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Smart devices use multiple sensors and communicate through apps on your phone. As a parent, you can tell if your kid is brushing properly by using products like Oral-B electric toothbrushes. It not only tells you by turning colours from green to red with help of pressure sensors so that you protect your gums but this toothbrush is also fitted with sensors that would show data on the mobile application paired via Bluetooth to your mobile showing dental care. Similarly, your smartwatch can tell whether you are drinking enough water, having good healthy sleep or working out hard enough to stay fit. The health insurance premium simply works on the principle of determining the health risk to a person. Higher the risk, the higher the premium. That is why every year we all run through some vital tests and submit them to our insurance companies and based on that the health insurance premium might fluctuate. Imagine if such health insurance premium fluctuates on daily basis based on your lifestyle determined by those high-tech gadgets and smart wearables like a smartwatch. This might sound crazy today but insurance companies are already working on allowing the smartwatch companies to share the data about the consumer’s lifestyle and habits to partly base the health insurance premium. Smartwatches like Fitbit or Jawbone Up are working to play a vital role in the health insurance cost determination industry. Such smartwatches and other health monitoring devices would certainly put digital wearables in a grey area on privacy. (Olson, 2014)
Not only in the health sector, but the current digital transformation offers substantial opportunities to industry for building competitive and innovative business models and complicated circular supply chains; however, such a change also implies severe implications concerning sustainability, since the data and technology (ICT) industry encompasses a significant environmental footprint. The Industry 5.0 paradigm continues to be being characterized by industry and academia, but the EU Commission has already defined its foundations, because of the impact that such an idea will have within the coming years on its industry. Digitalisation with AI-assisted technologies is shaping the long run of the work and massive Data (BD) seems like an accelerator. To succeed in the milestones defined by the United Nations Agenda for Sustainable Development and to implement the visions of a circular economy, it's necessary to produce solutions systematically and conserve them during their entire life period. Such a sustainable digital transition towards a wise circular economy is enabled by three key technologies: IoT, edge computing, and computer science (AI). It's estimated that Internet of Things (IoT) and Industrial IoT (IIoT) technologies, which enable ubiquitous connectivity between physical devices, can add, only in industrial applications, USD 14 trillion of measure to the world economy by 2030. Additionally, the event of the classic view of the net of individuals (IoP) and also the Internet Protocol (IP) led to a convergence of IoT technologies over the last twenty years, which paved the way for the so-called Internet of Everything (IoE). Such an idea is rooted within the union of individuals, things, processes, and data to counterpoint people’s lives. The present manufacturing landscape comprises heterogeneous machines and production facilities capable of autonomous message exchange, generating data at an ever-increasing speed, and all data could provide useful information and will be used proactively for optimized control and business-related purposes. This capability could bring fundamental improvements to the economic processes in manufacturing, engineering, supply chain, and life cycle management. Thus, as per the EU Commission, the foundations of Industry 5.0 must be completely be aligned with societal goals and aim beyond just considering jobs and economic processes. As a consequence, Industry 5.0 is targeted at sustainable manufacturing and industrial operators with societal goals and aims beyond just considering jobs and economic processes. Sustainable marketing enables the marketing beyond this customer-driven marketing strategy. In today’s dynamic world, marketers and producers confirm that they follow innovative practices by adopting environment-friendly technologies and ensuring customer satisfaction at the identical time. In an exceedingly sustainable production and marketing era, the aware customer doesn’t want to get items which are using heavy plastics for packaging or is also a significant industry which is polluting the environment at the value of mother earth. There's a paradigm shift in strategy to smart and sustainable production and marketing.