Industry 5.0 Business Excellence and Strategies for Future Organizations – A Comparative Study across Industries
Year: 2024
Type: conference-paper
Abstract: Industry 5.0 represents the next evolutionary phase in industrial development, emphasizing the collaboration between humans and advanced technologies to create highly personalized and efficient production processes. Unlike Industry 4.0, which focuses on automation, data exchange, and the Internet of Things (IoT), Industry 5.0 integrates human intelligence with cognitive computing, artificial intelligence (AI), and sophisticated robotics to enhance innovation, sustainability, and customization. This paradigm shift aims to leverage human creativity and problem-solving abilities alongside machine precision and efficiency, fostering a more resilient, adaptable, and human-centric industrial environment. Industry 5.0 also prioritizes environmental sustainability and social well-being, ensuring that technological advancements contribute positively to society and the planet. With the objectives of (i) To Explore the Concept and Principles of Industry 5.0, (ii) To Analyze the Impact of Industry 5.0 on Business Excellence, (iii) To Identify Key Technologies Driving Industry 5.0, (iv) To Examine the Role of Human-Centric Innovation in Industry 5.0, (v) To Investigate Strategies for Integrating Industry 5.0 into Organizational Practices, (vi) To Conduct a Comparative Analysis of Industry 5.0 Adoption Across Different Sectors, (vii) To Provide Recommendations for Future Research and Policy Development, this paper aims to offer a comprehensive exploration of Industry 5.0, its impact on business excellence, and the strategies organizations can employ to thrive in this new industrial paradigm. By addressing these objectives, the study seeks to offer valuable insights and actionable guidance for businesses and policymakers navigating the transition to Industry 5.0.
Author: Aithal, Sreeramana
Institution: Poornaprajna Institute of Management
Language: English
Subfield: Industrial and Manufacturing Engineering
Field: Engineering
Domain: Physical Sciences
Open Access status: green
OpenAlex ID: W6912021217
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