Tue, 02 May, 2023
The triple bottom line is a concept that measures the success of a company, not only in terms of financial profits, but also in terms of social and environmental impact. The three aspects of the triple bottom line are often referred to as people, planet, and profit.
Within the Up-Skill project we aim to explore how the triple bottom line concept can be applied in Industry 5.0. Our research will focus on the strategic, social, environmental, economic and business contexts in which it does or does not make business sense to automate skilled, artisanal and craft roles.
The economic and financial impact of Industry 5.0 is the most obvious one, through the improving of efficiency, the reduction of costs, and the creation of new revenue streams. Companies that adopt Industry 5.0 technologies do it exactly because they can improve supply chain management, reduce lead times, and increase productivity, resulting in higher profits and revenue growth.
The most interesting angle, however, is exploring the societal and environmental impact of these technological upgrades. Companies that adopt Industry 5.0 technologies have the potential to create new leadership jobs and allow the workforce to develop new skills. They can also improve worker safety and wellbeing by automating dangerous or repetitive tasks.
In terms of environmental impact, Industry 5.0 can have a positive environmental impact by reducing waste, improving energy efficiency, and promoting sustainable manufacturing practices. For example, technologies such as 3D printing can reduce waste by producing parts on demand, while advanced sensors and automation can optimise energy use in manufacturing facilities.
Through Up-Skill we will focus on developing a better understanding of how businesses, particularly in industrial/manufacturing environments, can leverage value from human and machine integration to achieve a holistically sustainable way of operating. The adoption of Industry 5.0 presents a wonderful opportunity for companies to enhance the triple bottom line approach to business, considering the impact of their operations on people, planet, and profit.
By adopting sustainable manufacturing practices, improving worker safety and wellbeing, and optimising energy use and waste reduction, companies can create a more sustainable and successful future for themselves and society as a whole.
To find out more about this exciting project, please visit the dedicated website HERE and follow our LinkedIn channel HERE.