Is Industry 5.0 Replacing Industry 4.0 and How to Position Your Business?

As we witnessed repeatedly for decades, the business ecosystem has always been where the seeds of innovation are sown. Like when the Ford company’s miraculous technological developments transformed the ways of production in every corner of the world. And today, the technologies that will shape Industry 5.0 are concurrently emerging at thousands of companies across continents.

Soon enough all industries will have to face, in today’s fast-paced world, there’s no escape from investment in sophisticated technologies. Technologies that give you the competitive edge to make you stand out from the rest. And that with time, those who can’t adapt themselves to the changing world around us will definitely not thrive.

But what’s changing particularly? And what has to be done about it? Those are questions that’ll be left unanswered for a while. It’ll take a long time to fully adapt our systems to the continuous advancements, and there is no one-size-fits-all solution that could work for every company.

That’s why I will try explaining Industry 5.0 principles and causes, and how to adopt a mindset that’ll help you internalize them as business principles

To understand what has changed, let’s first go through our past — technologies that dominated the era of 4.0

Which technologies marked Industry 4.0?

We can name the 4.0’s transforming technologies that rapidly entered our lives and radically changed our businesses operations and processes as follows:

• Big Data
• Smart Cities
• Smart Factories
• Blockchain / Bitcoin
• Artificial intelligence
• Renewable Energy / Clean technology
• FinTech
• E-Commerce
• Robotics
• 3D Printing
• Virtual / Augmented Reality
• Internet of Things (IoT)
• Quick Commerce

What was common to them?

Like all the previous phases of the IR, Industry 4.0 aimed for significant cost reductions. This time, however, there were experts in the field that helped accelerate the penetration of 4.0 technologies. In other words, the atmosphere was very versatile, and humans adapted their way of working to the tools and systems they were recently introduced to.

The conditions required to build up profitable industrial production methods were progressing at a pace. It meant more competition for companies and more economical manufacturing. Fulfilling skyrocketing customer expectations was becoming harder each day.

To adapt to new conditions, investments in systems engineering, production technology, IT, IoT, and software were needed more than ever. Companies had no choice but to innovate, to make their own lives easier.

And in time, the surging demand for solutions that meet quality and service expectations initiated a new wave of transformation, the revolution that was not awaited, 5.0.

Just when the industries were adjusting to the 4.0 principles, human-centricity came into play. We are now faced with a new industrial revolution that’ll reshape our lives. Unfortunate for some businesses, but progress for the society.

Industry 5.0 | Society 5.0 | Technology for Humans

One core premise that sets apart this new phase from the previous is human-centricity. Although profit maximization and better efficiency have always been value propositions of tech providers, working harmony in human nature is a relatively new concept.

So today’s technology is imagined and created to be an aid to the workers, not the MVP of a system. Industrial IoT technologies, for instance, developed into wearable solutions. Their transformation was initiated by a growing demand for ergonomic hardware. And the brand new society that’ll feed from Industry 5.0 principles is called Society 5.0.

How did it start?

In January 2016, the Japanese government started talking about Society 5.0. This Society 5.0 was defined as; A very high level of integration of cyberspace and society, the “Super Smart Society”.

In 2017, at the fair in Hannover, Germany, Japanese Prime Minister Shinzo Abe announced Society 5.0 to the world and said, “Society should not be afraid of technology, but should integrate with it.”

So What Waits Us in This Society 5.0?

The aspiration is, of course, a super-intelligent society. We are about to leave the information age. This is now the age of connectivity.

We want to be able to connect with and communicate through hardware and software, systems and tools, whatever asset in a production field.

We want the devices to talk to each other, analyze their findings at the time, and report to us as the final step. We want them to capture our external data and give us instant feedback. Use ML, AI, VR, and all the other technologies that the 4.0 brought into our lives.

All of these improvements and ideals represent a lean towards smarter production environments and happier workers that inhabit them.

Occupations That Might Emerge in the Next Decade

We expect to see that the most popular occupations of Society 5.0 will be shaped around software and engineering. However, different and even peculiar occupational groups will emerge in the next decade:

• Drone Piloting
• Data Detective
• Computing Supporter
• Ethical Sourcing Officer
• Artificial Intelligence Assisted Health Technician
• Cyber ​​City Analyst
• Artificial Intelligence Business Development Manager
• Digital Tailors

The matter of emerging professions is not only a concern for young professionals, but only for employers. Executives will have to allocate some of their time and resources to acquiring new talents and equipping them with the latest technologies.

Why Can’t We Just Stick With What We Know? Do What You’re Good at, Right?

No, not at all. We all have to get rid of obsolete methods and data. As it turns out, there is no choice to be made.

“Should we stay in Industry 4.0 or accept Society 5.0?”

Questions like these will only slow us down. Change is inevitable, let’s find ways to keep up with it.

We can change with the world, or we can lag behind. It is in our hands to be a part of this transformation process. And adopting the human-centered approach in technology production will be a good start.