Sunday, February 5, 2023

Strategies for Enterprises to Brace for the Impact of Industry 5.0

By Nikhil Sonawane - November 30, 2022 3 Mins Read

While the world was getting acquainted with industry 4.0 and getting accustomed to its impacts, and exploring opportunities to scale their business operations, industry veterans are already looking out for opportunities to seize in the fifth industrial revolution, “industry 5.0.”

CIOs and CTOs should have effective plans to make the most out of all the opportunities that industry 5.0 has to offer and ensure a scalable and reliable business, irrespective of the change imposed by this revolution. While industry 4.0 concentrated on robust technology, advanced manufacturing automation tools, and technology modernization. Industry 5.0 is designed to focus on taking the human factor back into consideration. It is inevitable that modern enterprises need technology as the core of their IT infrastructure to stay competitive, but the fifth industrial revolution will utilize human intelligence to execute, maintain and upgrade the technology stack. This approach demand demands that industrial processes should efficiently align resources, human capital, and technology.

Also Read: 3 Steps CIOs Can Take To an Automated Enterprise Future

Here are a few strategies that IT business leaders can embrace to brace for the impact of industry 5.0:

Hire skilled resources

Chief Robotics Officer is a job role that will play a crucial role in adapting to the influences of the fifth industrial revolution and scaling the business in this rapidly changing environment.

It is crucial for the resources to hire a workforce that bridges the gap between machines and humans with knowledge about robotics, Machine Learning (ML), and Artificial Intelligence (AI). Moreover, businesses can even outsource the training to experts to upskill and reskill employees to effectively embrace changes forced by industry 4.0. This industrial revolution might transform the ways businesses operate with perfect cohesion between humans and robots. Such changes can have devastating impacts on business productivity because most people will be concerned about losing their jobs with machines. Businesses can spread awareness of the implications of this revolution and how resources can get prepared for the change to minimize their resistance from them.

Also Read:Data Lakes Challenges that CDOs should be Aware of

Upgrade the enterprise tech stack with the right technology

The fifth industrial revolution has coined a new term, “cobots,” that demonstrate robots that are designed to ensure a streamlined interaction with humans. It is one of the technologies that will enable businesses to strengthen their safety processes and goals. The fifth industrial revolution is focused on enhancing business operations with strengthened capabilities to improve outcomes. Businesses in Industry 5.0 will witness a surge in the adoption of digital twins. Hence enterprises that want to brace for the impact of industry 5.0 implications can integrate digital twin tools in their IT infrastructure. These digital twins should be able to offer businesses visual roadmaps of their products and process to make strategic changes to their evolution processes. A visual road map of increasingly complex processes needs robust software or application that offers businesses to manage huge amounts of data and provides resources with a space that they can leverage to communicate with machines. IT decision-makers should be able to minimize the gap between technology and humans to improve the efficiency of business operations to stay competitive in the modern business environment.

Enterprises should consider upgrading their tech stack as per industry standards, and business needs to brace for the impact of the implications of Industry 5.0. Organizations that are well prepared for all the potential changes that this revolution might expose their business to will have less impact on their operations.

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Nikhil Sonawane

Nikhil S is a Tech Journalist with OnDot Media. He is a media professional with eclectic experience in communications for various technology media brands. He brings his eye for editorial detail and keen sense of language skills to every article he writes.

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