A Guiding Map on How To Manage Implementation of Innovation Projects In Industry 5.0

Abstract

Broadly speaking, innovation can be incremental, breakthrough, or disruptive. Incremental: In an era where businesses are required to constantly reinvent themselves, incremental innovation helps them thrive by constantly improving current products, services, processes, or methods. In the conditions of a dynamic business environment and a constant struggle for survival in the market, innovation becomes the basic factor of the growth and development of an enterprise. In the modern business environment, characterized by rapid technological advancements and globalization, abetted by the IoT and Industry 5.0 phenomenon, innovation is indispensable for competitive advantage and economic growth. However, many organizations are facing problems in tackling innovation management in the current era of Industry 5.0 due to the rise of new environmental factors in business. The present study aims to present a guiding map on how to manage the implementation of innovation projects in industries in the Era of the Internet of Things (IoT) and Industry 5.0.