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The Role of Open Innovation and Value Co-creation in the Challenging Transition from Industry 4.0 to Society 5.0: Toward a Theoretical Framework

Author

Listed:
  • Barbara Aquilani

    (Department of Economics, Engineering, Society and Business Organization (DEIM), 47, Via del Paradiso, University of ‘Tuscia’, 01100 Viterbo, Italy)

  • Michela Piccarozzi

    (Department of Economics, Engineering, Society and Business Organization (DEIM), 47, Via del Paradiso, University of ‘Tuscia’, 01100 Viterbo, Italy)

  • Tindara Abbate

    (Department of Economics, 1, Piazza Pugliatti, University of Messina, 98122 Messina, Italy)

  • Anna Codini

    (Department of Economics and Management, 74/b, Via S. Faustino, University of Brescia, 25122 Brescia, Italy)

Abstract

Advanced manufacturing solutions, augmented reality, and cloud and big data are technologies pertaining to Industry 4.0. These technologies improve working conditions, create new business models, and increase both productivity and firm quality production. However, they can also improve life and society as a whole. This new perspective, oriented toward social and global well-being, is called Society 5.0. As has happened for all past industrial revolutions, Industry 4.0 will support the transition to a different society, i.e., Society 5.0. In this transition, open innovation and value co-creation can play an important role. The aim of the study was twofold: to examine how Industry 4.0 features and enabling technologies can support the transition to Society 5.0 and to investigate the roles of both open innovation and value co-creation within this transition. A conceptual framework was developed to jointly consider for the first time Industry 4.0, Society 5.0, open innovation, and value co-creation, which are all challenging issues that firms must cope with nowadays. Managers could profit from these insights to design ad hoc strategies in order to benefit from the opportunities emerging from this transition and overcome the main related challenges.

Suggested Citation

  • Barbara Aquilani & Michela Piccarozzi & Tindara Abbate & Anna Codini, 2020. "The Role of Open Innovation and Value Co-creation in the Challenging Transition from Industry 4.0 to Society 5.0: Toward a Theoretical Framework," Sustainability, MDPI, vol. 12(21), pages 1-21, October.
    • Handle: RePEc:gam:jsusta:v:12:y:2020:i:21:p:8943-:d:435842
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    6. Samuel Kofi Otchere & Hongyun Tian & Cephas Paa Kwasi Coffie & Frank Hammond, 2021. "Heterogeneous Analysis of the Nexus between Big Data Analytics and Value Co-Creation: Insight from Selected Service Businesses in Ghana," Technium Social Sciences Journal, Technium Science, vol. 25(1), pages 533-543, November.
    7. Lombardi, Silvia & Santini, Erica & Vecciolini, Claudia, 2022. "Drivers of territorial servitization: An empirical analysis of manufacturing productivity in local value chains," International Journal of Production Economics, Elsevier, vol. 253(C).
    8. Joana Costa & Inês Amorim & João Reis & Nuno Melão, 2023. "User communities: from nice-to-have to must-have," Journal of Innovation and Entrepreneurship, Springer, vol. 12(1), pages 1-35, December.
    9. Chenguang Li & Zhenjun Qiu & Tao Fu, 2021. "The Role of Policy Perceptions and Entrepreneurs’ Preferences in Firms’ Response to Industry 4.0: The Case of Chinese Firms," Sustainability, MDPI, vol. 13(20), pages 1-19, October.
    10. Piccarozzi, Michela & Silvestri, Cecilia & Aquilani, Barbara & Silvestri, Luca, 2022. "Is this a new story of the ‘Two Giants’? A systematic literature review of the relationship between industry 4.0, sustainability and its pillars," Technological Forecasting and Social Change, Elsevier, vol. 177(C).
    11. Anna Sołtysik-Piorunkiewicz & Iwona Zdonek, 2021. "How Society 5.0 and Industry 4.0 Ideas Shape the Open Data Performance Expectancy," Sustainability, MDPI, vol. 13(2), pages 1-24, January.
    12. Vladimir Yadykin & Sergey Barykin & Vladimir Badenko & Nikolai Bolshakov & Elena de la Poza & Alexander Fedotov, 2021. "Global Challenges of Digital Transformation of Markets: Collaboration and Digital Assets," Sustainability, MDPI, vol. 13(19), pages 1-16, September.
    13. Carolina Narvaez Rojas & Gustavo Adolfo Alomia Peñafiel & Diego Fernando Loaiza Buitrago & Carlos Andrés Tavera Romero, 2021. "Society 5.0: A Japanese Concept for a Superintelligent Society," Sustainability, MDPI, vol. 13(12), pages 1-16, June.
    14. Lorena D'Agostino, 2021. "A project-level approach to green open innovation," Proceedings of Business and Management Conferences 12713393, International Institute of Social and Economic Sciences.
    15. Chih-Lung Lin & James K. C. Chen & Han-Hsi Ho, 2021. "BIM for Smart Hospital Management during COVID-19 Using MCDM," Sustainability, MDPI, vol. 13(11), pages 1-18, May.
    16. Merello, Paloma & Barberá, Antonio & la Poza, Elena De, 2022. "Is the sustainability profile of FinTech companies a key driver of their value?," Technological Forecasting and Social Change, Elsevier, vol. 174(C).
    17. repec:thr:techub:10025:y:2021:i:1:p:533-543 is not listed on IDEAS
    18. Tzu-Fei Hsiung & Yueh-Hsiu Cheng & Zi-Xun Han, 2021. "Sustainable Partnership: Operational Condition Analysis for Brand Value Co-Creation," Sustainability, MDPI, vol. 13(12), pages 1-23, June.

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