Industry 5.0

Abstract

The world has seen a massive increase in environmental pollution beginning from the Second Industrial Revolution. However, unlike in the past several decades, the manufacturing industry is now more focused on controlling different aspects of waste generation and management and on reducing adverse impacts on the environment from its operation. Having environmental awareness is often considered a competitive edge due to the vast amount of support from government; international organizations like the UN, WHO, etc.; and even an ever-growing niche customer base that supports environmentally friendly companies. Unfortunately, Industry 4.0 does not have a strong focus on environmental protection, nor has it focused technologies to improve the environmental sustainability of the Earth, even though many different AI algorithms have been used to investigate from the perspective of sustainability in the last decade. While the existing studies linking AI algorithms with environmental management have paved the way, the lack of strong focus and action leads to the need for a better technological solution to save the environment and increase sustainability. We envisage this solution to come out of Industry 5.0. Further, the objective is to develop an understanding about Industry 5.0 along with the sustainability of Industries and their performance at a time when they are adopting advanced production techniques and while adopting these, they have to keep in mind environmental aspects. Further, it involves knowledge regarding improving performance of business firms while going for technical advancements and thus gaining in competition. The term Industry 5.0 refers to people working alongside robots and smart machines. It's about robots helping humans work better and faster by leveraging advanced technologies like the Internet of Things (IoT) and big data. It adds a personal human touch to the Industry 4.0 pillars of automation and efficiency. In manufacturing environments, robots have historically performed dangerous, monotonous or physically demanding work, such as welding and painting in car factories and loading and unloading heavy materials in warehouses. As machines in the workplace get smarter and more connected, Industry 5.0 is aimed at merging those cognitive computing capabilities with human intelligence and resourcefulness in collaborative operations. Since the use cases of Industry 5.0 are still in their relative infancy, manufacturers should be actively strategizing ways to integrate human and machine workers in order to maximize the unique benefits that can be reaped as the movement continues to evolve.