Can Industry 5.0 revolutionize the wave of resilience and social value creation? A multi-criteria framework to analyze enablers

Sindhwani, Rahul, Afridi, Shayan, Kumar, Anil, Banaitis, Audrius, Luthra, Sunil and Singh, Punj Lata (2022) Can Industry 5.0 revolutionize the wave of resilience and social value creation? A multi-criteria framework to analyze enablers. Technology in Society. ISSN 0160-791X (In Press)

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Abstract / Description

The ever-changing times demand a resilient industry that quickly adapts to the oncoming wave of new technology; however, a strong social environment that comprises organic social values is needed for a thriving human society. Industry 4.0 has become the standard for applications in recent years, as its technologies are rapidly being implemented and positively impacting every sector. However, these developments are still unable to achieve the desired outcomes and have neglected the environment by prioritizing machines over humans. Therefore, the Industry 5.0 (I5.0) revolution is a call to bring forth the ideas of sustainability into practice, integrate human values with technology, and is considered a step forward for achieving sustainable development goals. Hence, the present study proposes a framework for analyzing I5.0 enablers for achieving sustainability by integrating human values with technology. To achieve the objectives, this study was conducted in three different phases: 1) through extensive review, the list of criteria and enablers was identified; 2) Pythagorean fuzzy Delphi was used to validate the enablers against criteria; 3) a hybrid approach of Pythagorean fuzzy analytical hierarchy process-combined compromise solution was employed to calculate the weights of selected criteria and determine the ranks of enablers. A sensitivity analysis was then performed to check the robustness of this framework. The findings show that the criterion of personal customization obtained the highest weight followed by human-machine collaboration, which will create a smart cognitive environment for humans. Human intelligence is used in more important places, which will help society focus on developing social values. The authors also put forward seven propositions about adopting I5.0 enablers for best results, taking examples from existing case studies and helping industrialists adopt I5.0 methods.

Item Type: Article
Uncontrolled Keywords: Industry 5.0; sustainable development; bioeconomy; human–robot collaboration; mass personalization; Pythagorean fuzzy
Subjects: 600 Technology > 650 Management & auxiliary services
Department: Guildhall School of Business and Law
Depositing User: Anil Kumar
Date Deposited: 11 Jan 2022 09:16
Last Modified: 11 Jan 2022 09:16

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