Industry 5.0 marks a shift in how organisations think about progress. Where Industry 4.0 concentrated on automation, connectivity and efficiency, Industry 5.0 asks businesses to place people, the planet and long-term resilience alongside productivity. This paper examines how technology adoption, innovation capability, sustainability practices and human-centricity jointly shape business and societal performance in the context of Industry 5.0. A descriptive and causal research design was followed, and primary data were collected through a structured questionnaire from 220 managers and professionals working in manufacturing, information technology, services and energy organisations in India. The data were analysed using reliability testing, descriptive statistics, Pearson correlation, multiple regression and one-way ANOVA. The results show that all four constructs have a positive and significant influence on business and societal performance, and together they explain about 61 per cent of its variation. Innovation capability emerged as the strongest predictor, followed by sustainability practices, technology adoption and human-centricity. No significant difference was found across sectors, which suggests that the Industry 5.0 transition is a shared challenge rather than an industry-specific one. The paper concludes that technology delivers lasting value only when it is paired with innovation, environmental responsibility and a human-centred outlook, and it offers practical recommendations for managers, policymakers and educators.