Industry 5 0 And Paradigm Shift Emerging Challenges

Industry 5.0 is the successor of the 'Industry 4.0' concept which employed high technology in the manufacturing industry. Industry 5.0 is a new idea that adds a human touch to the work of robots and smart machines. The basic idea of humans and machines working together is to increase efficiency and effectivity, like the 'Internet of things' (loT). It aims to merge the increasing cognitive computing abilities of the robots with the intelligence and resourcefulness of the humans. The progress of Industry 5.0 is inevitable. As the technology grows more each day, we find ways to make our work simpler. The development of such technologies to make the world more efficient requires its manufacturers, i.e., humans who collaborate with these machines and technologies. Humans are indispensable resources, as what a machine can do is limited. And with all these efficiencies we have come so far, there is no path leading us back. With adoption of new concepts comes a paradigm shift as development continues and we move from Industry 4.0 which speaks of the "future of production," its primary purpose continues to be achieving seamless connectivity between machines and IT systems for higher productivity and efficiencies across the value chain. Overall, it focuses mainly on traditional financial and operational KPIs. Whereas Industry 5.0 gives a human touch to the concept of 4.0 keeping in mind the well-being of the environment and society, making the machines and humans work together on a path of 'Green Future'. Industry 5.0 has the balance of both humans and technologies which benefits the ecosystem, with discovery of new energy sources and renewable resources, helping in a sustainable working environment. It can be used to reduce harmful residue caused due to manufacturing processes and recycle rare materials. Taking this theme, the multidisciplinary congress on "Industry 5.0 and Paradigm Shift: Emerging Challenges" will highlight research challenges and open issues that should be further developed to realize Industry 5.0.

The book provides readers with an overview of the state of the art in the field of Industry 4.0 and related research advancements. The respective chapters identify and discuss new dimensions of both risk factors and success factors, along with performance metrics that can be employed in future research work. They also discuss a number of real-time issues, problems and applications with corresponding solutions and suggestions. Sharing new theoretical findings, tools and techniques for Industry 4.0, and covering both theoretical and application-oriented approaches, the book offers a valuable asset for newcomers to the field and practicing professionals alike.

World-renowned economist Klaus Schwab, Founder and Executive Chairman of the World Economic Forum, explains that we have an opportunity to shape the fourth industrial revolu­tion, which will fundamentally alter how we live and work. Schwab argues that this revolution is different in scale, scope and complexity from any that have come before. Characterized by a range of new technologies that are fusing the physical, digital and biological worlds, the developments are affecting all disciplines, economies, industries and governments, and even challenging ideas about what it means to be human. Artificial intelligence is already all around us, from supercomputers, drones and virtual assistants to 3D printing, DNA sequencing, smart thermostats, wear­able sensors and microchips smaller than a grain of sand. But this is just the beginning: nanomaterials 200 times stronger than steel and a million times thinner than a strand of hair and the first transplant of a 3D printed liver are already in development. Imagine “smart factories” in which global systems of manu­facturing are coordinated virtually, or implantable mobile phones made of biosynthetic materials. The fourth industrial revolution, says Schwab, is more significant, and its ramifications more profound, than in any prior period of human history. He outlines the key technologies driving this revolution and discusses the major impacts expected on government, business, civil society and individu­als. Schwab also offers bold ideas on how to harness these changes and shape a better future—one in which technology empowers people rather than replaces them; progress serves society rather than disrupts it; and in which innovators respect moral and ethical boundaries rather than cross them. We all have the opportunity to contribute to developing new frame­works that advance progress.

In the midst of climate change, responsible business practices and ecological modernization become essential tools for the promotion of sustainability. Due to the current level of demand for eco-friendly products and services, there is a need for green training and green human resource development to support green creativity and eco-innovation for sustainability. By incorporating green initiatives into human resource practices, organizations can maintain a positive impact on the environment. With a full understanding of sustainable business practices, positive impacts on the environmental management field become easier to produce. Human Resource Management Practices for Promoting Sustainability is a pivotal reference source that explores the incorporation of green initiatives into all aspects of human resource management practices in a variety of industries. The book delivers a discussion on green human capital, collective green intelligence, and competencies that are essential to cope with the challenges in Industry 4.0. It also provides a basis for green recruitment and selection processes as a way of promoting pro-environmental behavior in the labor markets. While highlighting a broad range of topics including employee relations, knowledge management, and recruitment, this book is ideally designed for executives, entrepreneurs, human resource managers, academicians, researchers, and students. The book is also suitable for conventional and corporate universities looking to meet sustainable development goals as well as policymakers as it provides a guideline in designing and implementing green creativity and eco-innovation based on a wide range of global issues confronting sustainability in the Fourth Industrial Revolution.

This book discusses the socialization of business as a corporate philosophy to understand customers and stakeholders in order to motivate co-creating value-based business performance. Reviewing a wide range of literature, it analyzes emerging theories of agility in business, corporate social responsibility, social learning, and value co-creation. Divided into 5 sections, this volume deliberates upon critical success factors of firms, which include diversity and cross-functionality by managing the triple and quadruple bottom-line. It argues that timely deployment of streamlined crowd-based marketing strategies in chaotic markets enhance the effects of social innovation and reduce growing complexities in global and regional markets. Presenting new insights on developing agile business models using both aggressive (crowd-driven) and defensive (competitive) marketing strategies in the agile business models, this edited work discusses how contemporary businesses adapt to agile strategies and integrate people, profit, and corporate citizenship behavior.

This Edited Volume "Consumer Behavior and Marketing" is a collection of reviewed and relevant research chapters, offering a comprehensive overview of recent developments in the field of psychology. The book comprises single chapters authored by various researchers and edited by an expert active in the research area. All chapters are complete in itself but united under a common research study topic. This publication aims at providing a thorough overview of the latest research efforts by international authors and open new possible research paths for further novel developments.