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The Role of Industry 5.0 in Advancing AI-Driven Predictive Analytics in Business Operations

Author

Listed:
  • Mihalj Bakator

    (Technical Faculty "Mihajlo Pupin" in Zrenjanin, University of Novi Sad, Republic of Serbia)

  • Dragan Ćoćkalo

    (Technical Faculty "Mihajlo Pupin" in Zrenjanin, University of Novi Sad, Republic of Serbia)

  • Milan Nikolić

    (Technical Faculty "Mihajlo Pupin" in Zrenjanin, University of Novi Sad, Republic of Serbia)

Abstract

This paper analyzes the synergistic integration of AI-driven predictive analytics within Industry 5.0, emphasizing its transformative impact on business operations across various sectors. It highlights the role of artificial intelligence in enhancing human-machine collaboration to create more responsive, sustainable, and personalized manufacturing environments. Through detailed analysis, the paper notes how AI not only optimizes operational efficiencies but also enables the personalization of products and services, thus meeting diverse consumer needs with unprecedented precision. The study proposes a theoretical model comprising three main elements: the enterprise, AI-driven predictive analytics, and the enterprise in Industry 5.0. The paper offers comprehensive strategies for governments, enterprises, and individuals to improve problem-solving and foster innovation within the rapidly evolving industrial landscape.

Suggested Citation

  • Mihalj Bakator & Dragan Ćoćkalo & Milan Nikolić, 2024. "The Role of Industry 5.0 in Advancing AI-Driven Predictive Analytics in Business Operations," Proceedings of the 5th International Conference "Economic and Business Trends Shaping the Future" 2024 019, Faculty of Economics-Skopje, Ss Cyril and Methodius University in Skopje.
    • Handle: RePEc:aoh:conpro:2024:i:5:p:194-201
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    File URL: https://repository.ukim.mk/bitstream/20.500.12188/31965/1/00019%20The%20Role%20of%20Industry%205.0%20in%20Advancing%20Ai-Driven%20Predictive%20Analytics%20in%20Business%20Operations.pdf
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    More about this item

    Keywords

    Industry 5.0; AI solutions; Predictive Analytics; Business;
    All these keywords.

    JEL classification:

    • L60 - Industrial Organization - - Industry Studies: Manufacturing - - - General
    • M11 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Production Management
    • M21 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Economics - - - Business Economics

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