Investigation of Readiness Indices for Embracing for Industry 5.0: The Road Ahead by IRJET Journal

Investigation of Readiness Indices for Embracing for Industry 5.0: The Road Ahead

Dr.Vipin Kumar Bagria 1 1 Assistant Professor, Government Commerce College, Sikar

Abstract - Several factors influence a country's preparedness index. Technology is an important factor in increasing productivity and improving job function. In the modern era, IT is being usedto improve organizations' ability to employ resources. This article examines various readiness indices to determine how industry 5.0 is evolving and how to quantify the IT readiness index for overall development.These organizational indices improvedserviceprovideraccess,work allocation effectiveness, process efficiency, and transparency. It is critical to determine what factors influence an organization's readiness (where IT readiness acts as an indicator to measure the IT-related facilities). The readiness index for each government organization must be determined based on these characteristics, which will help analysts rate the organization's readiness for AI-based automation.

Key

Words: e-governance,Industry5.0,ReadinessIndex, BigData

1. INTRODUCTION

Overthelastfewdecades,technologicaladvancementshave advanced rapidly, and they now permeate all aspects of Business and society, providing new opportunities and benefits to many (Bag et al., 2021). As technological disruptionsbecomemorecommon,globalleadersfocuson combiningmechanicalopportunitiesandhumanprosperity. Assume we can't use innovation to bring out the best in people (Chauhan et al., 2021). In that case, society may becomefractured,andsomeofourcoreauthorityprinciples, such as majority rule government, may be jeopardized. Furthermore, if the benefits of innovation are not fully realized, new gaps may form, or existing ones will be exacerbated. In this perspective, the two co-editors of the NetworkReadinessIndex(NRI),oneofthemostimportant global databasesontheapplicationandutilizationofdata and communication technology, decided to update the databaseincollaborationwithselectedICTexperts(Bruschi et al., 2021; Esmaeilian et al., 2020; Gupta et al., 2021; N. Kumar & Dadhich, 2014). As a result, an updated, futureready file will continue the NRI tradition of providing policymakers,businessleaders,academics,andthegeneral public with a reliable and significant tool for assessing progress and planning activities for increasingly comprehensiveandfeasibledevelopmentinthedigitalage.

As outages in big data, computerized reasoning, finance, wellness tech, and expanded and augmented reality gain

traction, global pioneers focus on combining new opportunities with human concerns (Industry & What, 2016). The realization has grown that if we do not use innovationtobringoutthebestinpeople,wemayendup withasocietythatisbroken.Ourfundamentalauthoritative principles, such as the majority rule system, have been corrupted.Furthermore,ifthebenefitsofongoingandfuture improvements are not distributed evenly, they will create new gaps or exacerbate existing ones. In the literature, (Dadhich, Rao, et al., 2021; Kannan, 2021; Rao, S S, 2017) established the technology readiness index of AsianenterprisesregardingITserviceadoptionandoverall efficiencies.(Dadhich,2017;Dadhichetal.,2022; Kannan, 2021; Kiraz et al., 2020) discovered that professional businessstudentsinMalaysiaaretechnologicallyprepared to assess their level of acceptance of new technologies. (Dadhich,Manish,ShalendraSinghRao,RenuSharma,2021; KumarNaresh,DadhichManish,2014)discoveredapositive correlationbetweentechnologyreadinessandself-service technologyadoptioninTaiwan. (Dadhich, 2016; Kiraz et al., 2020) assessed final users' technologyreadinessbyusingvirtualinterfacesofwebsites toidentifybettercontextualelements,sitetype,andonline accessmethods,whichcouldbe beneficial toindustry5.0. Furthermore, (Kiss et al., 2019) calculated the TRI of customers in Turkey who prefer short-life-cycle products/services and rapidly diminishing technology for business sustainability and survival. Furthermore, (ShashankKumaretal.,2021)haveidentifiedITreadiness as a critical success factor in adopting e-procurement by governmententerprises.

2. RESEARCH METHODOLOGY

Thepresentprojectisatheoreticalmodalbasedonextensive research that relied solely on secondary sources of information.Thesourcesarebooks,journals,annualreports, white papers, and newspapers. The primary methodology usedinthisworkisthestudyofliterature.

3. OBJECTIVES OF THE STUDY

The research looks at numerous readiness indexes for Industry 5.0 promotion and development. Analyzing multiple readiness indices might help firms make better informed, and thus faster, decisions about which areas of Industry5.0toprioritize.Theresearchmustincludethatno

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availablereadinessassessmentsforIndustry5.0canindicate itsimpactonfutureindustrygrowthwhencomposingthem.

4. AN OUTLINE OF THE READINESS INDEXES

The readiness assessments are based on the following methodologies, which involve gathering substantial data fromtheexaminedentities.

Table -1: MajorReadinessIndices

Index Abbreviation IndexName Evaluating Authority No. of Individual Indicators

NRI Networked Readiness Index

GII Global Innovation Index

GCI Global Competitiveness Index

OECD scoreboard Science, industry, and technology Scoreboard

World Economic Forum

Cornell University, INSEAD, WIPO

World Economic Forum

No. of nations Evaluated

53 139

Table -2: ComponentsofNetworkReadinessIndex

81 127

110 variables 141

OECD 200 31

RBI RBIndustry5.0 ReadinessIndex Rolland Berger 6 dimension s

4.1 NRI (Networked Readiness Index)

120

The 2019 Network Readiness Index ranks 121 economies basedonfourpillars(technology,people,governance,and effect). Sweden leads the ranking this year, just ahead of SingaporeinsecondandtheNetherlandsinthird(Table1). Inreality,asevidencedbytheiroverallresults,theleading countriesintheNRIhavenothingincommon.Forexample, thetop fivecountries(including fourth-placeNorwayand fifth-placeSwitzerland)areseparatedbyonlyafewpoints. Similarly,thetoptencountries Denmark,Finland,theUS, Germany,andtheUK areallwithin5pointsofSweden's highestscore(Sartaletal.,2020).

TheNetworkedReadinessIndexassessesacountry'sability tocapitalizeonICTnetworkstoincreasecompetitiveness.It hasbecomeanimportantindicatorofhowgovernmentsuse technologyinatrulydigitalsociety(Dadhich,2016;Mogale etal.,2020).Thisindex'ssignificanceisbasedonanumber ofcriticalinfrastructurefacilities,proceduralframeworks, and other elements that must be developed to reap the benefitsofthedigitalrevolution.Theframeworkismadeup of four primary sub-indices, ten subcategories, and 53 specific indicators spread across the different characteristics.Theprimarycategoriesareasfollows:

a. Environment Sub Index: Political and regulatory environment&Businessandinnovationenvironment

b.ReadinessSubIndex:Infrastructure,Affordability,Skills

c. Usage Sub Index: Individual usage, Business usage, Governmentusage

d.ImpactSubIndex:Economicimpacts,socialimpacts

India has made significant progress in political and regulatory environments and the economic and modernization environments. Inadequate digital infrastructure and a low-skilled population are significant roadblocks to ICT adoption. Several economies have also improvedtheirperformancequickly(Dadhichetal.,2020). As a result, India's rating dropped two from the previous year. The report cites areas for development, such as that 30%ofIndiansareilliterateandthatyoutharenotenrolled insecondaryeducation.Only15%ofpeoplehaveaccessto the internet, and broadband is only available in high-end homes.India'soveralldevelopmentishamperedbyalackof basic infrastructure in rural and remote areas. The governmentlaunchedtheDigitalIndiaprogramtoaddress theissue,enhancedigitalinfrastructure,raisedigitalliteracy, andequipresidentswithonlinegovernanceservices.

Further, the Global Innovation Index 2019 outlined the measuresfor129countries'innovationperformance,with 80 indicators covering various topics such as political condition, education, infrastructure, and business sophistication. The GII 2019 also examines the future of medical innovation, examining how technical and nontechnologicalmedicalinnovationwilltransformthedelivery ofhealthcareservicesaroundtheworld.Italsolooksatthe significanceanddynamicsofmedicalinnovationinshaping

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thefutureofhealthcareandahealthyeconomy(Birda,2019; Dadhich,Purohit,etal.,2021)

Switzerlandisthemostadvancedandinnovativecountryin the world, according to the 2019 edition of the Global InnovationIndex,followedbySweden,theUnitedStates,and theNetherlands,amongothers,withregionalleaderssuchas India,Chile,Israel,Singapore,Rwanda,Vietnam,andChina dominating. India was ranked first in the Central and SouthernAsiaregion(52nd).Becauseofitsexcellentlogical distributions and colleges, India ranks second in the magnitudeofadvancementamongmiddle-incomecountries. Itmaintainshighlevelsinafewkeyindicators,forexample, profitabilitygrowthandadministrationcostsrelatedtodata and correspondence improvements. In terms of R&D spending,Indiaranksfifteenthamongglobalorganizations this year (Saurabh Kumar & Singh, 2021; Naresh Kumar, 2016).

4.2 Global Competitiveness Index (GCI)

Thisisoneofthreeindicesusedtoevaluatesocialpressure andresilience.TheGlobalCompetitivenessIndex(GCI)isa World Economic Forum initiative aimed at better understandingallcountries'economicfoundationsinorder to assess their competitiveness in achieving long-term economic productivity, growth, and opulence. Instead of short-termandreactionarymetrics,theindexservesasan annual benchmark for policymakers to measure their success against the productivity standard. The 12 instruments are Infrastructure, Innovation Capacity, ICT Selection,MacroeconomicReliability,FinancialFramework, Product Showcase, Labor Market, Market Size, Health, BusinessDynamism,andInstitutions(Muoz-Pascualetal., 2019). India climbed eight places to 68th place in the rankingin2019,upfrom58thin2018.Switzerlandisranked one,followedbytheUnitedStatesandSingapore.Thisindex measures a country's capacity to advance globally, retain, and attract talent. In the Global Talent Competitive Index, India is ranked 68th, up from 80th last year, with Kazakhstan, India, and Sri Lanka occupying the top three slotsintheCentralandSouthAsiaarea.Furthermore,India's vocational and technical skill score is 76th, while its MidLevelSkillslevelis113th.

4.3 OECD panel

From2009to2020,thisScoreboardcontainsinformationon small and medium-sized businesses that can obtain financing.Datafromdemand-sidesurveysweregatheredfor thecountryprofiles, whichincludedvariousindicatorson debt funds, asset-based finance, equity, and recent public andprivatesectorfinancingstructureconditionstopromote SMEaccesstofinance.Conversely,Indiaisnotamemberof theOECDScorecard(Mashelkar,2018).

4.4 Roland Berger Readiness Index

Thisindexiscreatedusingtwotypesofindicators.Tobegin, industrial excellence is an important factor, including production process sophistication, automation, labour readiness, and innovation intensity. The second factor is sectoropenness,anewnetwork,andInternetsophistication. These indicators are scored on a five-point scale to determineyourreadinessforIndustry5.0.Allcategoriesare evaluated using the averages of the indicator scores. Furthermore,theConfederationofIndianIndustryseeksto create and maintain an environment favourable to the development ofpartneredindustry, government,andcivil society through consultation processes. It is a non-profit, industry-managedorganizationthatisactivelyinvolvedin India'sgrowth.

5. CONCLUSION

The readiness indices of an organization resulted in increasedaccessibilitytoserviceproviders,effectivework allocation, improved process efficiency, and improved transparency. Experts have discovered that government institutions lag far behind the private sector's readiness. Possiblecausesincludealackofappropriatehardwareand softwareresources,ascarcityoftrainedpersonnel,efficient training programmes to improve staff skills, and a lack of financialsupportfromdepartments.Asaresult,itiscritical to identify the criteria that determine an organization's readiness. Considering these factors, each government organization'sreadinessindexmustbedevelopedtoassist policymakers in ranking the organization's readiness to implemente-procurement Severaltypesofreadinessscores areappropriateandeffectiveforhandlingthequalitativeand quantitative competency of the industry and its future advancement using a fuzzy multi-attribute ranking technique.Readinessmodelsareusedtoassessthestateof implementationofIndustry5.0technologies.Thisenables the quantification and qualification of its readiness level, takingintoaccountavarietyofparameters.Monitoringthe status of Industry 5.0 necessitates the use of readiness models. The ease and speed with which these emerging technologies can be used vary greatly. Certain businesses cannotincorporateIndustry5.0intotheirexistingbusiness models, resulting in an inaccurate self-assessment of the levelofpreparedness.Toaccomplishthisgoal,itiscriticalto understandhowbusinessesareaddressingthechallengesof digitaltransformation,whatcompaniesbelievetheenabling technologiesforIndustry5.0are,howfaralongIndustry5.0 is in its readiness, and how companies see the barriers to adoptionofthesetechnologies.Thepurposeofthisarticleis toevaluateReadinessIndicesforAdoptionforIndustry5.0, which can be used by policymakers, administrators, and experts to develop a specific policy to achieve the overall goals.

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