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Fostering the SMEs Organizational Sustainability: An Analysis for Competitive Advantage in Context to Circular Economy

Author

Listed:
  • Surya Prakash

    (IIHMR University)

  • Saty Dev

    (SRMS College of Engineering and Technology)

  • Gunjan Soni

    (Malaviya National Institute of Technology Jaipur Jawahar Lal Nehru Marg)

  • Gaurav Kumar Badhotiya

    (Marwadi University)

Abstract

In the digital era, every small and medium enterprise (SME) firm is facing tight competition to gain a sustainable and competitive edge. The decision to find the appropriate strategy, method, ideas, and tools that impact the SME’s organizational sustainability is a difficult one. In recent times, the shifting focus toward a circular economy is making this more challenging. Many times, the available data are the bases of decision-making. Fuzzy versions of decision-making tools are good ways to deal with ambiguity in key data sources and inputs. As a result, this study has used the fuzzy analytic hierarchy process (FAHP) method to evaluate and understand the factors that provide SMEs with a competitive edge in the circular economy. Based on the four given criteria provided, a total of six drivers were analyzed and evaluated. The findings of the study show that in the initial phase, SME organizations should focus on environmentally friendly product differentiation and cleaner production methods to be sustainable. The next important factor identified is ‘green design and directives’ followed by the need of aligning SMEs toward sustainable development goals.

Suggested Citation

  • Surya Prakash & Saty Dev & Gunjan Soni & Gaurav Kumar Badhotiya, 2023. "Fostering the SMEs Organizational Sustainability: An Analysis for Competitive Advantage in Context to Circular Economy," International Journal of Global Business and Competitiveness, Springer, vol. 18(2), pages 101-113, December.
    • Handle: RePEc:spr:ijogbc:v:18:y:2023:i:2:d:10.1007_s42943-023-00071-5
    DOI: 10.1007/s42943-023-00071-5
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