Open Innovation for Digitalization and Industry 5.0: Transforming the Businesses Towards Sustainable Economic Effects in China
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The research aims to examine Industry 5.0 and open innovation with respect to their role in generating sustainable economic impacts in the tourism industry in connection to digitalization in China. The discussion was used to consider how Industry 5.0 can fit in, as for Big Data and the Internet of Things (IoT). We consider open innovation in the commercialization of services. The respondents to the study were employees working in the tourism industry of China. Survey based data collection method was used and Partial Least Square (PLS) algorithm is users for analyzing the collected data. The results of the study discovered that Industry 5.0 has a significant impact on open innovation in organizations. The strategy is implemented starting by the tourism sector through using service commercialization. Commercialization of service is the key to driving home sustainable economic forces in China. Hence, the convergence of Industry 5.0 for digitalization and open innovation is able to boost economic impact growth in tourism industry.
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