How to adapt the Society 5.0 and its development, include learning and developing some essential entrepreneurial skills?

In our rapidly evolving world, embracing the principles of Society 5.0 is crucial for navigating the digital age. This paradigm shift emphasizes the seamless integration of technology into all aspects of society to enhance human well-being. However, to thrive in this dynamic landscape, individuals must not only adapt to Society 5.0 but also cultivate essential entrepreneurial skills. In this blog, we will explore how to effectively embrace Society 5.0 while honing entrepreneurial acumen from different perspectives.

Education

Education 5.0 is an innovative educational model aligned with Society 5.0, integrating advanced technologies and human-centric approaches. It emphasizes personalized learning, lifelong learning, and interdisciplinary integration, aiming to revolutionize the traditional education system. (SYDLE, 2023)

By leveraging AI, VR, AR, and big data, Education 5.0 creates customized learning paths tailored to individual needs, significantly enhancing learning efficiency and engagement. This personalized approach ensures that students can learn at their own pace and according to their unique interests and strengths. (Kathleen, 2020)

Lifelong learning is a cornerstone of Education 5.0, encouraging individuals to continually acquire new skills and knowledge. This approach is crucial for adapting to the rapid societal and technological changes we face today. Online platforms and open courses provide flexible and accessible opportunities for continuous education. (Kristina, 2021)

Interdisciplinary learning is also emphasized to address complex real-world problems. By fostering comprehensive skills and innovative thinking across various fields, students are better prepared to tackle the multifaceted challenges of the modern world. Education 5.0 aims to nurture well-rounded individuals, focusing on academic achievements, creativity, critical thinking, collaboration, and holistic personal growth. (Kathleen, 2020)

by Fun Cheng Jun

Finance

As we progress into Society 5.0, entrepreneurs face a transformed landscape where digital innovations redefine traditional business and financial models, particularly through the sharing and gig economies. The sharing economy uses digital platforms to allow individuals to rent out underused assets, like homes or cars. This model disrupts traditional industries such as hospitality and transportation by shifting economic activity from corporate entities to peer-to-peer interactions, as seen with platforms like Airbnb and Uber. (Dinana, 2020)

Meanwhile, the gig economy is characterized by short-term contracts or freelance work, replacing traditional long-term employment agreements. Platforms such as Upwork and Freelancer facilitate these temporary engagements, offering flexibility but also challenging traditional employment security and benefits. (Dinana, 2020)

For entrepreneurs, thriving in these economies requires digital literacy to manage platform-based business models and financial acumen to navigate these dynamic, decentralized markets. Adapting to these changes is crucial for creating sustainable and efficient economic activities that align with the innovative goals of Society 5.0.

by Ryan Yew Khy Hern

Manufacturing

The manufacturing industry plays a vital role in societal progress, driving advancements that shape our collective future. As the industry undergoes a transformative revolution, it becomes imperative for manufacturing-related businesses to prioritize the adoption of Society 5.0 principles and its evolution. This entails seamlessly integrating advanced technologies with human-centered and sustainable practices. (Huang et al., 2022)

The key strategies encompass is deploying collaborative robots to handle repetitive tasks, thereby liberating human workers to channel their energies into creative pursuits. Virtual training programs further augment worker proficiency in engaging with evolving technologies. Leveraging advanced tools such as big data analytics and IoT optimizes processes while facilitating predictive maintenance. Additionally, the utilization of digital twins facilitates enhanced visual modeling and process optimization. Embracing sustainable practices, including waste reduction and a shift towards renewable energy sources, becomes paramount for manufacturing businesses. (Adel, 2022)

The cultivation of essential entrepreneurial skills such as technical proficiency, innovation, sustainability consciousness, change management, collaboration, and data-driven decision-making becomes indispensable. These competencies empower businesses to adeptly navigate technological transitions, propelling growth and innovation within the framework of Society 5.0, thus aligning with its human-centric and sustainable ethos.

by Lee Bing Chiau

Healthcare

Current healthcare challenges demand more productive and efficient solutions, which healthcare technologies under Society 5.0 (S5.0) aim to address. Society 5.0 envisions a smart society utilizing technologies like AI, cloud computing, and IoT to achieve sustainable development and the UN's SDGs. Specifically, SDG-3 aims to ensure healthy lives and well-being for all ages. In healthcare, AI, machine learning, and deep learning can automate diagnosis, prognosis, and treatment by analyzing patient data. AI also helps create digital twins for precision medicine by integrating large datasets. IoT gathers personalized health data through smart devices, merging cyberspace and physical space via cyber-physical systems. Society 5.0 will not only require new technologies but will also drive technological developments. Developments that will improve data analytical methods and geospatial surveillance for the prevention of chronic diseases. This technological integration will revolutionize healthcare, posing legal, ethical, and structural challenges. The implementation of Society 5.0 into healthcare systems will strengthen precision medicine approaches and invariably improve all spheres of human health. (J.F, 2023)

by Chow Zhi Yang

Banking

Banking 5.0 aims to augment human cognitive thinking with machines for the added factor of speed and precision (Mehdiabadi et al., 2022). Using artificial intelligence and robotics to improve on customer experiences, this new revolution aims to balance human needs with technological advancements.

Banks leverage big data and IoT-based risk management strategies to enhance their supply chain finance operations. By analysing internal B2B data, they can predict risks, and identify potential customers. Existing corporate customers also benefit from this, as banks are able to offer improved business offerings along supply chains (Hasan et al., 2023). 

Despite this, many banks are still reliant on outdated legacy systems that may not be capable of keeping up with growing workloads. To add to this, as this is a relatively new field, it can be difficult to find experts with experience in both banking and data analytics to install, run, and maintain the aforementioned systems (Hasan et al., 2023).

by Kaysan Mohamed Rifath

Future Proofing Industries with Society 5.0

Future-proofing industries in the era of Society 5.0 requires integrating advanced technologies with human-centric and sustainable practices. Businesses can enhance automation, real-time data collection, and secure transactions by adopting AI, IoT, and blockchain. Collaborative robots and advanced analytics optimize operations, increasing productivity and safety. Encouraging a culture of continuous improvement, supporting R&D, and leveraging VR/AR for training and customer experiences drive technological advancements and operational efficiency. Sustainability is also key, with a focus on waste reduction, renewable energy, and ethical technology use.

Enhancing human capital through employee training, lifelong learning, and interdisciplinary collaboration prepares the workforce for the digital age. Utilizing big data and AI for personalized customer experiences, implementing omni-channel strategies, and maintaining a human touch in customer service is vital. Building resilience and agility through robust supply chains, agile methodologies, and effective risk management ensures businesses can navigate disruptions and market changes adeptly. By embracing these strategies, businesses align with Society 5.0’s principles, driving sustainable growth and innovation while contributing to a prosperous future.

by Bakyt

References

1. Kathleen, H. (2020). The Future of Education: Preparing for Society 5.0. https://medium.com/@kathleenhamilton/the-future-of-education-preparing-for-society-5-0-a9d81ad64d9f 

2. Kristina, D. (2021). Education 5.0: Rehumanising Education in the Age of Machines. https://www.linkedin.com/pulse/education-50-rehumanising-age-machines-kristina-dervojeda

3. SYDLE. (2023). Education 5.0: What Does It Mean? How Does It Work?. https://www.sydle.com/blog/education-5-0-61e71a99edf3b9259714e25a

4. Dinana, H. (2020, Spring). Society 5.0 and the Future Economies. The Cairo Review of Global Affairs. https://www.thecairoreview.com/essays/society-5-0-and-the-future-economies/ 

5. Huang, S,. Wang, B., Li, X. Zheng, P., Mourtzis, D., & Wang, L. (2022). Industry 5.0 and Society 5.0-Comparison, complementation and co-evolution. Journal of Manufacturing System. 64, 424 - 428. https://doi.org/10.1016/j.jmsy.2022.07.010 

6. Adel, A. (2022). Future of industry 5.0 in society: human-centric solutions, challenges and prospective research areas. J Cloud Comp 11, 40(2022).  https://doi.org/10.1186/s13677-022-00314-5 

7. Dlamini, Z., Miya, T.V., Hull, R., Molefi, T., Khanyile, R., de Vasconcellos, J.F. (2023). Society 5.0: Realizing Next-Generation Healthcare. In: Dlamini, Z. (eds) Society 5.0 and Next Generation Healthcare. Springer, Cham. https://doi.org/10.1007/978-3-031-36461-7_1 

8. Mehdiabadi, A., Shahabi, V., Shamsinejad, S., Amiri, M., Spulbar, C., & Birau, R. (2022). Investigating Industry 5.0 and Its Impact on the Banking Industry: Requirements, Approaches and Communications. Applied Sciences, 12(10), 5126. https://doi.org/10.3390/app12105126 

9. Hasan, M., Hoque, A., & Le, T. (2023). Big Data-Driven Banking Operations: Opportunities, Challenges, and Data Security Perspectives. FinTech, 2(3), 484–509. MDPI. https://doi.org/10.3390/fintech2030028