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Artificial Intelligence-Powered Decisions Support System for Circular Economy Business Models

Mboli, Julius Sechang; Thakker, Dhavalkumar; Mishra, Jyoti

Authors

Profile image of Julius Mboli

Dr. Julius Sechang Mboli J.Mboli@hull.ac.uk
Lecturer, Centre of Excellence for Data Science, Artificial Intelligence, and Modelling (DAIM) – Business

Jyoti Mishra



Abstract

The circular economy (CE) is preferred to linear economy (LE) as it aims to keep resources in use for as long as possible, extracting maximum value before recovering and regenerating them. This reduces the need to extract new raw materials and reduces waste, leading to more sustainable economic growth. Contrarily, LE also known as a”take, make, use, dispose” model, is based on resources extraction, products creation, and waste disposal, which can lead to depletion of resources, environmental degradation and several other hazards. Several barriers are delaying the switching to CE. Artificial Intelligence (AI) and emerging technologies can play significant roles in the implementation of CE. In this work, A novel AI-powered model that can serve as a Decisions Support System (DSS) for CE models is proposed and demonstrated. Product life extension is created via reuse, repair, remanufacture, recycle and cascade loop. The result of the model outperformed the LE model. The study demonstrates that technologies can enable smart monitoring, tracking, and analysis of products to support decision-making (DM). AI-powered sensors and devices can monitor the use of resources in real-time, allowing for more accurate tracking and reporting of resource use.

Citation

Mboli, J. S., Thakker, D., & Mishra, J. (2023, April). Artificial Intelligence-Powered Decisions Support System for Circular Economy Business Models. Presented at International Conference on Enterprise Information Systems, ICEIS - Proceedings, Prague, Czech Republic

Presentation Conference Type Edited Proceedings
Conference Name International Conference on Enterprise Information Systems, ICEIS - Proceedings
Start Date Apr 24, 2023
End Date Apr 26, 2023
Acceptance Date Jan 1, 2025
Publication Date May 8, 2023
Deposit Date Jan 30, 2025
Electronic ISSN 2184-4992
Peer Reviewed Peer Reviewed
Volume 1
Pages 656-666
ISBN 9789897586484
DOI https://doi.org/10.5220/0011997100003467
Public URL https://hull-repository.worktribe.com/output/5010677