Unlocking Insights: Structural Equation Modeling Approach To Unveil The Nexus Between Industry 5.0 Evolution And Sustainable Supply Chain Dynamics

Abstract

Modern business practices are evolving in response to concepts like the sustainable supply chain and Industry 5.0. When brought together, these two concepts drive the growth of a highly robust and long-lasting global economy. To ensure ethical and sustainable procurement, secure and effective human-bot collaboration, and monitor the origin of things, modern organizations are embracing more sustainable supply chain management techniques with the help of cobots and blockchain technology. Industry 5.0, also known as Sustainable Supply Chain Practices, is the focus of this study, which develops a theoretical model by combining frameworks from the literature on manufacturing, supply chains, and information systems. The study's analytical sample includes 342 responses collected from electronics supply chain specialists. Researchers used deductive reasoning to formulate hypotheses, drawing on prior research. Industry 5.0 innovations, Sustainable Supply Chain Practices (SSCP), Sustainable Supply Chain Performance (SCP), and Supply Chain Risks (SCR) are the constructs that are used in this study. The validity of these purported links is checked using Structural Equation Modelling (SEM). According to the SEM study, Implementing Industry 5.0 technology and sustainable supply chain practices can boost supply chain performance while decreasing risk. By combining the two schools of thought, we can create a sustainable economy that is fair to all stakeholders and fosters new forms of business that prioritize long-term viability.