A practical guide on strategic roadmapping for information and operations technology management: a case study on industry 5.0 transformation

Ghobakhloo, Morteza; Iranmanesh, Mohammad; Foroughi, Behzad; Rejeb, Abderahman; Nikbin, Davoud; Tseng, Ming-Lang

doi:10.1080/21681015.2024.2325687

Cited by 4 publications

(2 citation statements)

References 48 publications

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“…There are few studies that have conceptualized Industry 4.0 and 5.0 with business competitiveness (Madhavan et al 2022b; Alvarez-Aros and Bernal-Torres 2021; Kolaro et al 2023). It was also evident that implementing Industry 5.0 principles would facilitate manufacturers in gaining competitiveness (Ghobakhloo et al 2024;Sharma et al 2022). Hence, the following hypothesis is postulated: H3: There is a significant impact of Industry 5.0 readiness on the business competitiveness of SMEs (a 2 -Figure 2).…”

Section: Industry 50 Readiness and Business Competitiveness (Bc)mentioning

confidence: 99%

Impact of Industry 5.0 Readiness on Sustainable Business Growth of Marine Food Processing SMEs in Thailand

Madhavan,

Sharafuddin,

Wangtueai

2024

Administrative Sciences

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This research aims to develop a conceptual framework and propositions to establish and test the causal relationships between Industry 5.0 readiness (I5.0R), global value chain (GVC) participation, business competitiveness (BC), and sustainable business growth (SBG) of small and medium-sized enterprises (SMEs). This study focuses on Industry 5.0 readiness, evaluated through human-centricity, fairtrade practices, lean management, sustainability practices, and business competitiveness, measured by marketing, resources, production, and finance. Both constructs were developed and tested as higher-order constructs, while GVC participation and sustainable business growth were assessed as lower-order constructs. Data were collected from marine food processing SMEs in Thailand using a purposive sampling technique. This study tested and confirmed the content validity, construct validity, and reliability of both lower and higher-order models. Using partial least squares structural equation modeling (PLS-SEM) with bootstrapping (n = 1000), the results indicated significant positive impacts of Industry 5.0 readiness on GVC participation, Industry 5.0 readiness on business competitiveness, GVC participation on business competitiveness, and business competitiveness on the sustainable business growth of SMEs. Additionally, business competitiveness was found to mediate the relationship between Industry 5.0 readiness and sustainable business growth. These findings contribute to the literature on Industry 5.0, GVCs, and SME business competitiveness, offering practical insights for SMEs and policymakers aiming to enhance sustainable growth through strategic readiness and competitiveness in Industry 5.0 practices. The implications and directions for further research in Industry 5.0 readiness of SMEs are presented.

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Section: Industry 50 Readiness and Business Competitiveness (Bc)mentioning

confidence: 99%

Impact of Industry 5.0 Readiness on Sustainable Business Growth of Marine Food Processing SMEs in Thailand

Madhavan,

Sharafuddin,

Wangtueai

2024

Administrative Sciences

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“…The accelerated pace of the world's growth due to business models, digital transformation (DT), process innovation, and other deployed forms of social, economic, and environmental dimensions of sustainability, has generated a temporal and functional categorization of each stage. The term "Industry 5.0" has been included in such sustainable development dialogue as a concept complementing the well-known term "Industry 4.0", since this concept has recently emerged to portray the vision of a future that uses modern technologies for the benefit of society [7,8]. Advocates of Industry 5.0 believe that Industry 4.0 is not the appropriate framework for achieving sustainable development [9], and the European Commission has presented a vision for the future of the European industry in its policy report, named Industry 5.0, which has three central concepts: human-centricity, sustainability, and resilience.…”

Section: Introductionmentioning

confidence: 99%

Methodology for Stakeholder Prioritization in the Context of Digital Transformation and Society 5.0

Osorio,

Úsuga,

Restrepo-Carmona

et al. 2024

Sustainability

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This paper addresses a pragmatic and well-articulated qualitative methodology for the identification, prioritization, and consultation of stakeholder groups for a higher education institution as a key element for the organization in the context of digital transformation and Industry 5.0. First, the identification phase required technological surveillance and competitive intelligence, which allowed for defining the organization’s stakeholders and their characteristics. Then, the prioritization phase was performed to determine the stakeholders that potentially will have the greatest impact on achieving the institution’s strategic objectives to the targets of the Sustainable Development Goals prioritized by the institution, and those who will be most affected (positively or negatively) by the HEI activities. Finally, different methods and technological tools were used for consulting internal and external stakeholders, according to the type of relationship with each group, which allowed the understanding of the perceptions of different stakeholder groups on issues such as gender equity, mental health, regenerative economy, and diversity training. The results are then presented in terms of organizational context, where the concept of stakeholder group was defined by the dynamics of the selected HEI; the prioritized stakeholders include students, employees, academic and research sector, public sector, business sector, social sector, community, archdiocese and diocese, alumni, donors, and benefactors. This approach enabled the identification of issues that became a priority in the university’s actions towards the future. Although the presented methodology is mainly qualitative, which can represent a high degree of subjectivity, the stakeholder prioritization exercise provides organizations with inputs for decision making aligned with their needs and expectations. Using such a methodology can help the organization to experience structural changes reflected in improved strategic alignment, understanding, and satisfaction of stakeholders’ expectations and needs, enhancement of reputation, risk and conflict mitigation, and the consolidation of long-term healthy and trustworthy relationships, in the context of Society 5.0, where human-centered solutions are expected.

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A DT framework integrating human and artificial intelligence for power consumption prediction in CNC machining

Pratap,

Vi,

lee

et al. 2024

Int J Adv Manuf Technol

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A practical guide on strategic roadmapping for information and operations technology management: a case study on industry 5.0 transformation

Cited by 4 publications

References 48 publications

Impact of Industry 5.0 Readiness on Sustainable Business Growth of Marine Food Processing SMEs in Thailand

Impact of Industry 5.0 Readiness on Sustainable Business Growth of Marine Food Processing SMEs in Thailand

Methodology for Stakeholder Prioritization in the Context of Digital Transformation and Society 5.0

A DT framework integrating human and artificial intelligence for power consumption prediction in CNC machining

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