Technological Transformation in Supply Chain and Inventory Management in Industry 5.0

Abstract

Abstract Purpose This chapter highlights the roles of current technologies such as Artificial Intelligence (AI), Internet of Things (IoT), blockchain, and robots in the supply chains and inventory management in Industry 5.0 (I-5.0). Need for the Study This chapter is relevant to the current study as it presents the potential of new technologies in increasing efficiency, reducing costs and risks, and providing a creative approach to managing the supply chain. Methodology This research provides a comprehensive methodological framework of how AI, IoT, blockchain, and robots can be used to enhance the supply chain performance, decrease cost, and minimize risks. Methods such as qualitative analysis, case studies, as well as frameworks help in analyzing the integration process in its entirety. Findings The authors concluded that disruptive technologies had a strong potential to change traditional inventory systems to intelligent supply chain systems, converting to I-5.0. In this context, reference to actual case studies demonstrates how AI, IoT, blockchain, and robotics change the concept of inventory management. Practical Implications The discussion of this chapter aims to present handy insights regarding the use of disruptive technology as well as potential issues and opportunities. It gives excellent information and recommendations to business people and students studying I-5.0, among other things, with regard to the ever-evolving world. Such awareness allows them to understand better how to manage and apply these revolutionary technologies at their workplaces.