Improving supply chain responsiveness for RMG sector of Bangladesh through drivers of industry 5.0

Abstract

The relentless tide of globalization, coupled with the breakneck pace of technological evolution, has cast a spotlight on supply chain responsiveness as an indispensable factor underpinning success for businesses operating on a global scale. At the forefront of this transformation stands Industry 5.0, characterized by the seamless fusion of cutting-edge technologies such as Artificial Intelligence, Big Data analytics, and Robotics fosters a transformative synergy between human expertise and machine capabilities. Despite its pivotal role, there remains a conspicuous void in the comprehensive analysis of the driving forces propelling the adoption of Industry 5.0 to enhance supply chain responsiveness. This study thus embarks on a multifaceted approach to meticulously discern the fundamental drivers of Industry 5.0 and their intricate relationships within the contours of an emerging economy. Initially, the primary drivers are identified through an extensive literature review and feedback from experts. These drivers are then scrutinized and ranked using Pareto analysis. Subsequently, the contextual connections among these drivers are explored using interpretive structural modeling, coupled with cross-impact matrix multiplication applied to classification analysis. The findings underscore that driver of Industry 5.0 with strong driving power and low dependence power like Big data analytics to optimize supply chain cost possess strategic importance due to their proactive role to enhance supply chain responsiveness, particularly in response to the disruptions posed by the recent conflicts. Moreover, the study reveals the Cloud computing for dynamic supply chain also plays an important role to enhance Supply chain responsiveness. This study is anticipated to assist managers and decision-makers in effectively prioritizing Industry 5.0 drivers within supply chains, ultimately enhancing responsiveness. Keywords: Disruptions, Supply chain; Responsiveness; Industry 5.0; Artificial intelligence; Emerging economy.