For many companies, Industry 4.0 is still the “next thing” they should focus on—or the trend they are currently adopting their strategy to. It reflects the fourth industrial revolution triggered and enabled by developments in IT. Key elements include automation, robotization, big data analytics, smart systems, virtualization, AI, machine learning and Internet of Things.
While companies and whole industries are still in the middle of this fourth revolution, the next revolution is already well on its way—Industry 5.0. Before you panic and try to make hasty decisions, let’s have a quick run-through. What does it Industry 5.0 mean and what are its implications for your current and future business strategy?
What Is Industry 5.0?
The concept of Industry 5.0 is a relatively new one. According to the European Union Industry 5.0 “provides a vision of industry that aims beyond efficiency and productivity as the sole goals, and reinforces the role and the contribution of industry to society.” and “It places the wellbeing of the worker at the centre of the production process and uses new technologies to provide prosperity beyond jobs and growth while respecting the production limits of the planet.” It complements the Industry 4.0 approach by “specifically putting research and innovation at the service of the transition to a sustainable, human-centric and resilient European industry” (original emphasis).
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