Developing Industry 5.0 To Effectively Harness Production Capacities

Abstract The dynamic evolution of the economy and the evolving demands necessitating adaptability are primary catalysts for the emergence of Industry 5.0 which, building on the foundations of Industry 4.0, is oriented towards meeting human needs and expectations while ensuring the responsible functioning of the workforce. This is particularly salient in sectors experiencing rapid advancements in manufacturing concepts, characterized by the integration of advanced IT, information and data utilization, automation, and the deployment of collaborative robots, often referred to as “cobots”. The study outlines the key prerequisites concerning the development and operation of Industry 5.0, as specified in European Union guidelines, and evident in research literature. Three critical facets pertinent to the effective implementation of Industry 5.0 are extensively addressed, encompassing the imperative to effectively cater to human-related requisites and highlighting the potential benefits therein. The paper offers an overview of openly accessible, previously published materials on the subject. The author’s examination encompasses studies regarded as milestones, which build on the foundations of Industry 4.0 to advance the conceptual framework of Industry 5.0. Rather than centering on statistical analysis, this research attempts to explore relationships that warrant further in-depth investigation to ascertain existing correlations. The paper seeks to outline factors to be considered in the course of implementing Industry 5.0. Its conclusions may be of use in supporting people responsible for organizational development and specifically in helping them to identify potential issues so as to give their organization an edge in the global competitive environment.