Toward Sustainable Emerging Economics based on Industry 5.0: Leveraging Neutrosophic Theory in Appraisal Decision Framework

Abstract

Entrepreneurs in emerging economies (EEs) need to expand to survive in a climate of intense competition. Additionally, it must be innovative, imaginative, and open to absorbing new business techniques.  Prior studies proved that Entrepreneur’s success hinges on its capacity to deliver innovative items through employing cutting-edge technologies more quickly than its rivals. In recent decades, digitization—the widespread use of connected digital services by governments, businesses, and consumers—has emerged as a major economic engine that spurs expansion and makes it easier to create jobs. For instance, the next major technological shift is thought to be Industry 5.0 (Ind 5.0). In contrast to Industry 4.0, its goal is to provide manufacturing techniques that are resource-efficient and user-preferred through leveraging the creativity of human specialists in combination with effective, intelligent, and precise machines. Hence, the current study seeks to compile a comprehensive list of obstacles that suppress implementing Ind5.0, to experimentally appraise those obstacles. We construct Appraisal Decision Framework (ADF) generated from deploying Analytic Hierarchy Process (AHP) as method of multi-criteria decision-making (MCDM). Whilst AHP work with aids of neutrosophic set to overcome the vague information in the process of evaluation. Herein, interval-valued neutrosophic numbers (IVNSs) apprise the obstacles of Ind 5.0 in EEs. The neutrosophic AHP method is used to compute the weights of risks, then rank it. The findings of ADF show that cost and fund are the highest in all 12 obstacles, followed by scalability, Lack of Socio-technological Planning, security, and privacy.