Today, businesses are evolving in an extremely competitive market. As we enter Industry 5.0, modern firms' dynamic business processes need a technological boost to enable them to create and deliver superior value while keeping humans at the core of the business processes. One such technology is artificial intelligence, which is creating innovative options for businesses to further add consumers' value by taking a dynamic approach, mitigating unpredictability, and augmenting cost-effectiveness. Development of AI as a business engine to generate value is advancing and is an alternative for many different industries to explore. As humans need to work in tandem with machines in Industry 5.0 to create customer value, a new term referred to as HCAI- human-centered AI has emerged. Bibliometric data of documents published between 1994 and 2022 were analyzed, and the most cited articles in SCOPUS journals were examined for content analysis to decipher how this new-age AI is aiding businesses to create and deliver superior value and thus leading to sustainable competitive advantage.
Top1. Introduction
Although technical decentralization and interconnectedness; components of industry 4.0 are still in full swing, it is noteworthy that Industry 5.0—the full merger of business's human touch and intelligent systems—is inevitable. Artificial intelligence (AI) has disrupted the industry, the economy, and society by changing interactions and linkages between customers and other stakeholders and with a bundle of intelligent technologies such as The Internet of Things, blockchain, VR, fuzzy inference systems, deep learning-based neural networks, convolutional neural networks, stacked autoencoders, deep reinforcement learning, meta-learning, graph neural networks, and meta-heuristic algorithms to name a few, AI will play a significant role in improving the standard of industrial production, which integrates people, processes, and machines in Industry 5.0. A new term known as Human-Centered AI has been recently coined in Industry 5.0 as humans need to work in tandem with machines. However, “artificial intelligence” as a term was initially coined in a session at Dartmouth College (United States) in 1956 (Nilsson, 2010), as to Nahodil & Vítků (2013), the roots of artificial intelligence may well be discovered in legends from ancient China (Yueying Huang's dogs), Greek (legendary robot Talos), and other cultures, where automatons were believed to have real imaginations and the capacity to reason and experience emotions. Since then, various fields of study have committed to AI research. Numerous organizations have used AI and data analytics for philanthropic operations to successfully handle food waste (Despoudi et al., 2018; Irani et al., 2018), as well as for early clinical diagnosis, agri-food supply chain risk recognition, optimized food distribution, and crisis retort by rapidly and precisely foretelling natural tragedies. While researchers have invented advanced deep-structured learning techniques (LeCun et al., 2015) and sociologists are exploring the moral and legal ramifications of artificial intelligence (Cath, 2018), academics in business studies are examining the consequences of AI on consumers, enterprises, and other stakeholders in an age of automation and intertwined corporate ecosystem (Huang & Rust, 2018).
With artificial intelligence, processes may be enhanced by reducing the requirement for human participation and oversight keeping humans free for more complex jobs in Industry 5.0. AI can improve and streamline a variety of operations. As a consequence, it is reasonable to assume that the application of artificial intelligence to further enhance societal efficiency and make people's lives easier will increase considerably. No wonder, McKinsey & Company’s (2022) research reveals that although the percentage of firms employing AI has flatlined at 50 and 60% for the last few years, the adoption of AI by businesses has more than doubled since 2017. Companies with the strongest financial returns from AI are continuing to gain ground on rivals. This research also concluded that business leaders are investing more money in AI, using ever-more-advanced techniques that have been shown to speed up AI development and enable scaling, and they appear to be doing better in the competitive AI talent markets as well.
Artificial intelligence is frequently cited as a tool that can help businesses offer more to their customers. Because of recent developments in artificial intelligence, we can now emulate intellectual behavior and industrialize the procedures of detecting and fixing complicated glitches (Lee et al., 2019). Artificial intelligence has garnered noteworthy attention from a variety of sectors due to its potential to increase operative efficacy and speed up novelty by generating meaningful information from big data sets and forecasting unforeseen events (Lee et al., 2019). Clearly, AI is creating innovative prospects for businesses to generate value for their clients by taking an upbeat method, handling unpredictability, and boosting cost-effectiveness and returns. Because of this, the development of AI as a business engine that generates value is advancing and is now a serious alternative for many different industries to explore.