Extend the lifetime value of resources while reducing procurement costs
Rheaply’s technology helps your organization buy and sell surplus sustainably
In general terms, a sustainability platform is a digital platform that facilitates sustainable practices and promotes some of the main principles of circular economics. Sustainability platforms can connect businesses, individuals, and organizations to exchange resources, share knowledge and best practices, and promote mutually beneficial, sustainable solutions. There are materials exchange platforms, carbon offset marketplaces, sustainability reporting platforms, and others.
A surplus marketplace, for instance, is a type of sustainability platform that enables the exchange of surplus or excess inventory between businesses and/or institutions. By connecting buyers and sellers of excess inventories, surplus marketplaces help to reduce waste and promote equitable reuse of resources, which is one of the key principles of a circular economy. Similarly, resource exchange platforms allow businesses to exchange raw materials, components, or by-products that can be reused in other production processes. These exchanges go a long way to help reduce waste and promote more sustainable business practices and uses of non-renewable resources.
Sustainability platforms in general are important within circular economies because they promote the reuse, sharing, and recycling of certain resources. They can help businesses and organizations transition from a linear model of production and consumption to a circular one where waste is minimized and resources are kept in use for as long as possible. By doing so, sustainability platforms help significantly reduce the environmental impact of certain economic activities and contribute to the achievement of an organization’s sustainability goals. Because of this, surplus marketplaces and other sustainability platforms play an invaluable role in promoting the principles of a circular economy.
The Materials Marketplace, powered by Rheaply’s Resource Exchange platform, connects businesses and organizations to develop and scale new reuse and recycling market opportunities. Our program aims to create a collaborative network of businesses, organizations and entrepreneurs where one organization’s hard-to-recycle waste and by-products becomes another organization’s raw material. In addition to diverting waste from landfills, these recovery activities generate significant cost savings, energy savings, and create new jobs and business opportunities.
Materials Marketplace users represent businesses and organizations at every stage of the circular economy – from collection and processing to manufacturers making new goods with recycled materials. The Materials Marketplace can be used as tool for companies to explore real-time data on waste and by-product materials and make decisions on infrastructure and process investments; or as a tool to help find new solutions for hard-to-recycle materials.
Circular economy and sustainability strategies
A circular economy is an economic system of production and consumption that attempts to maximize the use of various resources by keeping them in use for as long as possible. Within a circular economy, materials are reused, recycled, refurbished, or regenerated in order to create new products or services and reduce waste as a byproduct. The concept of a circular economy is intimately intertwined with sustainability efforts, as both seek to reduce the environmental impact of economic activities while still promoting economic growth and social well-being.
Circular economy and sustainability strategies are closely interlinked, and implementing circular economy strategies is one of the most effective ways for businesses to achieve sustainable development. By promoting the strategic and efficient use of resources, a circular economy can reduce the negative impact of economic activities on the environment while simultaneously creating economic opportunities and other social benefits. Circular economy and sustainability initiatives can help businesses reduce their carbon footprint, conserve natural resources, and decrease waste – all of which are important elements of sustainability strategies.
Adopting circular economy principles can also help businesses become more resilient and more competitive, as they reduce their reliance on scarce, non-renewable resources and create new revenue streams via the reuse and recycling of certain materials. For example, by utilizing recycled materials in products and/or services, businesses can significantly reduce production costs and enhance their brand image by adhering to more sustainable practices.
Advantages of sustainable procurement
Sustainable procurement refers to the process of businesses purchasing goods and services that have a less significant impact on the environment, respect for human rights, and the promotion of social and economic development. A sustainable procurement policy could help bring several advantages to businesses and organizations, including environmental, social, and economic benefits.
One of the key advantages of sustainable procurement is that it can provide businesses with actionable ways to reduce their impact on the environment. By choosing to work with suppliers that use more sustainable practices (including the use of renewable energy, water conservation, low-carbon transportation, etc.), businesses can greatly reduce their carbon footprint and help mitigate their contribution to climate change.
Sustainable procurement can also yield various social benefits by promoting fair labor practices and recognizing human rights. By working with suppliers and vendors that respect workers’ rights (by providing fair wages, safe working conditions, and healthcare benefits), businesses contribute to the improvement of laborers’ living standards and reduce the risk of human rights abuses.
Other sustainable procurement examples may include choosing suppliers that offer organic or fair-trade products, utilizing renewable energy sources for transportation, manufacturing, and storage, and incorporating sustainability criteria within the supplier/vendor selection process.
Green purchasing in procurement
Green purchasing, another essential element of sustainable procurement, involves the purchasing of goods and services that have a lower environmental impact. The process involves integrating environmental criteria into the initial procurement process with the aim of reducing the negative impacts of economic activities on the environment (things like utilizing non-renewable resources, pollution, dumping, etc.).
A green procurement policy could help guide businesses on how to integrate more environmental considerations into their procurement decisions. Such guidelines usually include criteria such as energy efficiency, waste reduction, material efficiency, and product recyclability. Some other green procurement guidelines could include:
- Purchasing energy-efficient products that require less energy to utilize and generally have longer lifespans
- Utilizing products made from recycled materials in an effort to reduce waste and promote sustainability efforts
- Working with suppliers that have a sustainable manufacturing process that reduces carbon emissions and seeks to preserve natural resources and habitats
- Purchasing products that can be repaired easily and ultimately recycled
Rheaply’s resource exchange and listing programs provide businesses and other organizations with a helpful platform to connect and exchange surplus resources. The resource exchange program enables businesses and institutions to list their surplus resources like equipment, supplies, furniture, and other materials that are no longer needed but could still be useful to other businesses or organizations. Similarly, the listing program provides businesses with access to a wide variety of resources at affordable rates.
Green procurement benefits
By partnering with Rheaply, businesses can reap numerous benefits, including:
- Reduced waste and reduced overhead – Rheaply’s platform lets businesses and organizations exchange surplus resources which can reduce waste and help save on procurement costs.
- Improved resource use – Making the most of the limited resources available is invaluable to the longevity of most organizations, and Rheaply’s platform helps businesses extract more use out of certain resources.
- Sustainable procurement – Rheaply’s platform also promotes sustainable procurement practices by encouraging the reuse and recycling of limited resources, which, in turn, helps mitigate the negative environmental impacts of economic prosperity.
- Increased efficiency – Rheaply’s platform can also improve the efficiency of procurement processes by reducing the time and cost of acquiring resources.
- Enhanced reputation – Partnering with Rheaply can enhance a business’s reputation because it showcases the organization’s commitment to sustainability efforts and responsible business practices.
In summation, green purchasing in procurement is a vital element of sustainable procurement efforts that promotes environmentally responsible purchasing practices. Green procurement policies and guidelines can enable businesses and organizations to integrate environmental considerations into their procurement decisions which have both financial advantages as well as social benefits.
By working with Rheaply’s resource exchange and listing programs, businesses can access a platform to connect and exchange surplus resources which helps to reduce waste, improve resource utilization, and promote greater sustainability initiatives in business practices. Partnering with Rheaply can also yield other benefits including cost savings, enhanced efficiency, and improved reputation as well.