A novel hybrid decision‐making framework for measuring Industry 4.0‐driven circular economy performance for textile industry

Sadia Samar Ali, Belkız Torğul, Turan Paksoy, Sunil Luthra and Yasanur Kayikci

Business Strategy and the Environment, 2024, vol. 33, issue 8, 7825-7854

Abstract: The sustainability strategy focuses on conscious production and consumption, with the circular economy (CE) as an innovative approach to maximize resource value and minimize waste. Industry 4.0 technologies like AI, robotics, and blockchain play a significant role in enhancing the competitiveness of businesses pursuing the CE. These advanced technologies help organizations achieve their sustainability goals, particularly within the CE framework. The study analyses how Industry 4.0‐driven CE practices impact sustainable business performance, using the Indian textile industry as a case study. The researchers developed a three‐stage hybrid decision‐making framework, integrating various methods to assess sustainable performance. A novel three‐stage hybrid decision‐making framework was developed by integrating Kendall's agreement test (Kendall's W), fuzzy Delphi, best–worst method (BWM), full consistency method (FUCOM), and combined compromise solution (CoCoSo) methods. The findings highlight positive outcomes such as enhanced incentives, government support, greener logistics, and improved monitoring of emissions, waste, and pollution. However, there is room for further improvements to address market demand and increase the profitability of green products.

Date: 2024
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