The Role of AI and Emerging Technologies in Small Business in Industry 5.0 Era

This chapter investigates how AI and other future technologies could enable small businesses in the Industry 5.0 period. Industry 5.0, on the other hand, extends the automation of Industry 4.0 is about being more human-centered, sustainable, and resilient. The chapter explores how AI can transform small business processes, such as delivering seamless experiences, ensuring informed and effective business decisions, and managing finances. It also explores other innovation technologies, like the Internet of Things, blockchain, 3D printing, Augmented Reality/Virtual Reality (AR/VR), and cloud computing, and how they're affecting small businesses. Additionally, the chapter discusses an important dimension of the human-AI partnership, highlighting the necessity for upskilling and reskilling to skillfully incorporate these tools. Ultimately, the chapter considers future trajectories and indeed offers some recommendations on how small businesses can become future-ready in emerging times of Industry 5.0 to a more human-centered, sustainable, and technology-advanced future.