Transformation for Sustainable Business and Management Practices: Exploring the Spectrum of Industry 5.0

The unavoidable connection between automation and digitalization is already in the business horizon in the name of Industry 5.0. Industry 4.0, the robotic and technological revolution were largely hit among the manufacturing industries, but Industry 5.0 is meant for all sectors across ranges from manufacturing to services. Evolution from the days of mechanization (Industry 1.0) to smart factory (Industry 4.0) witnessed the improvisation of metrics related to efficiency and optimization. And now its turn for the balance between optimization and efficiency with the support from robots in assisting the smarter generation’s technologies and machineries and tools through Industry 5.0 in the domain of marketing too where the change is constant and dynamic would be more accommodative to opportunities and challenges through the next wave of 5.0. The disruption by Industry 5.0 will change existing nature of marketing in terms of customer experience, supply chain, procurement, product development, retail operations, etc. The market which predominantly flourishes with the help of customers in co-creation is going to have robot as bystander with the intervention of this Revolution 5.0 which will level up the existing customer experience. Marketing by its nature demands the cooperation at multiple levels and is becoming easier prey for the Industry 5.0 revolution as it’s expected to create the cooperation between the humans and machines. Product development, customer engagement and customer experience will undergo the transformation due to this industry revolution and also there are other areas in the marketing domain to go through the impact are addressed in this chapter.

The concept of Industry 5.0 is not just one more revolution but calls for a tectonic shift in digitization and operationalizing technology with connected value chain across sectors. It is human centric that promotes talents, diversity and empowerment coupled with resilience leading to agile and adaptable technologies with prime focus on sustainability. The COVID-19 pandemic has given impetus to digital transformation and accelerated the focus on other challenges of present time and with extended importance on people, planet and societal concepts. This study shall attempt to examine the nature of association between revolution of Industry 5.0 with perspectives to digital innovation and its implications toward bringing sustainable business model. The main objective of this chapter shall be to uncover interrelated questions in terms of sustainability perspectives of industries in framing business models. This study shall serve as a primer to significance of digital transformation with relevance to businesses that can lead to efficient use of scarce resources and optimal feasible solutions to the business models, given the institutional and organizational frameworks. Further, an attempt shall also be made to underpin the key facets of effects of Industry 5.0 on the knowledge economy. It shall delve into how digital innovations can yield benefits to industry in terms of competitiveness and sustainability with focus on Society 5.0 that attempts to balance economic development with the resolution of societal and environmental problems. It is not restricted to the manufacturing sector but addresses larger social challenges based on the integration of physical and virtual spaces.

Open strategy is a new paradigm that has more benefit to business especially small ones. The aim of this research is to clear this proposition that in the age of digital transformation adopting open strategy paradigm will help business to attain competitive advantage. To this purpose, two main variables that have capability in the mentioned new paradigm, learning and innovation, came into focus. Based on a standard questionnaire, data were gathered from high-tech Small and medium-sized enterprises (SMEs) that are active in Tehran science and technology parks. Reliability of the instrument was confirmed at an appropriate level. Data were analyzed based on structural equation modeling and results have shown the positive effect of learning on innovation and competitive advantage, and between innovation and competitive advantages. These findings indicate that SMEs must pay close attention to the nature, dimensions, dynamics, and elements of open strategy to attain competitive advantage in the VUCA¹ world.

The rapid growth of digitalization is being used for the betterment of the banking and financial services sector and many other industries. Digital banking (DB) is transforming traditional banking activities into a digital environment. The benefits and conveniences that DB bring to consumers and financial institutions (FIs) have led FIs to adopt various DB innovations. However, to determine whether the demand for DB is at a healthy level, it is necessary to evaluate how DB innovations are accepted among consumers. This chapter is a “viewpoint” of the author that reviews the background of DB in Sri Lanka (SL) and evaluates the success of its diffusion.

The status of the DB diffusion in SL is discussed under DB ecosystem, and DB customer adoption. The DB ecosystem is discussed through the topics of the country’s digital infrastructure (DI), technological know-how within the banks, technology adoption of the market vendors, and consumer’s digital literacy. Then, the consumer use of the DB services is evaluated using the transactions that happened through DB systems against paper-based payments. Statistics presented by Central Bank of Sri Lanka (CBSL) are used as secondary data for the study.

According to the findings of this report, consumer DB adaption is still in its infancy compared to the development of the country’s DB ecosystem. Considering the causes that drives consumer innovation decisions, this chapter highlights the need for industry practitioners to revisit their DB marketing strategies based on consumers’ culture and innovativeness. To that end, further studies are necessary on how individuals’ culture influences DB adoption.

In this chapter, the epidemic diseases, their impact on the future of cities, and the causes of these problems for cities are examined. Additionally, efforts will be made to address these challenges and problems, a response that can make future cities livable and sustainable, despite population growth, increasing environmental problems, increasing urban management challenges, epidemic diseases and pandemics such as COVID-19 and other challenges and problems. This chapter will also discuss the steps taken in the field of smart transformation and smart cities and the necessity for cities to move toward smart transformation.

Supply of food from the early stages of societies was one of the most important needs of humans. Sustainable supply of food is a demand in modern societies. The agri-food market grows as the population rises every year. The increase in the demand side of the market is more than the growth of the supply side. The rate of using technology in the supply side is increasing rapidly. By using technology in some parts, the efficiency of production improved and caused more production while resources are the same. Availability of resources in different areas causes different ways of production and nurturing innovative technologies to maintain food security. Water, soil, climate change, and growth of population are drivers of using technology in food security. To depict the role of different technologies in the food industry, the authors have reviewed the role of the most important technologies in this field. Knowing the trends of changes in the industry will help to focus on the most important questions and solutions. Having a share in the global food market requires the major use of technology in production processes. In this chapter, the authors will review the most important trends of technology absorption in the food industry.

Technology has penetrated in every aspect of society, and information and communication technologies (ICTs) have become a part of every aspect of life. Over 20 years of ICT use, nearly every government and the big business area has been radically transformed. Education is a profoundly social profession, and historically, effective education has been associated with good instructors who have a high level of personal connection with students. The use of ICT in higher education allows for more student-cantered learning settings. Nevertheless, as digital media and information continue to take over our lives, the importance of ICT inside higher education continues to rise. The higher education system plays a crucial part in every country’s growth in improving human resources (HR); higher education should create an educated population that will bring peace and socioeconomic and societal growth. Education reform agendas benefit from the use of ICT in most developing nations. ICT in education is one of the most practical approaches to improve India’s higher education system. The purpose of this review chapter was to examine the role of ICT in higher education. This chapter addressed how ICT may promote and revolutionize higher education in India through new government initiatives. Furthermore, the chapter addressed the issues and challenges associated with the use of ICT for educational purposes.

This chapter focuses on analyzing conscious consumption practices of sustainable products among the young generation, and their perceptions and behavior toward it. Because university students are the future consumers, they are more educated and aware than the typical person (Mcmillin & Dyball, 2009), will have earning capacity, and will be able to influence others in their workplaces (Nejati & Nejati, 2013), it is critical to measure sustainable consumption in the context of university students. Businesses and marketing strategies must also take into account sustainable consumption. In this vein, policy and business ramifications have been explored (Joshi & Rahman, 2015; Young, Hwang, McDonald, & Oates, 2010). Taking in view the above viewpoint, the focus of the study is to measure and analyze the responses of young generations to conscious consumption of sustainable products in Pune City. This is a descriptive study that was conducted among the 501 students at MIT-World Peace University (MITWPU) in Pune using a judgmental sampling method. Data collection was done through a standardized questionnaire using Google forms. Exploratory factor analysis and percentage analysis were used to examine the responses obtained using SPSS IBM 28.0. The results of the study reveal that conscious consumption enhances the environmental, social, and economic quality of life among young generations. It reflects conscious sense among youth as well as their perception and behavior on caring about themselves, the environment, and conserving for future generations.

Adult learning has been significantly impacted by the massive open online courses (MOOCs). All the preceding literature have mentioned about MOOCs. The current study, however, aims to look into how the MOOC has affected higher education. This study looks into how MOOCs have affected higher education in Gwalior and the nearby areas. Its primary goal is to investigate the crucial elements of creating the teaching and learning processes employed in Gwalior and the surrounding areas by utilizing open-source courses (MOOCs) in higher education. An analytical and descriptive technique was used in this study. The required information was gathered using a quantitative survey. All academics and students in Gwalior and the surrounding areas made up the study population. The findings of the analyses show that MOOCs have a significant direct impact on higher education by enhancing educational achievements (p = 0.001), which is consistent with H1. Additionally, a 65% boost in educational results was attributed to MOOCs. The results demonstrate that MOOCs have a beneficial impact on higher education.

The advancement of technology is fast, disruptive, and currently known as the new civilization of the Industrial Revolution 5.0. It causes changes in the human lifelines in their economy, politics, culture, and social aspects. Particularly, third world nations and developing countries need to prepare the alertness for this adjustment, especially for the young generation. International political events will come, and the developed countries will crush the other countries those are unable or not having the skill to manage technology and innovate learning process. It is following the proverb of who controls the technology will master the resources. Global advancements and its dynamics in the era of Industry 4.0 and Society 5.0 have impacted the education system in South Asian and South East Nations specifically due to changing characteristics of learning. The objective of this study is to investigate the characteristics of learning in the era of Industry 4.0 and Society 5.0, specifically in the master’s program of advertising and public relation of a private university in Indonesia. This study adopted a qualitative approach, through the technique of focus group discussion (FGD) to obtain the result on the basis of thematic analysis. There were 12 participants of the FGD representing various groups of stakeholders consisting of students, teachers, and leaders. The results of this FGD indicate that learning characteristics in the era of Industry 4.0 and Society 5.0 are swiftly transforming and there is a vital need of accommodation and acceptance by learner and instructor during dissemination of knowledge. Overloading of technology has become a blockage too during the facilitation of an educational activity in lack of appropriate awareness and training.

Digital disruption no longer ensures the security or longevity of established firm structures and business models. Instead, it necessitates that firms reinvent their business models, including business processes, people, and technologies that align with the organizational goals. Despite the exponential growth of digital disruption, prior literature indicates that the concept of business model innovation is poorly understood in developing economies. Furthermore, little is known about how low-tech firms in developing economies should adapt and reinvent their business models to cope with and shape digital disruption as it unfolds. Grounded in two overarching theoretical frameworks, namely the theory of disruptive innovation and the resources–processes–values (RPV) framework, this chapter addresses this void in prior literature. Based on multiple case study analyses of 10 low-tech firms in diverse industries in Sri Lanka, the findings indicate that successful disruptive business model innovation in low-tech firms in Sri Lanka is predicated on an effective technology management strategy, suitable organizational structure, compatible organizational culture, and devoted corporate governance. Moreover, external influences like changing market dynamics, competition, and shifts in consumer behavior also significantly influence disruptive business model innovation of selected firms. This chapter acts as a springboard for future researchers by extending the theory of disruptive innovation and RPV framework to low-tech industries in developing economies.

Globalization has indeed created opportunities as well as socio-economic and ecological challenges for tourism economies. Digital transformation and liberalization in the financial sectors have evolved to address these needs. This chapter therefore seeks to examine the effects of digital financial transformation and legal environment for sustainable tourism development in East Africa.

The chapter adopts an interdisciplinary and pragmatic worldview on digital financial transformation and legal environment for sustainable tourism development in East Africa. This will engage qualitative research by examining recent extant literature, practitioner interviews, and secondary data.

In East Africa, the digital infrastructure for the Industry 5.0 is relatively underdeveloped hindering faster growth of digital financial economies and sustainable tourism. There is a weak legal framework in the East African countries in matters like e-business, cybercrime, and data privacy laws. The countries have gaps in their intellectual property laws which stifle innovation and these inadequate laws have led to increased digital online crime and frauds.

There is a need to strengthen and integrate a multi-sectoral approach toward a regional digital and legal policy framework in order to encourage innovation and e-business. Collaborative solutions, built on shared datasets, automate the financial services, creating efficiencies and accuracy in the financial systems.

The chapter draws on the use of interdisciplinary approaches toward developing a framework for digital financial transformation and legal environment for sustainable tourism development in East Africa.

The preceding revolution, Industry 4.0, surfaced by way of the influx of digital and automation technologies. Industry 5.0 followed the suit and the world is on the threshold of this new evolution. Industry 5.0 attempts to bring together the competency of smart machines and the exceptional ingenious potentials of the human workforce. Industry 5.0 is humanizing the digital and automated systems. It recognizes both automated technology and the human innovative skills on an equal platform. Marketing in its new role revolves on the axis of automation and cyber technology of Industry 5.0. This new makeover of marketing processes generates superior marketing actions, restructures marketing workflows, and assesses the results of marketing promotions. Industry 5.0 tools make available a fundamental marketing catalog for all marketing content and communications, thus assisting marketers to fashion a fragmented, customized, and favorable marketing experiences for prospective buyers. These systems and spaces offer automation attributes across numerous phases of marketing including videos, blogs, emails, social media, lead generation, direct mails, digital advertising, and more.

This chapter aims to introduce the concept of Industry 5.0, where robots and machines are interweaved with the human intellect and labor as teammate instead of opponent. The objective of the chapter is to examine and explore the different facets of marketing in the face of Industry 5.0. The chapter describes the challenges and future trends and practices in marketing field in the wake of Industry 5.0 as the way forward for the companies for sustainability and resilience.

Technology has disrupted many industries from the start of Industrialization era to the Industry 4.0 era. There has been an exponential growth in the technological front and people are talking about Industry 5.0. Digital transformation is a critical direction in which organizations will have to move toward in order to succeed in this competitive world. To make a smooth transition, firms must understand the basic building blocks of the digital transformation process and the key areas it touches upon namely customer experience, operational process and dynamic business models. Organizations will also have to identify the enablers of digital transformation which they can work on to smoothen the transformative process. Firms will also need the framework of digital transformation spelling out the roadmap for effective digital transformation. Firms on the urge to go for digital transformation will face numerous challenges in all the stages of implementation namely the initiation phase, the execution phase and the governance phase. A clear understanding of these challenges will help the firms to overcome or mitigate these challenges and be successful in their digital transformation process.

Industry 5.0 has shown a new approach to integrating enterprises, particularly fintech firms. It would be interesting to see whether we are ready to implement Industry 5.0 across domains and enterprises while there are still obstacles to overcome, such as cybercrime impacting fintech organizations. Using empirical analysis of the fintech stocks that make up the KBW index, the author uncovered the influence of cybercrime on investor herding behavior in a highly interdependent environment provided by Industry 4.0. The cross-sectional standard deviation has been shown to rise after a cyber attack on a company anywhere on the globe. Furthermore, the author established the long-term equilibrium of the volatilities of gold and bitcoin returns, as well as the volatility of Keefe, Bruyette, and Woods (KBW) returns, in the sample after the firms’ cyber assault using Vector Auto Regressive (VAR) and Vector error correction model (VECM) models. Following the cyber assault, there is a decrease in the volatility of KBW returns while the volatility of bitcoin returns rises, suggesting a volatility transfer from one market to the other. These results show that during times of crisis, investors should be more careful in their approach to investment diversification, and any Industry 5.0 implementations should be done with the constraints in mind.

This study examines the impact of financial services employees’ engagement on the attitude toward artificial intelligence (AI) in Sri Lanka. The model developed in this study comprises three constructs to demonstrate employee engagement (EE), namely, psychological state engagement (PSE), trait engagement (TE), and cognitive engagement (CE). Further, the model tests the moderating effect of age and gender on the relationship between EE and attitude toward AI. The authors conducted this research through a survey of 200 employees at Sri Lankan financial service firms. The findings indicate that EE substantially impacts attitudes regarding AI. Additionally, PSE, CE, and attribute engagement substantially affect how people feel about AI. Further, age has a moderating effect on the association between EE and attitude toward AI among financial services personnel. Based on the findings and discussion, the researcher recommends AI’s most significant importance in promoting a high level of engagement. The results would be helpful for both academic researchers and practitioners, especially HR managers, to understand the status of AI in Sri Lanka and formulate strategies to expedite EE.

Entrepreneurial orientation (EO) and entrepreneurial intentions (EI) both are prominent factors in the entrepreneurship domain to predict entrepreneurial behavior. Despite the fact, association between the EO sub-aspects and EI, as well as the indirect influence of the personality characteristic (Openness), has not been extensively investigated. The focus of this research study is to examine the association between sub-dimensions of EO, proactiveness, risk-taking, and innovativeness, and EI incorporating personality trait openness to experience (OTE) as mediating variable. Data is gathered from 164 professional course students. For the data analysis purpose, mediation analysis, multiple regression and confirmatory factor analysis (CFA) have been performed. Findings imply that all the sub-aspects of EO are significantly correlated with EI and personality trait OTE acted as mediating construct in link amidst EO and EI. Practical and theoretical contribution have been discussed in this study.

Micro-moments are rationale-rich moments while selections are made, and alternatives fashioned. Such records and trends can provide insights as to what topics and types of content material the customers are looking for. The main agenda to choose this topic is that it is something very minute, yet highly profitable to a firm if done right. This chapter mainly aims to focus on quantitative analysis with the collection of data that revolves around questions which represent consumer behavior and some parts of consumer psychology as well. Google has devised four major moments with regard to online purchase behavior as just browsing, shopping, reviews to positive word of mouth which when measured in the right manner can generate the database of the most profitable target consumer group for a particular organization. This being the major agenda of the research, it will help marketers and the R&D team of any organization to formulate and advertise the right products on the right platform. The objective of this study is to connect consumer behavior and micro-moments for the benefit of marketers. The managerial implications of this study are to reduce the advertising costs by tapping into the right target customers and find a suitable online platform to advertise by understanding the micro-moments of the consumers with the help of some questions via the form of a questionnaire and finally to prove that the relation between measuring these moments of consumers are profitable to determine the purchaser’s mindset hence to achieve profitable conversions.

This chapter examines the effects of financial technology news on banks’ return, efficiency and profitability in China and Vietnam from 2011 to 2019. The authors use various asset pricing models to estimate the abnormal returns (AR) of various listed Chinese and Vietnamese banks following their announcements of FinTech adoption. The authors also use data envelopment analysis (DEA) to examine whether financial technology improves banks’ efficiency and profitability. The results of this study show that only six banks showed positive reactions, 15 banks experienced negative reactions, 11 banks exhibited mixed reactions and eight banks indicated no reactions to financial technology news in China. On the other hand, the authors find that financial technology is welcomed by Vietnamese banks whereby most of them experience mixed reactions with the domination of positive reactions. The authors also find a lower efficiency level in early adopters of financial technology and reduced profitability in the first year when they started applying financial technology.

Digital transformation has made enormous changes in the banking domain, where FinTech is the salient driving force inside it. Especially in the banking industry, Artificial Intelligence (AI) and Blockchain technology act as the most innovative technologies. Similarly, Chatbots in commercial banking and Robo-advisors in investment banking has shifted banks into the entire virtual environment. In this context, the main objectives of this chapter are: to determine the current application of AI and blockchain in the banking industry, to identify the challenges faced by banks in adapting AI and blockchain technology, and to provide new insights on future banking in the industry 5.0 in this digital era. This chapter discusses the application of two robotic platforms widely used in banking, chatbots, and Robo-advisors. Chatbots are more like frontline employees of banks who are commonly engaged in customer relationship management, sales, and marketing. In contrast, Robo-advisors are a relatively advanced AI tool involved in investment and portfolio management. Blockchain will accelerate digital transformation where a decentralized digital ledger system is used for banking transactions. However, this is entirely the opposite of conventional centralized digital banking, and the adoption of these technologies is still in its infancy. Employment, performance, security, privacy and trust, cost, ethical and regulatory challenges are the most common challenges. To avoid the challenges, banks should concern with strategies like collaboration with robots, increasing the platforms’ performance, etc. Finally, the chapter provides insights on banking at industry 5.0. In the future, banking customers can experience completely virtual and customer-oriented banking services. In this regard, the fusion of all technologies and collaborative human effort is essential.

Industry 5.0 focuses on human–machine collaboration and sustainability with collaborative robots (CoBots) and artificial intelligence (AI) penetration via different technology-enabled devices. Such devices have gained increasing interest to facilitate more efficient, effective, and budget-friendly outcomes in major sectors, including healthcare. The healthcare sector has been evolving at an increasing speed across the globe. In this context, challenges and opportunities have arisen in terms of improving patient outcomes and improving the efficiency of healthcare practitioners’ work. Hence, the adoption of CoBots and AI-enabled devices in this sector is now crucial, and they have been implemented in several domains in healthcare, including diagnosis, medication development, and treatment. However, the successful implementation depends on the users’ attitudes toward the adoption. While extant studies have shown that such devices have significant practical advantages from the patients’ perspective, little is known about healthcare practitioners’ willingness to adopt tech-enabled devices. Thus, this study focuses on the adoption of CoBots and AI-enabled devices in the healthcare sector by examining Turkish medical doctors’ attitudes toward adopting them in their daily operations. The study supplements current literature on Industry 5.0 in healthcare, sheds light on real-life practices, and proposes future directions.