Abstract:

Small and medium-sized enterprises (SMEs) are increasingly adopting Industry 5.0 technologies, yet the current understanding of the impact of advanced technologies on improving decision-making is limited. Accordingly, this paper reviews extant research on how advanced technologies improve SMEs' decision-making within the context of Industry 5.0 to address this gap. We adopted a systematic literature review (SLR) methodology to review, synthesise, and critically examine the role of Industry 5.0 technologies in improving SMEs' decision-making. Further, we drew on a bounded rationality theory and a modern data-driven decision-making (DECAS) theory to develop an integrative SME decision-making framework. This framework provides insights into technology-driven decision-making and determines decision-making mechanisms, advantages, and challenges relevant to SMEs' context in Industry 5.0. Overall, this review argues that although SMEs face various challenges in adopting advanced technologies to improve their decision-making, the fundamental logic of the technology-driven decision-making trend remains unchanged in the Industry 5.0 context.

Please choose your submission type: Full Paper

Primary Track: Organisational Transformation, Change and Development

Keywords: Change Management

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Ms. Xiaohui Gu