The quest for the next big thing has always been the driving force of global development, be it in the social, economic or industrial sectors. The industrial sector is always at the forefront of such developments, owing to its access to advanced technology and the availability of high investments to implement and experiment novel ideas.
The most recent concept of Industry 4.0 revolves around integrating information technology and operational technology with near-real-time connectivity in the factory to provide actionable intelligence to decision-makers. However, Industry 4.0 relies heavily on automation and has been intimidating workers on factory shop floors. Frost & Sullivan envisions a futuristic scenario of the next big thing—Industry 5.0, which will bring back empowered humans to the shop floor.
At the core of this concept are new business scenarios aided by advanced technology themes, focused on delivering individually tailored customer experiences. The individual definition of products, services and solutions will fuse into one and create Industry 5.0—the era of experience.
In Industry 5.0, customer aspirations will drive the market interests toward hyper customization. Each individual product will be unique to its intended customer and manufactured accordingly. To cater to the trend of “batch size one,” manufacturers will have large, robotized intelligent factories positioned around the globe to manufacture the basic design of the product in bulk. The basic, semi-finished material will then be sent to local factories, where the final stages of the product will be completed using manual labor. This style of distributed supply chain coupled with the gig economy will transform the existing nature of jobs, and industries will experience it firsthand. While the explosion of data will create new employment opportunities associated with data monitoring and control, job roles on the shop floor will evolve and integrate multiple skill sets into one. Roles such as machine maintenance and quality assurance will merge into plant operations and become one job. This will require employees to be trained in multiple and diverse job roles. Additionally, Industry 5.0 will enable day-to-day products to comprehend and respond to the end-user’s requirements through edge intelligence. With Industry 4.0, products were enabled only to collect usage data, track usage patterns and transmit it to the observer but had limited actionable intelligence built into them. Supported by fast connectivity, Industry 5.0 products can optimize their performance and deliver maximum efficiency throughout the lifetime of the product.
Industry 5.0 is a model of the next level of industrialization characterized by the return of manpower to factories, distributed production, intelligent supply chains and hyper customization, all aimed to deliver a tailored customer experience time after time.
Join Aroop Zutshi on 26 November 2019, 15:20-15:40 CET, in Forum, Hall 3 at SPS 2019, where he will deliver a presentation on the subject of the Fifth Industrial Revolution titled:
“5IR: The Emergence of an Experience-Driven Manufacturing Economy. Future is Digital, Smart, Flexible and Intuitive.”
To participate or find out more about this presentation or research, contact Magdalena Ford, magdalena.ford[at]frost.com.
Visit Frost & Sullivan’s Exhibition Stand 1-168.
Be part of SPS 2019. Register for a Frost & Sullivan partner ticket with this 50% discount code SPS19AMSFS8 here: sps-exhibition.com/tickets
