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A Critical Exploration of Industry 5.0 in Sustainable Business Performance of SMEs: A Framework for i5.0 Integration
Abstract
The intersection of Industry 5.0 (i5.0) and sustainability has become a significant focus for Small and Medium-sized Enterprises (SMEs), presenting unique opportunities to improve operations, lessen environmental impact, and promote social well-being. However, research on i5.0 is still emerging, leaving stakeholders seeking to understand its global impact, particularly in how it can enhance sustainable business practices for SMEs. By conducting a critical literature review (CLR), this study developed a framework for the integration and presents myriad ways in which i5.0 can bolster the sustainable performance of SMEs. The study revealed that integrating i5.0 into SMEs operations significantly enhances their sustainable business performance but requires a solid policy framework. The complex industrial landscape necessitates careful navigation through various challenges discussed in this study. This result enriches the discourse surrounding i5.0 and SMEs' sustainability performance, providing guidance for stakeholders seeking to elevate sustainability through the integration of i5.0.
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