Search results

Industry 5.0 is referred to the subsequent industrialization. The ultimate goal of this transformation is to enable manufacturing solutions through collaboration with man and machine which are more user-friendly and increase work quality in comparison to Industry 4.0. This will be accomplished through the consumption of the creative potential of human specialists in the creation of an industry with more efficient, clever, and precise machines. It is predicted that several exciting breakthroughs and apps will help Industry 5.0 in its plan to gain more productivity and supply personalized goods in an open system. On the other hand, Industry 5.0 has had a greater global and international renown from the very beginning of its existence. Machine learning (ML) technology, the Internet of Things (IoT), and big data will create a collaboration with people, robots, and other intelligent devices. Industry 5.0 continues to serve as an attractive driver for our society's workforce skills and young talent in search of purposeful professional lives. There are some challenges as well, such as working with advanced robots requires people to develop skills. People need to gain proper knowledge about collaboration with smart machines and the robot manufacturers industry. However, this ultimate overhaul is necessary for the industry to certify its reason as a solution provider for our society. These things will unquestionably ensure the long-term sustained development (SD) of any nation's economy.

Expectations play a crucial role in finance, macroeconomics, monetary economics, and fiscal policy. In the last decade a rapidly increasing number of laboratory experiments have been performed to study individual expectation formation, the interactions of individual forecasting rules, and the aggregate macro behavior they co-create. The aim of this article is to provide a comprehensive literature survey on laboratory experiments on expectations in macroeconomics and finance. In particular, we discuss the extent to which expectations are rational or may be described by simple forecasting heuristics, at the individual as well as the aggregate level.

This chapter attempts to provide answers to the following questions:

• What is artificial intelligence (AI)? Moreover, what is AI-based retail innovation?

• How does AI work?

• What are the applications of AI in retail services innovation?

• What are the ethical aspects, considerations and issues regarding the employment of AI in retail?

What is artificial intelligence (AI)? Moreover, what is AI-based retail innovation?

How does AI work?

What are the applications of AI in retail services innovation?

What are the ethical aspects, considerations and issues regarding the employment of AI in retail?

It is difficult to argue against the fact that research has focussed on artificial intelligence (AI) and robotisation over the past few decades. Additionally, during the past several years, it has taken off and is now extensively used in numerous businesses across various industries. Most of the time, AI has been associated with some industrial sector process automation. Still, recently, the authors have noticed more positive technology uses, especially in the financial services industry. Due to several factors, the financial sector needs to adopt AI and recognise its potential. The industry has historically been concerned about unpredictability, legislation, stronger cybersecurity, technological limitations and disruption of established lucrative operations.

Never before has there been more discussion about AI due to the advantages it provides to businesses that are providing financial services. That may explain why this change is referred to as the fourth industrial revolution. Both positively and negatively, it is quite disruptive. The effectiveness, accuracy and cost-effectiveness of solutions greatly increase. However, immense power also entails great responsibility.

Precautions and security are more crucial than ever for businesses since the financial sector is changing significantly and quickly. The various benefits and drawbacks of this technology are yet unknown to humans. Although AI was first shown to us in the 1950s, it has recently gained new prominence as processing power, and the available quantity of data has increased dramatically.

Purpose: The purpose of this chapter is to elaborate on the major conceptual and practical considerations of the use of robots, artificial intelligence and service automation (RAISA) in travel, tourism, and hospitality companies (TTH).

Design/methodology/approach: The chapter develops a conceptual framework of the major issues related to the use of RAISA in the travel, tourism and hospitality context.

Findings: The findings indicate that while there is a creeping incursion of RAISA into TTH, there are major concerns that the TTH industry has to consider in regard to automating TTH services.

Practical implications: In a practical sense, the chapter identifies the decisions that TTH industry professionals need to take when dealing with RAISA technologies. Furthermore, the chapter elaborates on the impacts RAISA have on business operations, marketing management, human resources and financial management of TTH companies. The TTH industry has to adjust its practices and communicate with its workforce in ways as not to increase Luddite tendencies and resistance among employees.

Social implications: The analysis shows that there is an upcoming era in which automation of services will be so advanced that wealthy countries may not need to import labour to make up with its own aging workforce, suggesting that RAISA and its further development has the potential for disrupting society and international relations.

Originality/value: This chapter provides a comprehensive review of the issues related to the use of RAISA in the TTH industry, including the drivers of RAISA adoption in tourism, advantages and disadvantages of RAISA technologies compared to human employees, decisions that managers need to take, and the impacts of RAISA on business processes. It shows how macroenvironmental pressures shape the microeconomic decisions to use RAISA in a TTH context.