Supply chain analytics platform provider The Owl Solutions is announcing today a new circular economy initiative aimed at using data analytics for plastic waste reduction in supply chains.
WATERLOO, Ontario, April 28, 2022 /PRNewswire-PRWeb/ -- Supply chain analytics platform provider The Owl Solutions is announcing today a new circular economy initiative aimed at using data analytics for plastic waste reduction in supply chains. The project, which recently received SEED funding from SDTC includes participation from various commercial partners representing consumer packaged goods, retail, pharmaceutical sectors and more. Through the project, The Owl and its partners will build out a new module in The Owl platform that provides better insights into plastic waste use across the supply chain, allowing companies to manage and reduce their plastic waste volumes.
In the consumer-packaged goods sector, plastic packaging represents a significant portion of a company's environmental footprint. It is estimated that 4.8m–12.7 m tons of plastic is lost to the environment every year (Jambeck et al., 2015). In 2015, emissions from the incineration of plastic packaging reached about 16 m tons of CO2 equivalents (CIEL, 2019).
The linear flow of plastic through the value chain is one of the primary current sources of CO2 emissions and environmental pollution. A significant portion of plastic is used only once in products and packaging, with only a limited amount being reused or recycled.
"29,000 tonnes of plastic are discarded into the environment each year and currently, it is nearly impossible for manufacturers to assess and qualify, as well as measure and reduce waste volumes in support of the company's sustainability initiatives. In the context of supply chains, it is difficult to make informed decisions without clear data as most of the environmental impact occurs upstream during plastic production and downstream during disposal, companies aren't able to quantify it," says Hugo Fuentes, CEO of The Owl.
Within its supply chain analytics platform, The Owl is building out a new packaging module with essential KPIs that allow users to accurately track and measure plastic packaging waste use and reduction across the supply chain.
Says Fuentes, "Through better tracking and measurement of plastics in their supply chain using our packaging module, companies can expect to reduce greenhouse gas emissions and plastic pollution. This can also positively impact a company's bottom line through a reduction in packaging costs, reduced reporting times, and improved accuracy of ESG reporting.
The project is expected to take 6 months - 1 year to complete and The Owl expects to bring its new packaging module commercially to market in Q1 of 2023.
The Owl is currently recruiting companies to participate in this initiative. Those interested in participating can sign up for free here.
About The Owl Solutions
The Owl Solutions is a supply chain data analytics company that helps mid sized businesses improve the performance of their operations by providing best-in class visibility and expert support. For more information visit http://www.theowlsolutions.com
For more information contact:
Olivia Santucci, Marketing Manager
The Owl Solutions
[email protected]
905 975 4995
Media Contact
Olivia Santucci, The Owl Solutions, 1 19059754993, [email protected]
SOURCE The Owl Solutions
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