18th Annual IIC Conference | Interdependence–Integration–Co-creation in Feb'24

Industry 5.0 : Challenges and Opportunities 

The theme of this year's IIC is “Industry 5.0: Challenges & Opportunities”. Industry 5.0 represents the dawn of a new era in manufacturing and production, pushing the boundaries of innovation and technological integration. Building upon the foundations laid by its predecessors, this latest industrial revolution is characterized by the seamless collaboration between humans and machines, marking a significant shift from the more automated processes of Industry 4.0. In Industry 5.0, the emphasis is not solely on efficiency and automation but on the convergence of technology with a heightened focus on human ingenuity, creativity, and intuition. The integration of smart technologies, such as the Internet of Things (IoT), Artificial Intelligence (AI), and robotics, serves as the catalyst for a more connected, responsive, and dynamic industrial ecosystem. As we navigate through the challenges and opportunities that Industry 5.0 presents, it becomes evident that this paradigm shift is not just about evolving technologies but also about redefining the very fabric of industries—placing humans at the centre, fostering collaboration, and opening up new frontiers of possibilities.

Industry 5.0 is not merely a progression; it is a revolution that beckons us to reimagine the future of production and manufacturing, where innovation knows no bounds, and the human touch is at the heart of industrial transformation. As we stand at the forefront of the fourth industrial revolution, Industry 5.0 beckons, promising a transformative journey for businesses across the globe. 

Future of Services 

Industry 5.0 opens up new vistas in the transformation of services as Customers expect services tailored to their specific needs and preferences, requiring a shift towards flexible and adaptable service models. Industry 5.0 demands a more holistic approach, where services become an integral part of the value chain, creating a customer-centric and data-driven ecosystem. This is primarily driven by rise of the digital economy and technological advancement. This has also led to new business models such as subscription-based models, pay-per-use services, and outcome-based contracts to create recurring revenue streams and align their success with customer outcomes.

Presentation deck at the session is attached below: [Video urls are embedded in the slides]