What is Closed Supply Chain

The rapid pace at which technology has contributed several technological products and gadgets created a surplus in some areas and deficiencies in some areas of the modern world. For instance, there is a tremendous wastage of food in one country, excessive usage of electronic items in some other countries, and in many other countries, people starve for food and possession of basic electronic items. This situation has led to imbalance and wastage. In addition, sustained efforts to reuse/recycle the goods produced by different business organizations are inadequate. SCM plays a role in re-usability of goods and recycling of used goods. Organizations have to redesign their supply chains to achieve the objective of the circular economy, which propagates the concept of wealth out of waste by reusing/recycling the products. The research in the area of the role of the supply chain in the circular economy is just gaining its importance, and it is still in the nascent stage. Hence, this chapter highlights the significance of in circular economy by developing a framework that emphasizes its role.