Converging on human-centred industry, resilient processes, and sustainable outcomes in asset management frameworks

Abstract

AbstractThe objective of increasing productivity while optimizing operational and organizational processes has focused Industry 4.0 (I4.0) on technological development without considering the impact of technology on people and the impact of mass production on the environment. These impacts have led to growing concerns about climate change and complex global risks. A new vision of the industry, called Industry 5.0 (I5.0), has emerged within the scientific community. This human-centred industry appears to be a bold turn from individual technologies to a systematic approach that enables industry to achieve societal and environmental goals beyond economic growth. Under this approach, the question is no longer whether asset management should change, but what that transformation should look like. This paper identifies areas for improvement of the asset management process and presents a framework that incorporates the core values of I5.0 within the overall asset management framework, in which the core principles remain, and the new technologies are the enabling functions. Though the primary focus of this paper on manufacturing and industrial systems, many of its concept and ideas are also relevant to asset management in the public sector infrastructure systems.