Identification of Factors of Industry 5.0 Achievements in Higher Education

Abstract

Industry 5.0, as an interaction between humans and machines, can significantly impact increasing efficiency and effectiveness in organizations. Its application has a wide range of implications in the field of higher education, given that higher education institutions are key drivers of societal development. In an era of global challenges and adaptation to market trends, higher education institutions face numerous challenges in striving to achieve competitive advantage. In this context, the strategic framework of the Balanced Scorecard was used to measure organizational performance in the domain of exploratory factor analysis (EFA) of Industry 5.0 achievements in higher education in the Republic of Serbia. The research results indicate the adequacy of sampling according to the Kaiser-Meyer-Olkin (KMO) test, which shows a value greater than 0.5, confirming the appropriateness of the analysis.