The Significance of Industry 5.0 in the Globalization of Supply Chain Management

Abstract

In today's rapidly evolving global business landscape, the convergence of Industry 5.0 and the globalization process of supply chain management has emerged as a pivotal driver of competitiveness and sustainability for organizations worldwide. This paper delves into the critical importance of Industry 5.0 in reshaping the dynamics of supply chain management on a global scale.
Industry 5.0 represents the latest phase in the ongoing industrial revolution, characterized by the seamless integration of advanced technologies such as the Internet of Things (IoT), Artificial Intelligence (AI), Big Data Analytics, and Cyber-Physical Systems. This transformation transcends traditional boundaries by fostering unprecedented levels of connectivity, intelligence, and automation across industrial processes. Globalization, on the other hand, has redefined supply chain management by expanding market reach, reducing costs, and enhancing access to diverse resources and markets. The interplay between globalization and Industry 5.0 introduces a new paradigm in supply chain management that demands exploration.