Actions and approaches for enabling Industry 5.0‐driven sustainable industrial transformation: A strategy roadmap

Abstract

Although Industry 4.0 was believed to promote sustainable development, it has ignored or misunderstood many prevailing sustainability concerns, which led to the emergence of the Industry 5.0 agenda. While the desirable sustainability values of Industry 5.0 are widely acknowledged, the knowledge of how this agenda can deliver sustainable transformation is lacking. The present study addresses this knowledge gap, explaining how Industry 5.0 transformation should be managed to facilitate sustainable development. Therefore, this study strives to model the underlying mechanism for enabling such transformation. The study conducted a content-centric review of the literature and identified 11 actions and approaches that serve as enablers of Industry 5.0 transformation. The study further conducted the interpretive structural modeling and structured the enablers as an interpretive model explaining steps needed for enabling Industry 5.0. Finally, the study developed the strategy roadmap for enabling Industry 5.0 transformation and sustainable development.Results emphasized stakeholder salience, highlighting the enabling role of stakeholder integration and collaboration in Industry 5.0 transformation. Proactive governmental support is the most driving enabler of Industry 5.0, whereas ecoinnovation and sustainable value network reformation are among the most complex and hard-to-develop enablers. Results offer several implications for policymakers and practitioners, explaining the functionality of each approach and strategy necessary for Industry 5.0 transformation. The roadmap determines the sequential relationships among these approaches and strategies and identifies their optimal development sequence for enabling Industry 5.0 transformation synergistically. Results further identify the codependences among the Industry 5.0 transition enablers and highlight their interactions and complementarities.

Digital transformation, financing constraints, and corporate environmental, social, and governance performance

“…The development and application of digital technology require enterprises to use resources and continuously carry out technological innovation activities (Vial, 2019). With the massive impact of the COVID‐19 pandemic on the global economy and the escalating impact of the worldwide climate crisis, people have gradually realized that digital transformation and sustainability should be regarded as complementary growth drivers in exploration and practice (Ghobakhloo et al, 2022; Xu et al, 2023). On the one hand, through digital transformation, enterprises can optimize the use of resources and reduce waste to reduce the impact on the environment, and can also improve energy efficiency and accelerate the promotion of clean energy (Chen & Hao, 2022; Feroz et al, 2021).…”

Blockchain for social good and stakeholder engagement: Evidence from a case study

“…In addition, this study analyzed the implications of blockchain peculiarities for a venture, but they can be helpful to individuals as well. Additionally, due to the recent interest in Corporate Social Innovation (e.g., Herrera, 2015; Mirvis et al, 2016) and Industry 5.0 (e.g., Ghobakhloo et al, 2022), future studies may analyze if and how the blockchain is able to foster social innovation in corporations. It is also relevant to study how and if blockchain may be implemented in developing countries.…”

Industry 5.0: A comprehensive insight into the future of work, social sustainability, sustainable development, and career

“…Including a reflection on the concept of sustainable livelihoods (Carr, 2023) and its relationship with decent work, Carr (2023) emphasized the importance of creating work environments that prioritize dignity, fairness, and well-being for workers for promoting career and sustainable work. Besides, regarding personal growth, Guichard (2022) proposed interventions supporting the construction of active lives, aiming to broaden the perspective and encompass all dimensions of life (e.g., unpaid voluntary work, activities for personal development, etc.). This approach focuses on market work and advocates for more holistic support to individuals in designing active lives in line with their values, aspirations, and needs.…”