Aligning Business Models, Operating Models, and Digital Transformation in the Era of Industry 4.0/5.0

We live in an era of technological innovation known as the Industry 4.0/5.0 revolution, which is reshaping our society profoundly. The Industry 4.0 era is exemplified by the rapid advancement of new generation IT technologies and smart devices, while Industry 5.0 represents the continuation of those technological advancements with three core values: human-centricity, sustainability, and resilience (Leng et al. 2022). Along with the invention of new technologies, each industry revolution brings opportunities for new business models (new ways of creating value) and new operating models (new configurations of business processes) that outperform traditional ones. For instance, Industry 2.0's invention of refrigerated containers enabled fresh meat supply chains to replace livestock supply chains. Industry 3.0’s invention of the internet enabled e-commerce business models to disrupt brick-and-mortar retail stores. Similarly, Industry 4.0/5.0 technologies have brought remarkable opportunities for inventing new business models and operating models that can add greater value for all types of organisations.