Industry 5.0 - How can it benefit humanity.

Industry 5.0 is about the nature of the harmonious human-machine relationship that will be brought between the major stakeholders in the business, the customers, businesses, society, employees, technology, machines, suppliers and shareholders. 

In modern industry we find, 

• customers are looking at improved valued offerings, 
• businesses are looking at sustainably meeting its goals keeping in mind the needs of the future generation of customers, 
• society which is the final beneficiary, 
• employees whose work besides getting convenient has become more cognitive in nature, 
• technology that keeps evolving and finding new unmet customer needs to be satisfied, 
• machines that work with high uptimes meet the customer demand, 
• suppliers who give high quality material inputs to the conversion process and the 
• 
  shareholders who give the needed investment to the business. 
  

While Industry 4.0 was focusing more on automation and efficiency, Industry 5.0 gives a human touch or improves the cognitive EQ of the process. 

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. - www.mastercontrol.com

Industry 5.0 talks of the merging of digital, physical and biological technologies. 

The figure on the right is from Industry 5.0, Pravin Reddy et al, Journal of Industrial Information Integration, March 22 and makes it very clear how from an era of mass production with automation, AI, IoT etc in Industry 4.0, we are moving to an era of mass personalisation in Industry 5.0.