MDIM Journal of Management Review and Practice
P. Murugan1
Post Graduate and Research Department of Commerce, Vivekananda College, Tiruvedakam West, Madurai, Tamil Nadu, India
Creative Commons Non Commercial CC BY-NC: This article is distributed under the terms of the Creative Commons Attribution-NonCommercial 4.0 License (http://www.creativecommons.org/licenses/by-nc/4.0/) which permits non-Commercial use, reproduction and distribution of the work without further permission provided the original work is attributed.
This article explores the concept of Industry 5.0 and its implications for the manufacturing industry. Industry 5.0 represents a paradigm shift that emphasizes the collaboration between humans and advanced technologies to revolutionize manufacturing processes. The article aims to investigate the potential benefits, challenges, and future impact of Industry 5.0. Through primary data collection, including surveys among industry professionals and experts, the study provides insights into the potential benefits of Industry 5.0. The data analysis reveals that improved quality control, faster time to market, and increased productivity are perceived as significant potential benefits. However, respondents rated ‘improved customer experience’ as a relatively less prominent benefit. Other important benefits include enhanced innovation, customization and personalization, and sustainability and resource efficiency. The study also highlights challenges hindering the widespread adoption of Industry 5.0. These challenges include the need for upskilling and reskilling the workforce, ensuring data privacy and security, and managing the transition from existing manufacturing systems. Based on the findings, the article emphasizes the transformative nature of Industry 5.0, enabling greater customization, flexibility, and sustainability in manufacturing processes. It highlights the importance of human–machine collaboration and the empowerment of workers to leverage their creativity and problem-solving skills alongside advanced technologies. To successfully implement Industry 5.0, organizations need to address challenges and consider recommendations provided in the article. This includes investing in workforce upskilling, ensuring data privacy and security measures, and managing the transition process effectively. In conclusion, Industry 5.0 has the potential to redefine manufacturing processes, driving innovation and sustainability across various industries. By embracing the principles of customization, sustainability, and human ingenuity, the manufacturing sector can adapt and thrive in the future.
Industry 5.0, manufacturing, customization, sustainability, human–machine collaboration, innovation
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