High-quality managerial decision-making is crucial for improving the resource efficiency of production companies in the context of digitalization. Currently, the use of modern methods and tools to manage the consumption and supply of resources of companies should consider the principles of a circular economy. This study focused on the development of a mechanism to manage resource efficiency in the fuel and energy sector. It used the methodological tools developed by the authors, including a comprehensive integral assessment of resource efficiency and a practice-oriented research methodology adapted for fuel and energy enterprises. Having analyzed the existing state of resource consumption, the authors discovered a disparity of indicators, methods and means in the applied assessment of the accounting, control and expenditure of energy resources. Using the analytic hierarchy process as a foundation, the authors applied a technique for identifying inefficient production processes at the fuel and energy enterprises level as a case study. With the proposed technique, the main areas of the inefficient use of resources were identified. They include the organization of accounting, control and rationing of resource consumption, supplying the resources to production, and measures to improve resource conservation. These areas were ranked by importance and priority. The calculations determined the most resource-intensive process—“Operation of equipment and technologies”. On this basis, the authors developed a methodology for resource efficiency management, including a number of digital technologies and tools. As a result of testing the developed mechanism in an oil and gas company based on the principles of a circular economy, the authors found reserves of the inefficient use of energy resources and searched for the best option for the development of an oil and gas company. Moreover, the proposed approach enabled the authors to determine the balanced growth of the company’s resource efficiency, develop managerial decisions for the its long-term development, and conduct its environmental and economic assessment.

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Digital Management of Resource Efficiency of Fuel and Energy Companies in a Circular Economy

The linear economy of today's society conflicts with many environmental, social, and economic challenges. Therefore, the implementation of the Circular Economy model is prioritized by policymakers and the research community. The European Union is in accord with the smooth transition towards a Circular Economy through the Circular Economy Strategy, The European Green Deal (carbon neutrality by 2050) as well as the Sustainable Development Goals (SDGs) of the United Nations. Replacing the conventional business models with circular business models entails a change in technological aspects involving the R strategies (refuse, reduce, recycle, etc.). For a beneficial transition, Circular Economy should be monitored to give out quantitative measurable data. Quantifying Circular Economy can be achieved through the use of Key Performance Indicators, Life Cycle Analysis, Material Flow Analysis as well as the use and development of quality protocols (ISO/TC 323). Such tools will aid with measuring Circular Economy performance (urban or industrial), support decision-making (policymakers, CEOs, etc.) and highlight strengths, weaknesses, blind spots and opportunities regarding circularity. This research analyses the use of monitoring of three main monitoring tools in the framework of Circular Economy using SWOT analysis (Strengths, Weaknesses, Opportunities, Threats) to provide a collective understanding on the implementation of Circular Economy in different settings (urban, industrial, domestic) and provide a clearer pathway towards this transition. The three tools analysed were Key Performance Indicators, quality protocols and digitalization while a hybrid approach was proposed to tackle the shortcomings and utilize the strengths of each of the three methods. The results of the study are expected to provide context to policy makers, academics, the industry, economists and other key players into the synergies necessary for circular economy implementation as well as the necessity of data collection and continuous monitoring for a smooth transition towards circularity. 

Measuring Circularity: Tools for monitoring a smooth transition to Circular Economy

The concept of the circular economy is gaining increasing attention as a sustainable economic model aimed at minimizing resource consumption and waste generation, while promoting the sustainable economic growth of organizations. However, assessing the performance of existing circular economy initiatives requires a comprehensive evaluation and analysis of multiple criteria and indicators. This chapter explores the application of the multi-criteria decision making (MCDM) method in evaluating the performance indicators of the circular economy. It considers the importance of multi-criteria decision-making methods, presents relevant case studies, and highlights the advantages and challenges associated with their implementation. Accordingly, the aim of this research is to rank the EU27 countries based on a set of circular economy indicators using the mentioned MCDM method and to identify the alternative with the best mutual relationship of circular economy performance indicators. The optimal alternative after the analysis is Lithuania, a member of the EU27. 

Assessing Circular Economy Performances of Selected Countries Using Mcdm Methods

Model of the Circular Economy and its Application in Industry Practice: A Case Study of Serbia

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Model of the Circular Economy and its Application in Industry Practice: A Case Study of Serbia