Can Industry 5.0 Develop a Resilient Supply Chain? An Integrated Decision-Making Approach by Analyzing I5.0 CSFs

Abstract

Advances in science and technology act as the gatekeepers of a sustainable future where a stable environment helps generate the power for innovation. Supply chains are the messengers of this euphoric future. However, when the messengers and the gatekeepers are not in sync, the flow of information is bound to stop and bring about a chaotic turn of events, the repercussions of which can be felt through the years. The same was the case with the COVID-19 pandemic, where the lack of man–machine collaboration in Industry 4.0 and the inability of firms to advance their supply chains technologically left them exposed and vulnerable to the disruptions created by the pandemic. It was an eye-opener for companies worldwide as the supply chains collapsed and production reached a standstill. Thus, a stance arises to re-evaluate the resilience capabilities of the supply chains and rethink the priorities for achieving sustainable and resilient supply chain practices. We also suggest injecting industry 5.0 technologies to meet the re-assessed priorities. For this, we have identified the criteria and CSFs of supply chain resilience using the PRISMA 2020 statement and subsequently analyzed them using PF-AHP (for finding criteria weights), m-TISM (to interpret the interrelationships of the CSFs), PF-CoCoSo (to rank the CSFs) and sensitivity analysis (to check the robustness). The results suggest cost-effectiveness as the top weighted criteria and disruption awareness as the highest priority CSF for achieving supply chain resilience.