Abstract
Industry 5.0 Transition for an Advanced Service Provision
Highlights
The fifth industrial revolution, known as Industry 5.0 (I-5.0), goes beyond economic provisions and profitability for industries
The service contracts developed in high-value industries are mainly defined around performance, capability and the reliability levels that the customer receives from the products
Technical readiness are measured by the level of digitalisation and implementation of I-4.0 within products, services, value chains, product-service offerings, business models and manufacturer-customer communication
Summary
The fifth industrial revolution, known as Industry 5.0 (I-5.0), goes beyond economic provisions and profitability for industries. It embraces social provisions to provide prosperity and wellbeing while targeting economic growth. I-5.0 obligates industries to play a more important role in providing solutions for preserving resources, preventing climate change, and improving social prosperity. This prospect will make industries more resilient against social and environmental disruptions, e.g. Covid-19, global warming, and rise of sea-level. I-5.0 has four main elements: (i) adopting a human-centric approach for digital technologies including artificial intelligence, (ii) upskilling and re-skilling human resources, digital skills, (iii) modern, resource-efficient and sustainable industries and transition to a circular economy, (iv) a globally competitive and worldleading industry, speeding up investment in research and innovation [1]. I-5.0 is about promoting the ethics of technologies and making industries sustainable
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