Industry 5.0 Technologies for Supply Chain Management through Triple Bottom Line Approach in Companies of Sri Lanka for Economic Growth and Socio-Environmental Protection

Abstract

In the midst of blazing Global environmental concerns- climate changes, global warming risking the planet, Industry 5.0 generates hyper-personalized, human centric solutions resulting resilient, sustainable, regenerative circular economic businesses protecting the people-planet-prosperity by moving away from neo-liberal capitalism of maximizing profit realizing the Transformative Vision for Europe -climate neutral world emphasizing the European Commission Green Deal. In Industry 5.0, embedded supply 5.0, Collaborative Robots (Cobots), Artificial Intelligence (AI), Blockchain, and Digital Twins offer data-driven predictive analytical decisions for hybridized human centric industrial architypes and societal infrastructure ensuring environmental protection. Industry 5.0 embedded human centric Supply Chain 5.0 caters to the hyper-personalized customer needs, with the right amalgamation of human creativity and machine efficiency. Digitization and human collaboration and the hybrid human–machine model of Supply Chain 5.0 create resilient green supply chains uncompromising competitiveness and profitability. How can Supply Chain 5.0 interplay with society, in order to create a super-smart society achieving climatic goals resulting more sustainable environment are unexplored sporadic research territory yet. The main objective of this research is to utilize Triple Bottom Line-People Planet and Profit to investigate the implementation issues of industry 5.0 in Sri Lankan companies through deductive thematic top- down qualitative analysis of case studies of 12 giant companies with robust supply Chains representing the registered in the National Chamber of Commerce (2019) ensuring no greater biases of the researcher's preconceived notions of inquiry. Findings revealed that Companies maintain status quo due to complexities of paradigmatic transition of supply chains into supply chain 5.0, lack of industry 5.0 maturity models, and inadequately upskilled IT professionals and IT productivity paradox. Therefore, state visionary policy for the human centric resilient sustainable green supply chains and upskilling professionals to embrace supply chain 5.0 are a sine qua non for inculcating the triple bottom line concept in supply chains -people planet profit. The insight shed by the conceptual framework to uncover the ways that Industry 5.0 technologies be interoperable across the supply chains fostering society 5.0 -Super Smart Society are the future research avenues with dearth of global investigations. Finally, the Industry 5.0 conceptual framework designed, interoperable across the supply chain to create a super smart society -society 5.0 will minimize Greenhouse Gas Emissions and Adverse Climatic Changes emphasized by United Nations -Transforming our world- 2030.