innovation journey journal

The innovation journey and crossroads of sustainability, resilience and human-centeredness: a systematic literature review

Transforming Government: People, Process and Policy

ISSN : 1750-6166

Article publication date: 11 March 2024

This study aims to undertake a comprehensive analysis of innovation models, tracing their evolution from Innovation 1.0 to Innovation 4.0 and introducing the concept of Innovation 5.0. It explores the intersection between innovation models and the principles of sustainability, resilience and human-centeredness, providing insights into their implications for Industry 5.0, and their potential to foster a resilient ecosystem amidst challenges and multiple crisis.

Design/methodology/approach

To achieve this objective, the authors used a systematic literature review approach, considering academic articles on Innovation 4.0, Industry 5.0 (specifically in the context of innovation) and helix models of innovation. The authors conducted thematic analysis and content analysis, followed by keyword co-occurrence analysis, enabling us to systematically synthesize and interpret the relevant literature.

The results conclude that Innovation 5.0 is a new paradigm for innovation that fosters broader societal engagement, and emphasizes sustainability, resilience and human-centeredness. Innovation 5.0 is evolving, but it has the potential to transform the way we produce, consume and live. Using insights from the sextuple helix model, this research leverages media and ICT as sixth helix vital role of knowledge sharing, digital transformation, innovation ecosystem and next industrial revolution in this process.

Originality/value

This study contributes to the ongoing discourse on exploring Innovation 5.0 through the sextuple helix model, offering a fresh perspective on innovation models and their collaborative potential. Its contribution lies in providing practical insights into the transition to Innovation 5.0, emphasizing the need for sustainability, regulatory support and awareness while also offering clear recommendations for future research.

• Innovation evolution
• Innovation 5.0
• Industry 5.0

Sextuple helix model of innovation

• Resilient innovation

Afzal, B. , Li, X. and Hernández-Lara, A.B. (2024), "The innovation journey and crossroads of sustainability, resilience and human-centeredness: a systematic literature review", Transforming Government: People, Process and Policy , Vol. ahead-of-print No. ahead-of-print. https://doi.org/10.1108/TG-10-2023-0151

Emerald Publishing Limited

Copyright © 2024, Bilal Afzal, Xiaoni Li and Ana Beatriz Hernández-Lara.

Published by Emerald Publishing Limited. This article is published under the Creative Commons Attribution (CC BY 4.0) licence. Anyone may reproduce, distribute, translate and create derivative works of this article (for both commercial and non-commercial purposes), subject to full attribution to the original publication and authors. The full terms of this licence maybe seen at http://creativecommons.org/licences/by/4.0/legalcode

1. Introduction

The cyclical relationship between technological progress and innovation is a dynamic interplay shaped by societal, technological and organizational changes ( Sun et al. , 2022 ). It involves a continuous loop where technological advancements drive innovation, and in turn, innovation fuels further technological progress. The recent industrial revolution shows how technological progress and new ideas have transformed industry, stressing the link between both concepts. The last stages of industrial revolutions have coined the notion of Industry 4.0, as a technology-driven industrial paradigm shift that may lead to layoffs, and the notion of Industry 5.0, more focused on human, environmental and social components ( Jafari et al. , 2022 ).

In addition, multiple articles studied innovation from various perspectives, some of them focusing on the description of how innovation evolves ( Streitz et al. , 2022 ). Notably, these discussions are related to and trace the evolution of helix models from the foundational triple helix to more complex structures such as quadruple and quintuple helix models. These models emphasize different levels of collaboration between different societal units, facilitating and accelerating innovation, enhancing the integration of knowledge, resources and expertise from various sectors, and ultimately leading to the development of more innovative and impactful solutions, products and services ( Carayannis et al. , 2012 ). The proposed sextuple helix model, with its sixth helix representing the role of media and ICTs, seeks to evolve innovation models while addressing ongoing debate about the specific nature of this helix ( Wahana et al. , 2022 ). This aligns with the principles of open innovation, which emphasizes the dissemination of technological information, where the role of media and ICT is crucial ( Gupta et al. , 2017 ).

What are the prevalent themes in the literature related to the nascent concept of Innovation 5.0?

How the analysis of the evolution of innovation models and the shift to Industry 5.0 impact in the conceptualization of Innovation 5.0?

How Innovation 5.0 can be understood in the light of the sextuple helix model?

This study provides a detailed description of evolution of innovation adding to the literature on innovation models. The sextuple helix model helps conceptualize Innovation 5.0, revealing its consequences for companies and their industries. Our research on the transition from Innovation 4.0 to Innovation 5.0 can reshape current paradigms in innovation theory and practice in the field of innovation models examined in this study.

2. Conceptual framework

The recent debate on the conceptualization of Innovation 5.0 rests on the evolution of innovation models, which shows the progression from Innovation 1.0 to 4.0 ( Costa and Matias, 2020 ; Hafkesbrink and Schroll, 2011 ), where each stage reflects technological advancements and societal impacts, culminating in a collaborative and forward-thinking approach to Innovation 5.0. The historical development of innovation models is deeply connected with the different stages of industrial revolutions ( Reischauer, 2018 ), as well as the different helix models ( Leydesdorff, 2000 ). These models, starting from the triple helix, which emphasizes collaboration between academia, industry and government ( Leydesdorff, 2000 ), have expanded over time. The quadruple helix includes civil society, whereas the quintuple helix includes environmental spheres ( Carayannis et al. , 2022 ). The inclusion of media and ICT as sixth helix would encompass the broader societal context in which innovation occurs ( Wahana et al. , 2022 ).

Regarding innovation models, the first stage in their evolution starts with the traditional approach of closed innovation or Innovation 1.0, wherein companies relied solely on internal research and development ( Hafkesbrink and Schroll, 2011 ). This approach evolved into the open innovation paradigm or Innovation 2.0, which advocates for the integration of external ideas and collaborations ( Chesbrough, 2006 ). Throughout our conceptualization process, insights are derived from the open innovation theory, which posits that the primary method of encouraging additional innovation entities to participate and advance innovation is through the disclosure of technological information ( Gao et al. , 2020 ; Gupta et al. , 2017 ; Zhang and Ming, 2023 ).

In a later stage, Innovation 3.0, or embedded innovation, was defined by Hafkesbrink and Schroll (2011) as a firm’s essential competence to synchronize organizational structures, processes and culture with open collaborative learning processes in surrounding communities, networks and stakeholder groups. The new innovation paradigm integrates varied external and internal information, including talents and technical capabilities for commercial use.

Innovation 4.0 refers to a paradigm shift in which sustainable innovation is driven by the establishment of dynamic and collaborative ecosystems. This approach integrates digitalization, technological start-ups, open innovation and supportive policies, leveraging the collective potential of various stakeholders such as community, academia, industry, government and the public. The key features include a multi-layered effect on regional development, a focus on smart and responsible innovation cycles and a commitment to green governance for a sustainable and collaborative future ( Costa and Matias, 2020 ; Olesiński and Rzepka, 2021 ).

By incorporating Industry 5.0 approach within the sextuple helix model, a robust theoretical foundation is established to comprehend the evolving landscape of innovation and contribute to the conceptualization of Industry 5.0’s innovative paradigm. Industry 5.0 is focused on a tripartite division, which considers its orientation toward a more sustainable, resilient and human-centered approach to innovation, which encompasses integration of sustainable practices, development of systems and processes that can withstand disruptions and adapt to changing circumstances, ensuring the well-being of individuals and communities throughout the innovation process (Ghobakhloo et al. , 2022; Ivanov, 2023 ; Nahavandi, 2019 ; Sindhwani et al. , 2022).

3. Methodology

We conducted a systematic literature review adopting the PRISMA guidelines to ensure a transparent, structured and comprehensive approach ( Kitchenham, 2004 ).

3.1 Search strategy

Because WoS and Scopus journals overlap and produce similar result ( Gao et al. , 2020 ; Salim et al. , 2019 ), we chose Scopus considering its broad and interdisciplinary coverage and strong bibliometrics aligning with our research goals to reduce redundancy. The search of publications through Scopus was conducted with a refinement period from April 1, 2023, to December 24, 2023. No search period was specified; however, earliest identified articles were published in 2006. The search involved three topics, as Figure 1 shows: all articles pertaining to Innovation 4.0, all articles related to Industry 5.0 that explicitly discussed or explored innovation and the articles on helix models of innovation. We combined these queries with Boolean operators, control keyword associations in search queries for consolidating information retrieval. We followed a tried-and-true keyword identification and search term creation process ( Aromataris and Riitano, 2014 ) along with wildcard “innovat*” and broader searches to ensure we retrieved all relevant papers.

3.2 Data extraction and quality assessment

We used PRISMA recommendations as a globally recognized and highly followed set of guidelines for reporting systematic reviews and meta-analyses particularly in the domain of business management. In the process of data extraction and quality assessment, we identified the articles, and afterward, applied a process of screening, eligibility and inclusion. As exhibited in Figure 2 , the total number of articles retrieved from Scopus using the aforementioned keywords in title, abstract and keywords were 871. From them, 620 articles were excluded because they did not belong to the selected subject areas (business management and accounting, economics, econometrics and finance), they were not articles or reviews published in peer-reviewed journals or conference proceedings or were not written in English. The titles and abstracts of the remaining articles were screened to exclude those not mainly focused on innovation (34 articles were excluded by identifying those lacking keywords or title terms directly related to innovation concepts), or not addressing innovation evolution issues (16 articles were excluded by examining the abstracts of remaining articles to assess whether they discussed the dynamic nature of innovation and its patterns). The remaining 201 articles were eligible for full-text assessment. While some of the articles discussed innovation and evolution, they did so within the context of specific domains, such as human resource management or digital platforms ( Cooke, 2018 ); therefore, after full-text review, 13 more articles were excluded for being considered irrelevant or insignificant to provide insights on the broader evolution of innovation across industries and sectors. Bibliometric, thematic and content analyses were conducted on the 188 articles that composed the final sample.

3.3 Analytical strategy

We used VOSviewer and Biblioshiny software for bibliometric analysis, encompassing keyword co-occurrence analysis, publication overview, annual scientific production and country collaboration maps. VOSviewer is commonly used for visualizing and analyzing bibliometric networks, while Biblioshiny provides interactive tools for bibliometric exploration (Di Vaio et al. , 2022 ).

For co-occurrence analysis, we considered all keywords of all the papers in our data set, because they include both author keywords and predefined ones, grouping some words, if necessary, to provide a more holistic understanding of each paper’s scope, while in the title and abstracts, these terms can appear separately provoking higher confusion. By merging duplicates, synonyms and reconciling singulars and plurals within the database’s Excel sheet, redundancy within the clusters identified from co-occurrence analysis was significantly managed.

For thematic analysis, we meticulously analyzed the co-occurrence network’s data using manual coding and an Excel spreadsheet to identify and understand relevant and emerging innovation themes. An organized summary that highlighted overlapping or related themes was created by categorizing each theme in its unique characteristics and context. We identified themes that could be considered overlapped, but they were differentiated, if possible, based on their respective focus, depth and perspective. A thorough coding procedure, developed in an iterative way by all the co-authors of this research assisted in separating the themes within each group.

Following thematic analysis, an in-depth content analysis was conducted on the text data extracted from the selected literature in each group of papers. Analyzing characteristics and current implications of each theme helped predict innovation evolution. The process examined Innovation 5.0 prerequisites, challenges and opportunities. This meticulous examination served to enhance our comprehension toward the nascent concept of Innovation 5.0.

4. Results and discussion

Before addressing the RQs, we conducted a comprehensive bibliometric analysis to provide a thorough overview of the selected literature. Figure 3 explains the overview of the 188 articles collected, including international co-authorship that indicates 28.72%, with an average of 3.07 co-authors per document and more than 13.86 citations. Additionally, Figure 4 describes the evolution in number of articles published revealing a notable surge post-2020, and a decrease in 2023, which may be partially explained by data collection period ending on December 24, 2023, potentially undercounting the actual number of annual published works. This surge might indicate a pivotal moment or a shift in the field, potentially influenced by global events, technological advancements or emerging trends.

The provided three-column plot ( Figure 5 ) effectively depicts the distribution of authors, keywords and affiliations in the relevant research domain explaining the field’s progress, its global impact reach and interconnectedness and what opportunities exist for further collaboration and knowledge exchange. It highlights the prominence of prolific authors like Carayannis, Campbell and Leydesdorff, who have contributed to multiple research articles. Additionally, the recurring keywords like open innovation, Industry 4.0 and 5.0 and the triple helix underscore the significance of these concepts in the field. These findings are further supported by the affiliations associated with these keywords, indicating the involvement of diverse institutions, such as Tianjin University and Polytechnic University of Peter the Great in Sant Petersburg, in these areas of research.

Examining author collaborations across countries is crucial because it explains research breadth and depth and reflects the global impact of the domain. Table 1 illustrates collaboration among at least two countries and shows that authors from the UK and Brazil jointly contributed to four articles. Authors from Italy, on the other hand, engaged in more extensive collaboration, with eight articles involving partnerships with The Netherlands, the UK and the USA, as detailed below ( Carayannis et al. , 2023 ). Corresponding authors from USA and China are also collaborating with other authors from Austria and the UK in different scientific research.

4.1 Prevalent themes

Through the keyword co-occurrence analysis, we identified prevalent themes to better understand innovation evolution and the emergence of the new notion of Innovation 5.0. Using keywords used at least three times, we found a network of 67 items assembled in six different clusters ( Figure 6 ). Cluster 1 (Red) has 17 items, with innovation being the biggest. With 15 keywords, the second (Green) cluster emphasizes technological innovation. Cluster 3 (Blue) emphasizes manufacturing and industrial development. Cluster 4 (Yellow) covers sustainable development. Cluster 5 (Purple) covers Industry 4.0 and 5.0, whereas cluster 6 (Light Blue) includes digitization and digital economy, among others.

A meticulous analysis of academic data identified key innovation themes and their role in shaping innovation evolution. A forward-looking approach assessed the potential contribution of each theme to Innovation 5.0, considering current trends and developments. Table 2 summarizes the key themes, cluster overviews and main authors.

These themes emphasize the sustainability, resilience and human-centeredness for innovation and will guide further evolution for 21st-century challenges.

4.2 Evolution of innovation models

To understand the evolution of innovation models, a structured content analysis was developed on the text data emerged from the categorization of the data set. This method helped understand innovation’s evolution and shift to Innovation 5.0. The content analysis revealed the generalization in the use of the “5.0” extension in terms like “Democracy 5.0” or “Society 5.0” (Cluster 5 purple), which signifies a progression toward the establishment of more sustainable, equitable and participatory societies through the integration of cutting-edge technologies ( Carayannis et al. , 2023 , 2022 ). Innovation 5.0 is set to evolve from its predecessors, beginning with “closed innovation” or “Innovation 1.0,” moving to “open innovation” or “Innovation 2.0,” followed by the concept of “embedded innovation” or “Innovation 3.0” and tech integrated or sustainable Innovation 4.0. Each model of innovation made significant contributions to the businesses and societies for creating and developing new ideas.

Industry 5.0 is focused on the integration of human intelligence to facilitate a production process that is more collaborative, holistic, inclusive and sustainable, with a greater emphasis on human-centered approaches (Ghobakhloo et al. , 2022). Following recommendations of Olesiński et al. (2021) on Innovation 4.0, Innovation 5.0 will align with the principles of Industry 5.0, focusing on enhanced contributions to the businesses and societies for idea creation and development, involving more stakeholders for this purpose. Figure 7 explains this process of innovation evolution, where Innovation 5.0 marks an evolution beyond Innovation 3.0 and 4.0, introducing a transformative and resilience-oriented approach that surpasses traditional open innovation models. Unlike its predecessors, Innovation 5.0 integrates a holistic ecosystem, surpassing the quintuple helix model by incorporating societal, economic and environmental dimensions. It envisions innovation as a collective, global endeavor, dedicated to addressing humanity’s most pressing challenges.

Despite the strong connection between Industry 5.0 and Innovation 5.0, they maintain distinctive characteristics. While previous industrial revolutions have undergone concurrent phases of innovation, perfect synchronization was not always observed. Industry 3.0 was characterized by the introduction of technological advancements such as computers and automation; on the other hand, Industry 4.0 underwent a digital transformation with the integration of artificial intelligence (AI) and the internet of things ( Ferrás-Hernández, 2020 ). This led to the emergence of “open innovation” and “digital innovation” in tandem with Innovation 4.0.

Likewise, the emergence of Industry 5.0 has a direct impact on the development of Innovation 5.0, which in turn affects the innovation ecosystem by emphasizing the importance of human intelligence while leveraging technological advancements ( Olesiński and Rzepka, 2021 ). The fundamental tenet of “5.0” is the prudent use of cutting-edge technologies to foster the development of more sustainable and ethical societies. This marks the advent of innovation that prioritizes human needs, fosters inclusivity and promotes sustainability and resilient ecosystems in the times of multiple crisis ( Romero and Stahre, 2021 ).

Industry 5.0 emphasizes human–machine harmony, and Innovation 5.0 promotes an innovation ecosystem that values human intelligence and ingenuity while harnessing technological progress. Innovation models have evolved alongside industrial paradigms during the industrial revolutions ( Olesiński and Rzepka, 2021 ). The emergence of Industry 5.0 and Innovation 5.0 represents a significant shift in our socio-technical systems toward a transformative phase. They combine technological advancement with social equity, ecological responsibility and a deep understanding of human engagement in innovation. Innovation 5.0 may address our complex social, economic, technological and environmental interdependencies.

4.3 Unravelling Innovation 5.0 through sextuple helix model

Comprehending same content analysis, keyword co-occurrence analysis and themes identified previously, it is found that the foundations of Innovation 5.0 lie in its predecessor, Innovation 4.0, and that it combines several key elements for sustainable innovation. The extensive use of helix models in innovation studies evidences their significance toward the understanding of innovation ecosystem ( Etzkowitz and Leydesdorff, 1995 ; Leydesdorff, 2013 ). These models serve as the structural backbone, providing a holistic lens through which we navigate the complex interplay of diverse stakeholders in shaping the foundational concept of Innovation 5.0 ( Cai, 2022 ). Through the sextuple helix model, we draw upon the open innovation theory, which advocates the advancement of innovation through the disclosure of technological information ( Gupta et al. , 2017 ; Zhang and Ming, 2023 ). Previous literature has studied the sextuple helix model in the context of societal engagement for innovation evolution ( López-Rubio et al. , 2021 ). Figure 8 shows the development of the different helix models, incorporating more varied stakeholders and focuses, in each step of evolution, widening their sustainability and social inclusion approach.

The sixth helix, which includes media and ICT, represents digital and traditional channels that facilitate the exchange and collaboration of information during the innovation process ( Wahana et al. , 2022 ). These platforms, which include social media, digital collaboration tools, news outlets, professional networks and ICT, are recognized as a distinct helix due to their essential role in accelerating the distribution of information, fostering collaboration and supporting open innovation practices.

Innovation 5.0 is characterized by distinctive features when viewed through the sextuple helix model. First, it encourages broader societal engagement by involving citizens, communities and civil society organizations in the innovation process, through media and ICT ensuring alignment with societal needs and values. Second, it harnesses the power of media and ICT to facilitate seamless communication, collaboration and knowledge sharing among stakeholders, thereby accelerating the innovation pace. Third, there is a reinforced emphasis on sustainability within Innovation 5.0, with a dedicated focus on addressing climate change, promoting environmentally conscious innovation and fostering sustainable development. Fourth, Innovation 5.0 emphasizes resilience, building systems that can handle unexpected problems. It strengthens socio-economic and environmental systems to navigate uncertainty, crises and fast transitions. Through resilience, Innovation 5.0 envisions a future where innovation fulfils current needs and protects communities and ecosystems against unforeseen shocks, creating long-term stability and adaptation. Finally, it adopts a human-centered approach, prioritizing the development and implementation of technologies for the collective benefit, with a specific focus on social inclusion, equity and fairness.

5. Conclusion

This systematic literature review has shed light on the evolution of innovation models and emergence of Innovation 5.0 by providing a comprehensive overview of the innovation landscape. We have investigated pervasive themes in the literature on innovation and the profound implications they have for the evolution of this innovative paradigm. Acknowledging the intricate interplay between these transformative forces, we also investigated the role of Industry 5.0 in shaping the trajectory of Innovation 5.0, recognizing that Innovation 5.0 is a new paradigm for innovation that emphasizes sustainability, resilience and human-centeredness. Innovation 5.0 entails a broader concept than Industry 5.0, as far as Innovation 5.0 can be applied to all sectors, not just industry, but Industry 5.0 constitutes the perfect context to understand its conceptualization and implications. Finally, Innovation 5.0’s revolutionary capacity to improve society has been examined using the sextuple helix model. With its focus on inclusive co-creation, sustainability and true-cost pricing, Innovation 5.0 promises to transform innovation.

5.1 Practical implications and future of innovation

Innovation 5.0 holds the potential to revolutionize our way of life, fostering a more sustainable, resilient and human-centered future. By understanding its transformative power, we can guide organizations and governments in shaping this new era. The research suggests that organizations can enhance innovation through collaboration platforms, government partnerships and digital tools. Governments can support manufacturing companies’ green R&D efforts through incentives, tax breaks and institutional guarantees. Organizations can embrace Innovation 5.0 by strengthening corporate governance, establishing standardized internal control systems and maintaining flexibility.

Innovation is a continuous process, making it challenging to predict the future with certainty. However, based on our analysis, we anticipate that the future of innovation will be characterized by human-centric design, collaborative and open innovation, data-driven insights, sustainability and environmental consciousness. These trends will pave the way for personalized solutions, expanded value creation opportunities and a more open and democratized innovation ecosystem. While this study focuses on Innovation 5.0, the identified themes suggest that Innovation 6.0 may adopt a holistic approach, leveraging the transformative power of emerging technologies to promote human well-being and sustainable prosperity while addressing existential risks posed by natural disasters, climate change or technological advancements with unforeseen consequences.

5.2 Limitations and future research

Potential publication bias, limited access to unpublished research and concerns about study quality are key limitations. Combining the Scopus database with others could also enhance comprehensiveness. Furthermore, the conceptual development of Innovation 5.0 relies significantly on an analysis of existing literature and authors’ personal understanding, which lacks empirical validation.

We propose to explore how media and ICT platforms can be designed to support collaboration among a diverse group of stakeholders and how such platforms can be used to manage and track the progress of open innovation and their financial and non-financial benefits with respect to sustainability, resilience and human-centeredness. Further, cross-cultural studies may explain how culture affects Innovation 5.0 perception and implementation. Other empirical studies, such as case studies and longitudinal research, that monitor the transition of firms using Innovation 5.0 may give significant insights across sectors.

Overview of the articles selected

Annual scientific production

Three-field map: author, keyword, affiliation

Keyword co-occurrence analysis

Emergence of Innovation 5.0

Author collaborations across countries

Source: Authors’ own creation

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Further reading

Carayannis , E.G. and Campbell , D.F. ( 2010 ), “ Triple helix, quadruple helix and quintuple helix and how do knowledge, innovation and the environment relate to each other? A proposed framework for a trans-disciplinary analysis of sustainable development and social ecology ”, International Journal of Social Ecology and Sustainable Development , Vol. 1 No. 1 , pp. 41 - 69 , doi: 10.4018/jsesd.2010010105 .

Morteza , G. , Iranmanesh , M. , Morales , M.E. , Nilashi , M. and Amran , A. ( 2022 ), “ Actions and approaches for enabling industry 5.0-driven sustainable industrial transformation: a strategy roadmap ”, Corporate Social Responsibility and Environmental Management , Vol. 30 No. 3 , pp. 1473 - 1494 , doi: 10.1002/csr.2431 .

Acknowledgements

This research was conducted by the research group ASO “Social and Organizational Analysis” at URV, with support from Diputación de Tarragona.

Conflict of interest: No such conflict.

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This paper examines whether the developmental process of two biomedical innovations followed either (1) an orderly periodic progression of stages or phases, (2) a random sequence of chance "blind" events, or (3) a seemingly random process of chaotic events. Various diagnostics are applied to distinguish periodic, chaotic, and random patterns in time series data on innovation development events. We find that the actions and outcomes experienced by innovation teams exhibit a chaotic pattern during the initial period of innovation development, and an orderly periodic pattern during the ending development period; however, exogenous context events exhibit a random pattern during both the beginning and ending periods of innovation development. These research findings, if substantiated in other studies, significantly alter prior views of innovation and learning processes. The two most commonly-used explanations of the innovation process, that it follows either an orderly periodic sequence of stages or a random sequence of "blind" events, are not valid where chaos is found. Chaos tells us that the innovation process consists of a nonlinear dynamical system, which is neither orderly and predictable nor stochastic and random. The findings of chaos also expand existing definitions of organizational learning. Learning in chaotic conditions can be viewed as an expanding and diverging process of discovery. Learning during more stable and periodic conditions is viewed as a narrowing and converging process of testing. Timing of transitions from chaos to periodic patterns may explain whether decision or action rationality prevails. Hence, the difference between behavioral learning theorists and cognitive learning theorists may be just a matter of time.

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• Innovation Process Keyphrases 100%
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Navigating the Digital Transformation of Commercial Banks: Embracing Innovation in Customer Emotion Analysis

• Published: 07 June 2024

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• Yiyang Sun 1 &
• Qian Zhang 2  

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The rapid development of science has ushered the society into the era of the digital economy, profoundly altering the habits and behaviors of empowered digital citizens. This transformation is particularly evident in the financial sector, where Internet companies have spearheaded the growth of Internet finance, offering non-professional, highly autonomous, cost-effective, and accessible financial services. Traditional banks face stiff competition from internal and cross-border rivals, compelling them to embark on digital transformation journeys to stay relevant. This research paper delves into the critical relationship between technology forecasting and social change, exploring the impact of gender imbalances on FinTech innovation. It also examines innovative e-commerce marketing models driven by big data and artificial intelligence, catalyzing advancements in the financial field. The digitalization of banks encompasses multiple facets, including decision-making, ecosystem development, channel optimization, process enhancement, data center construction, and infrastructure fortification. Central to this transformation is the understanding of customer emotions, a task made more intelligent through natural language processing (NLP) technology. We employ NLP techniques to analyze customer voice data and discern emotional states, including one-hot vector representation and Word2Vector models, alongside Bi-LSTM and attention processes. This approach significantly enhances our ability to tailor policies and products in real time, ensuring a more personalized customer experience. Also, the paper emphasizes the importance of establishing robust data governance systems, innovating talent development mechanisms, controlling digital risks, and optimizing customer acquisition strategies in the digital transformation journey. It also addresses the changing landscape of e-commerce architecture, highlighting the significance of logistical expertise and security considerations in international Internet sales. This research advances our understanding of how commercial banks can leverage technology and innovation to serve the real economy effectively. It provides valuable insights into the analysis of customer emotions and offers practical recommendations for achieving a seamless digital transformation.

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Acknowledgements

The authors would like to thank the thesis serving as a phased result of the designated project of Philosophy and Social Science Research in Shaanxi Province, entitled “The Study of Revolutionary Culture Dissemination and Exchange under the Context of China-foreign Cooperation --A Case Study of constructing the ‘Belt and Road’ Cultural Corridor in Shaanxi.”

The thesis serves as a phased result of the designated project of Philosophy and Social Science Research in Shaanxi Province, entitled The Study of Revolutionary Culture Dissemination and Exchange under the Context of China-foreign Cooperation --A Case Stu, 2023HZ1801.

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Sun, Y., Zhang, Q. Navigating the Digital Transformation of Commercial Banks: Embracing Innovation in Customer Emotion Analysis. J Knowl Econ (2024). https://doi.org/10.1007/s13132-024-01938-5

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A. Certainly. I pursued my Bachelor's in Computer Engineering from the University of Mumbai, where I laid the foundation for my technical skills. This was followed by a Master's in Computer Science from Northeastern University in Boston, where I honed my expertise in distributed systems and graph learning. These educational experiences provided me with the knowledge and tools necessary to excel in the field of software engineering.

Q: What inspired you to specialize in distributed systems and graph learning?

A. I've always been fascinated by complex systems and the challenges they present. Distributed systems, with their ability to handle vast amounts of data across multiple nodes, intrigued me from the start. Similarly, graph learning offers a unique perspective on data analysis, allowing us to uncover patterns and insights that traditional methods may overlook. I saw these areas as opportunities to innovate and make a significant impact in the tech industry.

Q: Could you share some highlights from your tenure at Meta as a Senior Software Engineer?

A. Certainly. At Meta, I led the implementation of new graph algorithms for recommendation systems, which significantly enhanced our customer's data analysis capabilities. Additionally, I spearheaded the prototyping of OneGraph, a groundbreaking offline graph compute system based on Spark, laying the groundwork for future advancements in graph computing. I also played a key role in amplifying Digraph's scale by optimizing memory usage and implementing data spilling to disk, enabling it to handle graphs with up to 6 trillion edges.

Q: How do you approach mentorship, and what impact do you believe it has on the tech industry?

A. Mentorship is essential for fostering growth and development in the tech industry. I believe in leading by example and providing hands-on guidance to mentees, empowering them to tackle challenges and reach their full potential. By sharing knowledge and experiences, we can inspire the next generation of innovators and drive positive change in the industry.

Q: What are some key projects you worked on during your time at QuickBase, Inc.?

A. During my tenure at QuickBase, Inc., I focused on building scalable and resilient data pipelines for the datalake using AWS managed services. I also led the development of a data streaming solution utilizing S3, Kinesis streams, and Firehose, which proved to be more cost-effective than traditional solutions. Additionally, I played a crucial role in optimizing network protocols for improved performance and compliance with industry standards.

Q: How do you balance innovation with practicality in your work?

A. Balancing innovation with practicality is crucial in the tech industry. While it's essential to push the boundaries and explore new ideas, it's equally important to ensure that solutions are viable and scalable in real-world scenarios. I strive to strike this balance by conducting thorough research, collaborating with cross-functional teams, and keeping the end-users' needs in mind throughout the development process.

Q: Can you share your experience in leading and training teams of engineers?

A. Leading and training teams of engineers has been a rewarding experience for me. I believe in fostering a collaborative and inclusive work environment where team members feel empowered to share ideas and contribute to the collective success. By providing mentorship and guidance, I've seen firsthand how individuals can grow and thrive, ultimately driving innovation and achieving project goals.

Q: How do you stay updated with the latest trends and technologies in the tech industry?

A. Staying updated with the latest trends and technologies is essential in the fast-paced tech industry. I make it a point to regularly attend conferences, workshops, and online courses to expand my knowledge and stay informed about emerging technologies. Additionally, I actively participate in online communities and engage with thought leaders to exchange ideas and insights.

Q: What advice would you give to aspiring software engineers looking to make an impact in the industry?

A. My advice to aspiring software engineers is to never stop learning and exploring. Embrace challenges as opportunities for growth, and don't be afraid to step out of your comfort zone. Stay curious, stay humble, and always strive for excellence in everything you do. Remember that the journey is just as important as the destination, so enjoy the process and keep pushing the boundaries of what's possible.

Siddhant Benadikar's voyage through innovation embodies the sheer power of passion, perseverance, and an unwavering pursuit of perfection. From his academic journey to his impactful roles at Meta and QuickBase, Siddhant's story resonates as a guiding light for aspiring software engineers everywhere. As he continues to chart new territories in technology, Siddhant's journey reminds us that with determination and dedication, the possibilities within the tech landscape are limitless.

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Podcast: Pathward’s road to innovation in financial inclusion

Anthony Sharett President Pathward

He also talks about new areas where Pathward is branching out, including commercial finance solutions like merchant services, and working capital. “As we think about financial inclusion and financial education and bringing people through that journey of creditworthiness, we are excited about the credit builder product for small and midsize businesses, which are really those entrepreneurs that are the backbone of how we just expand commerce in the United States,” he says.

During the conversation, Sharett also talks about his own background in bank leadership as an attorney who rose up the ranks on the risk and compliance side of banking, and he discusses how Pathward, formerly known as Metabank, developed its new brand when it sold its trademarks to newly renamed Meta Platforms.

This episode is presented by Biz2X .

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Evan Sparks

Evan Sparks is editor-in-chief of the ABA Banking Journal and senior vice president for member communications at the American Bankers Association.

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Nisala Kalupahana’s Journey with Baseline: From the Wond’ry to Cutting-Edge Healthcare Innovation

Jun 7, 2024, 4:20 PM

Recent Vanderbilt alumnus Nisala Kalupahana has many reasons to celebrate this year. Not only did he graduate in May, but his entrepreneurial journey with his venture, baseline , has led to his current role at Neuralink, a pioneering healthcare technology company. At Neuralink , Nisala is helping patients with quadriplegia explore new ways of controlling their computers and regaining personal autonomy. His story exemplifies the profound impact of dedicated entrepreneurship programs and a relentless pursuit of excellence.

"Nisala joins a highly selective company founded by Elon Musk that intends to restore independence in patients using a brain-computer interface", said Stryker Warren , Associate Director, Venture Development. "Truly the intersection of cutting edge technology addressing very complicated clinical presentations."

The Genesis of baseline

Nisala’s venture, baseline, is rooted in his passion for healthcare innovation. baseline focuses on developing innovative solutions to improve mental health care, specifically targeting young people and their unique health challenges. This startup became a significant part of his life, reflecting his technical prowess and commitment to making a difference in the healthcare sector. He was grateful to utilize the Wond’ry throughout his journey. "The entrepreneurship resources and skills I built at the Wond'ry have been incredibly useful. The support they provided for my venture was a major reason I was able to achieve so much," Nisala shared.

Navigating a Rigorous Interview Process

Nisala’s journey with baseline opened doors to numerous opportunities before catching the eye of Neuralink, whose application process consisted of nine intensive interviews. "I met everyone on the team during the interviews and each person was involved in the process. I talked extensively about my work with baseline, which is both healthcare relevant and technically interesting," Nisala said. He credited the skills he learned through the Wond’ry Entrepreneurship programs with helping him pitch himself and answer questions on the spot.

Currently, Nisala is transitioning to his new role as a software engineer for a lab systems team that focuses on groundbreaking work in human implants. This team is dedicated to developing and standardizing procedures for implants that can assist paraplegics and quadriplegics, giving them the ability to control computers and other devices with their minds.

Discussing his new role, Nisala expressed his excitement, "I'm really excited about the work we are doing. It's all about giving agency back to people whose abilities have been reduced. The first human implant went well, and now we are working on getting the implant to more people who need it."

As Nisala continues to make strides in his new role, his journey will undoubtedly inspire others in the healthcare sector and beyond, showcasing what can be achieved with determination, innovation, and the right support.

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Volume 45, Issue 22, 7 June 2024

Focus issue on cardio-oncology, heart failure and cardiomyopathies, digital health and innovation, issue @ a glance, focus on emerging cancer drugs, artificial intelligence applied to imaging, and a new therapeutic target in heart failure.

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