Industry 5.0

The term Industry 5.0 refers to people working alongside robots and smart machines. It’s about robots helping humans work better and faster by leveraging advanced technologies like the Internet of Things (IoT) and big data. It adds a personal human touch to the Industry 4.0 pillars of automation and efficiency. Industry 5.0 stands on the shoulders of Industry 4.0 which has made a significant impact. Industry 4.0, also known as the fourth industrial revolution, has already had an enormous impact on the global economy and the way businesses operate in a variety of industries. The technology has helped make companies more agile, efficient, and even environmentally friendly. One of the biggest features of Industry 4.0 is the use of connected technology, which allows businesses to exchange real-time data, optimize processes, reduce costs, and improve quality. Key elements include automation, robotization, big data analytics, smart systems, virtualization, AI, machine learning, and Internet of Things. Industry 5.0 will also mean the introduction of even more advanced technologies, such as artificial intelligence and robotics, which can support and complement humans in new ways. Industry 5.0 “provides a vision of an industry that aims beyond efficiency and productivity as the sole goals, and reinforces the role and the contribution of industry to society.” and “It places the wellbeing of the worker at the center of the production process and uses new technologies to provide prosperity beyond jobs and growth while respecting the production limits of the planet.”  European Union The core differences are Industry 4.0 was focussing a lot on automation. Industry 5.0 takes that process ahead but introduces the intelligence of humans into the mix. Universal robots use the term cobots for this. They share the workspace with humans and are called collaborative robots. These robots and humans would work side by side together unlike the I4 predecessor where they worked in isolation in a controlled and hostile environment without humans around them. The objective of Industry 4.0 is to interconnect machines, processes, and systems for maximum performance optimization. Industry 5.0 takes such efficiency and productivity a step further. It’s about refining the collaborative interactions between humans and machines. Industry 5.0 recognizes that man and machine must be interconnected to meet the manufacturing complexity of the future in dealing with increasing customization through an optimized robotized manufacturing process,” said Marc Beulque, vice president of global operations at Rogers Industry 5.0, places emphasis on the 3 pillars of Humans, Resilience, and Sustenance The focus of Human Centricity is to change the perspective from People serving organizations to organizations serving people. If organizations become truly human-centric, though, the first implication for strategy is that it needs to be about gaining a competitive advantage and using it to create unique added value for employees. Resilience will truly become one of the three pillars of Industry 5.0, it means that strategy’s primary focus will no longer be on growth, profit, and efficiency, but on creating organizations that are “anti-fragile,” meaning that they can anticipate, react, and learn timely and systematically from any crisis and thereby ensure stable and sustainable performance. Like the first two pillars, also this is a radical change. So far, corporate sustainability efforts have largely focused on reducing or minimizing damage—or on greenwashing. Fully embracing sustainability in a company’s strategy, though, implies much more than what’s currently been done. Rather than merely reducing a company’s negative impact, truly sustainable companies focus on increasing their positive impact.