Industry 4.0 Implementation and Industry 5.0 Readiness in Industrial Enterprises

Abstract

The current market situation shows that enterprises are still struggling to digitize their business through the integration of the Internet of Things (IoT), artificial intelligence (AI), cloud technologies and other more advanced technologies, but the fifth industrial revolution is knocking on the door. This article deals with the analysis and evaluation of the impact of Industry 5.0 on entrepreneurs. Industry 4.0 analysis provides results based on interviews with practitioners as well as sales representatives. The main part of the article focuses on the business situation, where the goal was to identify existing gaps along with opportunities and threats. This analysis also describes the best way how to transform in times of the next industrial revolution. Study addresses the approach of integrating human workers in the supply chain in cooperation with automated processes. The purpose of this study is to confirm or refute whether companies are ready for another industrial revolution.