disposing of them as waste at end of life, often in landfill sites. Every product created under this model increases resource scarcity, pollution, land scarcity, and more. According to one report, it’s estimated that if we continue to use this model, waste will grow by 70% by the year 2050.  

The circular economy 

In contrast, the circular economy is a model of production and consumption based on re-using, recycling and refurbishing products to maximise their lifespans. This is based on three key principles: 

·       Eliminating waste and pollution 

·       Circulating products and materials 

·       The regeneration of nature 

The benefits of adopting principles of the circular economy can be plentiful for businesses. Maximising product lifespans can help to cut costs, as well as creating a a positive reputation and strengthening relationships with customers looking for sustainable suppliers. Adopting these practices will help you take a leap towards your Net Zero goals.  

How can I contribute to the circular economy? 

One way which your business can contribute to the circular economy and take steps towards your Net Zero target, is by incorporating sustainable practices into your asset management. This will ensure you're acquiring refurbished assets where possible, maintaining assets properly to maximise their lifespans, and disposing of them adequately at the end of useful life.  

There are three key stages of asset management lifecycle to consider: 

Planning and acquisition  

Planning and acquisition are the first two steps, and the ones in which sustainable practices can really be injected. When you’re looking to acquire a new asset, make sure to consider these key questions first: 

·       Do we need to buy new or can we refurbish existing products/buy recycled ones? 

·       What kind of environmental impact will this asset have? 

·       What kind of lifespan does the asset have - and is it easy to repair and maintain?  

·       Can we upgrade or replace certain parts of the asset if needed, rather than needing to replace the whole asset?  

·       Can we reuse, refurbish or recycle the asset at its end of useful life? 

Where possible, opt to reuse and refresh assets rather than buying replacements. If this can’t be avoided, look to acquire refurbished hardware rather than purchasing brand new.  

Operation and maintenance 

Maximising the lifespan of your assets will be much easier if you acquired them with sustainability in mind. Hopefully you’ve chosen high-quality hardware which is built to last, and which is easy to fix and upgrade when necessary. Being able to repair and replace specific parts will prolong the use of your assets.  

It’s important to account for not only unplanned maintenance, where assets are repaired due to breakage, performance issues, and general wear and tear, but also planned maintenance, regular health checks to monitor performance and reduce the risk of unexpected breakage. 

Disposal  

Globally, only 17.4% of electronic waste is recycled, reported and collected through official channels. This leaves almost £45 billion worth of materials to go to landfill every year, polluting landscapes and fuelling resource scarcity. Therefore, it’s important to dispose of your assets responsibly.  

If you no longer need an asset which is in working order, instead of storing it away, consider either redeploying it to another area of your business, selling it to another business, or donating it to charity.  

If the asset is in disrepair, consider refurbishing it. If not, ensure you recycle it- up to 75% of materials used in electronic goods are recyclable, so select an organisation which will let as little of this go to landfill as possible.  

Both of these options are important to us at Novatech. Last year, 0% of our waste went to landfill, and we offer full audit reporting on any equipment which is securely wiped and ethically recycled at the end of its useful life.  

However, whilst this recycling is great, we think reuse is even better. When we collect an asset, we carry out a thorough assessment of its usability rather than automatically opting to recycle it. We can make reuse your first option by default, where our configuration department will assess, refresh, and return the device to your inventory in our Logistics Centre, ready for redeployment. Where reuse is not an option, we can refurbish for either resale, or donation to an organisation of your choice. 

Closing thoughts 

The most efficient and sustainable way to manage your IT assets is to create a circular device lifecycle from the outset, which involves taking the opportunity to reuse hardware whenever possible.  

A Managed Service like our Direct to Desk can help keep this process on track for your business, reducing operational costs and bringing you leaps closer to your Net Zero target. Get in touch to find out more from our expert team today.