Industry 5.0 – The Expected Impact Of Next Industrial Revolution

Daniel Paschek, Anca Mocan and Draghici Anca
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Daniel Paschek: Politehnica University Timisoara, Management Faculty, Romania
Anca Mocan: Politehnica University Timisoara, Romania

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Abstract: While the most companies are still struggling with the digitalization of their business through the integration of artificial intelligence (AI), Internet of Things (IoT), cloud technologies and further developed technology the next step of Industrial Revolution appears in the nearest future. Industry 5.0 will step into the future daily business due to the velocity of further technological development and changing human process integration. In this context, the paper analyses and evaluate the business impact of the next Industrial Revolution, so call Industry 5.0. Therefore, the actual Industry 4.0 business transformation record of accomplishment as well as weakness and threats are analysed by interviews with experts and business representatives. The first result is the business situation analysis to identify existing gabs with the derivation of opportunities and threats as well as suggestions for the business how to transform best in times of the next Industrial Revolution. Furthermore, the approach of integrate human workers back into the supply chain next to automated processes is debated. This paper underlines the assumption that companies did not recognize, yet the next Industrial Revolution because of the lack of entrepreneurship and transformation capacity related to Industry 4.0.

Keywords: Industry 5.0; Fifth Industrial Revolution, Artificial Intelligence; Business Change; Industry 4.0; Digitalization (search for similar items in EconPapers)
Date: 2019
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