‘Industry 5.0’ was first described in 2020 by the European Commission to describe the next wave of technologies, including Virtual Simulation and Automated Robots, to impact businesses and individuals.

Chapter 0 Introduction to the Concepts: the Past, Present, and Future of AI.- Chapter 1 AI in Organization and Management: Systematic Review of Literature.- Chapter 2 Industry 5.0 Vision: Model-Based System Engineering And Artificial Intelligence.- Chapter 3 Never Enough Data: Creating a Real World through Physics-based Simulation.- Chapter 4 What constitutes as new? Measuring AI-based Innovation.- 3.3 Part II - Turning AI to a strategic asset.- Chapter 6 Conceptualizing cloud computing services as pivotal digital assets.- Chapter 7 Boosting the learning process of developing IoT solutions to support data utilization in business.- Chapter 8 Product Pricing Strategies in the Age of Sustainable Development: Understanding consumer behavior through Agent-based Simulation.- Chapter 9 Developing Strategically Optimal Corporate Investment Policies for the Industry 5.0 Transition.- Chapter 10 Navigating the Innovation Process: Challenges Faced by Deep-tech Startups.- 3.4 Part III - Towards an AI-integrated society.- Chapter 11 Another Industrial Revolution? It’s all Evolution.- Chapter 12 Trust of self-directed learners and managers in AI-supported Learning systems.- Chapter 13 When AI meets humans: Potential, challenges and practical evidence.- Chapter 14 Exploiting machine learning to test service supply scenarios: A rescue department case.- Chapter 15 AI adoption challenges in diverse firms: A case study of family firms.

‘Industry 5.0’ was first described in 2020 by the European Commission to describe the next wave of technologies, including Virtual Simulation and Automated Robots, to impact businesses and individuals. It recognizes how these technologies can no more be counted as purely ‘future tech’, but as realities that will begin to impact society as a whole. This open access book describes this new world as ’Society 5.0’ and explores the real impact of AI-enabled business on society.

Beginning with a brief history of AI, the current terms, and its conceptual components, visualisation, data, and algorithms, this book then presents a collection of studies from leading scholars in the field of AI and Digital Business. The first section focuses on the immediate challenges and strategic changes that will be required for businesses to successfully adapt to this new reality. The second focuses on the opportunities of AI to businesses and society. And the final section includes chapters on the future and the possibilities and challenges that lie beyond Industry 5.0. It will be of great interest to scholars and students of innovation strategy and digital business, as well as all those engaged in research around cutting-edge technologies and their impact on society.

Päivi Aaltonen is a Researcher and Project Manager for Industrial AI projects at LUT University, Finland. She has previously worked in Strategic Project Management at Aalto University Business Innovation Technology- Research Unit and collaborated with Henley Business School, Stanford University, Swinburne University of Technology and Innsbruck University. Her research is around the intersection of advanced technologies, society and human behaviour.

Emil Kurvinen is a Professor in Machine Design at the University of Oulu, Finland. He has previously been affiliated with LUT University and The University of Virginia, and has worked as an engineer in structural dynamics. His research interests are rotating machines, especially high-speed machines, digital twins, and the integration of industrial engineering management to technology.

Identifies the emergent opportunities and upcoming potential challenges of Industry 5.0 Provides a clear perspective on what AI is and its significance as a technology Serves as a holistic literature review of current topics, advances, and pitfalls of scholarship around Industry 5.0 Is open access, which means that you have free and unlimited access

GPSR Compliance The European Union's (EU) General Product Safety Regulation (GPSR) is a set of rules that requires consumer products to be safe and our obligations to ensure this. If you have any concerns about our products you can contact us on ProductSafety@springernature.com. In case Publisher is established outside the EU, the EU authorized representative is: Springer Nature Customer Service Center GmbH Europaplatz 3 69115 Heidelberg, Germany ProductSafety@springernature.com

Open Access This book is licensed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made. The images or other third party material in this book are included in the book's Creative Commons license, unless indicated otherwise in a credit line to the material. If material is not included in the book's Creative Commons license and your intended use is not permitted by statutory regulation or exceeds the permitted use, you will need to obtain permission directly from the copyright holder.