Industry 5.0 and Digital Innovations: Antecedents to Sustainable Business Model

Abstract

The concept of Industry 5.0 is not just one more revolution but calls for a tectonic shift in digitization and operationalizing technology with connected value chain across sectors. It is human centric that promotes talents, diversity and empowerment coupled with resilience leading to agile and adaptable technologies with prime focus on sustainability. The COVID-19 pandemic has given impetus to digital transformation and accelerated the focus on other challenges of present time and with extended importance on people, planet and societal concepts. This study shall attempt to examine the nature of association between revolution of Industry 5.0 with perspectives to digital innovation and its implications toward bringing sustainable business model. The main objective of this chapter shall be to uncover interrelated questions in terms of sustainability perspectives of industries in framing business models. This study shall serve as a primer to significance of digital transformation with relevance to businesses that can lead to efficient use of scarce resources and optimal feasible solutions to the business models, given the institutional and organizational frameworks. Further, an attempt shall also be made to underpin the key facets of effects of Industry 5.0 on the knowledge economy. It shall delve into how digital innovations can yield benefits to industry in terms of competitiveness and sustainability with focus on Society 5.0 that attempts to balance economic development with the resolution of societal and environmental problems. It is not restricted to the manufacturing sector but addresses larger social challenges based on the integration of physical and virtual spaces.

Citation

Shukla, P. and Singh, S. (2023), "Industry 5.0 and Digital Innovations: Antecedents to Sustainable Business Model", Saini, A. and Garg, V. (Ed.) Transformation for Sustainable Business and Management Practices: Exploring the Spectrum of Industry 5.0, Emerald Publishing Limited, Leeds, pp. 17-29. https://doi.org/10.1108/978-1-80262-277-520231003