The Role of Data Analytics and Sustainable Circular Economy in Developing Countries
DOI:
https://doi.org/10.55677/GJEFR/05-2024-Vol01E5Keywords:
Big Data Analytics, Data Analytics, circular economy, developing countriesAbstract
In the twenty-first century, data analytics has become a vital tool in decision-making. Modern companies and organisations create enormous volumes of data, which need for sophisticated ways to analyse. Statistics help companies make data-driven decisions by organising, summarizing, and interpreting data. 21st-century enterprises, organisations, and people generate more data than ever. Due to rapid technological advancement and growing data, companies must make data-driven choices. As such, the place of data analytics is the era of digital economy cannot be overemphasize. This paper essentially review these roles in achieving sustainable circular economy in developing countries. The study was based solely on secondary data elicited from the review of previous studies on the subject being investigated. The examined the concepts and benefits of circular economy, the challenges in implementing circular economy in developing countries, as well as the concept, impact and role of data analytical impact on achieving sustainable circular economy. The overall findings from this study indicates that indeed, data analytics play important role in achieving sustainable circular economy in developing countries and thus recommends the system theory approach to circular economy where all parts are connected in somewhere to enhance effectiveness and reduce cost. Such connection can only be efficient through data analytics.
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