| Title | Harmonizing sustainability in industry 5.0 era: Transformative strategies for cleaner production and sustainable competitive advantage |
|---|---|
| ID_Doc | 32840 |
| Authors | Sharma, R; Gupta, H |
| Title | Harmonizing sustainability in industry 5.0 era: Transformative strategies for cleaner production and sustainable competitive advantage |
| Year | 2024 |
| Published | |
| Abstract | At the forefront of the Industry 5.0 era, manufacturing firms in developing economies like India, are uniquely positioned. They face the dual challenge and opportunity of integrating cleaner production practices with emerging technological innovations. This confluence holds the promise of propelling these firms towards sustainable competitive advantage, a critical yet often elusive goal. This study seeks to explore this distinct opportunity, aiming to bridge the gap in understanding how such an integration can be effectively executed. In pursuit of this understanding, the study explores transformative strategies and sub-strategies using the Best Worst Method (BWM), Grey Decision-Making Trial and Evaluation Laboratory (Grey DEMATEL), and GRID Framework, focusing on Green, Resilient, and Inclusive Development. Our findings reveal that strategies like "Leveraging AI & IoT for optimization (STG B)" and "Incorporating Blockchain technology (STG D)" are paramount. The study also categorizes these strategies and their sub-strategies into the cause-and-effect group, where "Leveraging AI & IoT for optimization (STG B)" comes out to be the most influencing one while "Employing advanced Digital Twins technology (STG C)" comes out to be the least influencing one. Implications of the study should reach various stakeholders, including policymakers, government, manufacturing sectors, and academia, providing a roadmap for alignment with global sustainability goals. The study also offers a comprehensive blueprint for the alignment of industrial advancement with sustainable development principles. As a beacon for manufacturing firms aspiring to embrace Industry 5.0, this study serves as an essential guide for navigating the intricate landscape of technological innovation, environmental responsibility, and competitive sustainability, contributing valuable insights to the field of industrial engineering and management. |
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