Transformations  in
Business & Economics

BUSINESS INTELLIGENCE (BI) AND BIG DATA ANALYTICS (BDA) IN INDUSTRY 5.0: APPLICATION OF ADAPTIVE OPTIMIZATION ALGORITHMS (AOA) TO IMPROVE FIRM PERFORMANCE¹
Li Song

ABSTRACT: Industry 5.0 technologies support enterprises to innovate and adapt rapidly in dynamic markets. Based on this, advanced artificial intelligence (AI) must maximize output performance in order to boost the firm demand and supply. Meanwhile, business intelligence (BI) allows enterprises to make financial and business decisions in Industry 5.0. Furthermore, big data analytics (BDA) could assist the vast and growing data streams of Industry 5.0 to yield novel insights. Thus, this study adopts time margin as the average governing factor for firm production and human variable performance in the production scheduling issue of a multi-product manufacturing enterprise to maintain production efficiency and worker comfort. In addition, FPE-AOA employs AOA and agent-based methods to maximize firm output and worker comfort in the two stages. In Industry 5.0 with BDA, the first step targets a global firm plan and a time buffer allotment system. While the second step schedules jobs in accordance with the human resource and tired levels with AOA for BDA data. As a result, the system outperforms traditional models in terms of speed, accuracy, and human error.

KEYWORDS:  Business intelligence, Big data analytics, Industry 5.0, Adaptive optimisation, Artificial Intelligence.

JEL classification:  L1.

¹Acknowledgments:  This study was supported by the Henan Province Soft Science Research Plan Project entitled "Impact Mechanism of Big Data Capability of Technological Enterprises on Performance in the Era of Change” (No. 232400410331). Conflict of Interest: Authors declare that there is no conflict of interest. Data Availability: Data generated in this study is provided in the manuscript.