Digital Trends Helping Waste Management and Recycling
Adoption of modern technology, the development of digital solutions, and new business models will bring new opportunities for development in worldwide waste management and recycling.
One of the digital trends in waste management and recycling in 2021 is getting the right market insights, faster. Data and insights gathered from the various channels such as market intelligence platforms, are used by organizations to improve quality control, produce more sustainable products with recyclable materials, and even optimize supply chain data. Furthermore, they are mobilizing market forces and harnessing data analytics to create a more sustainable future.
According to European Court of Auditors’ stats from 2017 and 2018, only 2 EU countries are likely to meet ambitious targets brought in for e-waste.
On the other hand, data quality is a critical concern for recycling in business, and data is critical in finding insights. Companies have seen a gap in data effectiveness and openness. As a result, companies use data analytics and dashboards to obtain relevant market insights from their market and systematically collected information allows them to visualize how their business is evolving in terms of sustainability.
Many of these technological advancements are starting to become visible. The use of data and insights in waste management has the potential to significantly boost the ability to enhance waste management systems and recycle more successfully, and it might even be the tipping point for increased interest in what happens to all our garbage!
Here are the 3 Digital Trends Helping Waste Management and Recycling in 2021!
1) Listening to the market and customers
Data can be utilized to assist corporations in identifying waste-creating locations so that waste-reduction solutions may be devised. This is a major subject right now since many people want cleaner, more ecologically friendly products. Many huge corporations are attempting to become more sustainable by developing goods that are less wasteful or detrimental to the environment.
The market is usually excited about new features and the latest trends; these attract even potential customers and prevent loyal ones from leaving. By learning about your customers, technologies, and buzz in your market, you can discover the recycling trends, materials, and inspiring strategies. Afterward, you can see if you can incorporate it into your products and services innovatively to be a meaningful brand.
Furthermore, you can use social listening to competitors. Social Listening is a process of monitoring and tracking the competitors’ social media channels in real-time to understand the online visibility, user feedbacks on their services, understanding the customer persona by analyzing the company mentions and competitors’ marketing strategy with their media allies. With the help of Social Listening and continuous news monitoring, companies will always stay up to date on significant changes in waste and recycling trends in their business.
2) ADOPTION OF CROWDSOURCING AND DIGITAL ECOSYSTEMS
To be a sustainable company, you must have a business plan that can generate inclusive and sustainable growth for all stakeholders. That is why one of the biggest digital trends in waste management and recycling in 2021 is open collaborative platforms!
The capacity of an ecosystem to create and serve markets goes beyond that of anyone firm or any single traditional industry. Its diversity and collective capability to jointly learn, adapt and innovate are important factors towards long-term success.
The implementation of ideas resulting from the knowledge acquired through crowdsourcing also improves the company’s relationship with its customers and other stakeholders.
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3) AI & IMPROVED DECISION MAKING
Recent trends and improvements in machine learning and AI-assisted data collection, save researchers a lot of time so that they can spend more time on drawing strategic conclusions.
The advantage of AI-based platforms is, they can find the complex patterns, that we as humans cannot see and they can pick those without any biases. AI and reliable data contribute to good decision making and ensure that a company invests in the right things, for instance becoming more sustainable and develop products that are better able to meet consumer demands for environmental friendliness.
Furthermore, predictive modeling is used to make better & sustainable material buying selections, resulting in lower material procurement costs. All these insights are brought together to gain the ability to adapt strategy when a market changes or when products/competitors evolve.
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