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The Impact of Society 5.0 on Supply Chain Management: Opportunities and Challenges

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  • Gabriela Ioana ENACHE

    (Bucharest University of Economic Studies, Romania)

Abstract

With the use of cutting-edge technologies like AI, blockchain, IoT, and robotics, a new vision for society called Society 5.0 promises to merge the digital and physical worlds. By enabling real-time visibility and control over every component of the supply chain, this new paradigm has the ability to completely alter how supply chain management is done. Increased effectiveness, productivity, and sustainability are just a few benefits that come with using Society 5.0 in supply chain management. However, it also presents substantial difficulties such data privacy, cybersecurity, and ethical issues. This study investigates how Society 5.0 influences supply chain management, showing both the advantages and disadvantages of this new paradigm. It also offers advice on how businesses should get ready to benefit from Society 5.0 while minimizing its possible hazards.

Suggested Citation

  • Gabriela Ioana ENACHE, 2023. "The Impact of Society 5.0 on Supply Chain Management: Opportunities and Challenges," REVISTA DE MANAGEMENT COMPARAT INTERNATIONAL/REVIEW OF INTERNATIONAL COMPARATIVE MANAGEMENT, Faculty of Management, Academy of Economic Studies, Bucharest, Romania, vol. 24(2), pages 280-292, May.
    • Handle: RePEc:rom:rmcimn:v:24:y:2023:i:2:p:280-292
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    References listed on IDEAS

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    4. Elias G. Carayannis & Joanna Morawska-Jancelewicz, 2022. "The Futures of Europe: Society 5.0 and Industry 5.0 as Driving Forces of Future Universities," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 13(4), pages 3445-3471, December.
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    6. Sindhwani, Rahul & Afridi, Shayan & Kumar, Anil & Banaitis, Audrius & Luthra, Sunil & Singh, Punj Lata, 2022. "Can industry 5.0 revolutionize the wave of resilience and social value creation? A multi-criteria framework to analyze enablers," Technology in Society, Elsevier, vol. 68(C).
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    More about this item

    Keywords

    supply chain management; Society 5.0; blockchain; Artificial Intelligence; Cyber Threats;
    All these keywords.

    JEL classification:

    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes
    • J23 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Labor Demand
    • C87 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - Econometric Software

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