The Role of Industry 5.0 in Achieving Circular Economy Goals: Integrating Smart Technologies for Sustainable Supply Chains
The Role of Industry 5.0 in Achieving Circular Economy Goals: Integrating Smart Technologies for Sustainable Supply Chains

Summary/Abstract: This study investigates how Industry 5.0 technology stimulates circular economy practices to generate sustainable supply chain performance. Through the incorporation of new technologies like Artificial Intelligence (AI), the Internet of Things (IoT), and collaborative robotics, companies can reduce resource use and waste output consistent with circular economy. This study follows a quantitative research design, where data has been collected through cross-sectional survey from manufacturing firms which are currently practicing sustainable practices. The conceptual model proposed in this study emphasizes the connections between Industry 5.0 technologies, circular economy practices, smart technologies, resource efficiency and sustainable supply chain performance. The key findings revealed that adoption of Industry 5.0 technologies with good practice enhances resource utilization efficiency and has positive implications for sustainability performances as well. On the other hand, costs related to the adoption of technology and organizational barriers may act as impediments. This also contribute in enriching the knowledge base of sustainable industrial practices on Industry 5.0 which may benefit upon by the organizations and decision makers as well. The paper also provides recommendations on how to overcome barriers for widespread uptake by providing guidance to diverse players in the supply chain ecosystem. Thus, this research emphasises the convergence of digital and circular economy in order to achieve sustainability goals in industry.

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