Relation of QMS vision and strategy and balanced scorecards achievements of HEIs in Industry 5.0 environment

The evolution from Industry 4.0 to Industry 5.0 reflects a growing recognition of the need to balance technological advancement with societal well-being. While Industry 4.0 primarily focuses on technological progress, Industry 5.0 introduces a more human-centered approach. For any industrial revolution to take root, it is important to be accepted by higher education, as the core pillar of any industry development. Accordingly, this paper aims to investigate the current achievements of higher education institutions (HEIs) related to their quality management system (QMS) vision and strategy in the context of the new industrial revolution. In this effort, the Balanced scorecards (BSC) model was used to assess the Industry 5.0 achievements of 374 HEIs in Serbia. ISO 9004:2018-based vision and strategy variable's relationship to BSC variables' were analyzed and proved using the regression analysis. The results can be significant for HEIs' management structures in creating a development path towards the adequate application of Industry 5.0.