Industry 5.0 involves leveraging the collaboration between increasingly powerful and accurate machinery and the unique creative potential of the human being. It reflects a shift from a focus on economic value to a focus on societal value, and a shift in focus from welfare to wellbeing thereby developing sustainable systems in the organizations.

“Innovation is the only sustainable competitive advantage a company can have”- David Friedberg. Significant changes are needed in business models, commercial operations and our broader society and culture to create real climate solutions. Innovation can offer a route to fast, systems-changing disruptions that large businesses can access in a risk-managed way through innovation labs.

Today’s market environments are characterized by high levels of uncertainty due to the pandemics, wars and natural disasters which have been simultaneously experienced in the recent years. Therefore, several businesses and brands have significantly enhanced their investments in emerging, digital technologies to transform their front, middle and back office operations.

Globalization is rapidly changing customer needs and expectations and state-of-the-art digital platforms and technology are disrupting traditional markets overnight. There are many other recent developments like the digital innovations, internet of things, block chain, industry 5.0, Increasing adoption of artificial intelligence, and so forth. Today business organization worldwide are relying on emerging technologies for gaining competitive advantage and drive strategy and growth. They are required to adapt themselves to cutting-edge technology to ensure their sustainability. Businesses in all sectors are facing a situation where technology is changing the landscape around them, transitioning from the back room of an organization into the hands of customers, employees, and society. Innovation management is the practice of controlling, guiding, and managing the ideation and implementation of new strategies and technology to support business growth. The need for this integrated role spans about every sector of private and public business, and it will only grow as organizations create more advanced solutions. The innovation management provides a foundation for IT professionals to identify the areas where an organization can and should innovate, as well as ensuring a company environment that nurtures innovation. To implement effective innovation models and practices in businesses, organizations need to embed the emerging innovations in IT sector in their business practices. This intersection allows an organization to make smart business decisions. In this regard, the present theme shall be covering the recent developments in the following concepts:

• Digital Innovations in Business and Economy

• IoT and Industry 5.0

• AI for Sustainable Development

• Disruptive Innovation

• Human Computer Interaction and Human Behavior

• Technological Innovation Management

• Value Chain Innovation

• ICT for e-commerce, e-banking, e-learning, and other sectors

• Modeling & Simulation in Business

• Business Process Re-Engineering

• Block Chain Technology

• Metaverse and Consumer Behaviour

The global economy is witnessing an unprecedented transformation and organizations nationwide are facing challenges in matching the operational efficiency with the sustainable development goals. Scarcity of resources has put immense pressure on the supply chains across the nation leading to unequal distribution of resources and massive societal challenges. In the present time, the need for sustainable development is not only for the survival of mankind but also for the future sustenance of the business organizations. It is imperative therefore, to make efficient and effective use of strategy, skills, and innovation for achieving sustainable development of businesses and for encouraging people to collectively develop and implement sustainable innovative actions to achieve sustainable development goals. Governments worldwide have formulated and implemented sustainable development strategies. The Indian government is also focused on making collaborative efforts to promote sustainable development. So, it is of utmost significance to have the strategic skill for encouraging people to collectively develop and implement innovative actions that promote sustainable development. In this context, following topics are covered under this theme:

• Marketing of Sustainable Products and Ideas  

• Sustainable Talent Management and Acquisition 

• Energy, Sustainability and Global Climate Change  

• Entrepreneurial Opportunities for Growth 

• Sustainable Consumption Practices and Lifestyles  

• Sustainability and Waste Management 

• Financial Inclusion for Equity and Sustainability  

• Cultural & Social Orientations 

Sooner or later, all businesses, even the most successful, run out of room to grow. Faced with this unpleasant reality, they are compelled to reinvent the management functions periodically. The potential consequences are dire for any organization that fails to reinvent its core functions and values in time. So, the business organizations must be open to radical reinvention in its core management functions. Incremental adjustments or building something new beyond core business functions can provide real benefits and, is a crucial first step for a digital transformation.

A company’s core management paradigm is the value proposition of its business, grounded in strategy related to its people, processes, and technology. So, business reinvention must augment the value the company provides to employees and customers (whether existing or new) through its products and/or services. Re-architecting management processes requires establishing governance and decision rights to provide clarity and accountability, as well as embedding advanced analytics, digitization strategies and e-business models. Technology reinvention is more than just a technology overhaul and the organizations need to ensure that each investment in technology responds to clear and robust business needs. Reinvention requires a proven, systematic approach and companies must be open to redefine the core management principles for the sustainability of the businesses. To address these issues following management functions are covered under this theme:

•  Health and wellness at workplace

• Women leadership for empowering change

• Finance and investment strategies for wealth creation

• Brand, Image, Identity and Reputation

• Equality, Diversity and Inclusions

• The future of supply chain and logistics

• Ethics, Governance and policy

• Digital Marketing & E-Business Strategy

• Entrepreneurial Finance: Roadblocks and Opportunities

• Rural Market Emerging as Next Big Target

• Financial Markets - Challenges and Opportunities

• Geo marketing and retail

• Future of work and Operations in Uncertainty

Today, in the world of intensified global relationships, international business has become the key determinant of economic development and prosperity. Globalization allows MNCs to trade knowledge, combine advantages and increase their profits. MNCs often operate in more than one country and managing such cross-border operations requires a thorough understanding of local cultures, work practices, laws and international business environments. Having a global management perspective helps leaders to understand and learn from other nations and industries. Understanding other cultures and methods of conducting business can offer MNCs new ideas for the sustainability of their businesses. Global management combines knowledge of business, culture, history and social practices to help companies find their niches in the international business community and successfully work with other cultures. This field of management has gained a lot of prominence now days. Even small and medium-sized companies these days are transacting with foreign entities. Hence, to understand various aspects of global business, following concepts are identified under this theme:

• • Globalization of business

  • Cross-cultural management

  • Ethical issues in international business

  • Consumer engagement in international business

  • Initiative management

  • New paradigms and changing international business models

  • Challenges for global resource base

  • Development economics & policies

  • Sustainability of business in volatile global business environment

Extremely dynamic business world and the rapidly developing knowledge based service economy have put in an increased demand for professionals to manage the businesses effectively. This is precisely the reason why amongst the various other fields of knowledge, the desire for acquiring management qualifications is growing rapidly, both amongst the fresh graduates and working executives. Management Education is the key in this aspect as it provides the prospective managers the strength to anticipate, control and minimize the risks persisting in the external environment which are continuously posing restrictions and challenges to the business world. In this backdrop, the role of management institutes in innovation and sustainable development is of great importance both for the private and public sector in the following areas: (a) contributing to fundamental research; (b) combining existing knowledge; (c) education and training (curriculum development); (d) creating space for open exploration of ideas; (e) community involvement. The systemic, societal character of sustainability and innovation further, calls for management institutes to leverage their capabilities at a much larger level. These institutes along with policy-makers in the public sector are required to play a active role in taking into account not only the technology aspects, but also the social aspects that underpin the innovation process, which are critical for the sustainability domain of knowledge.

• Educating future sustainability change agents in business schools.

• Innovative teaching and learning strategies.

• Action and impact oriented research on societal impact.

• Responsible management meets future needs.

• Gamification, role playing and simulations in business education for sustainable development.

• Reinventing management and leadership education.

• Effectiveness of management programs and courses on sustainable development and innovation.