Industry 4.0 (I4.0) integrates technologies like the Internet of Things (IoT), Artificial Intelligence (AI), and robotics to create interconnected, intelligent, and autonomous production environments. This transformation drives innovation and competitiveness but poses challenges, including system integrations, investments, and workforce upskilling. This work explores the potential of Generative Artificial Intelligence (GAI) as an accelerator for I4.0 adoption considering Industry 5.0 (I5.0) requirements, using I4.0 reference architectures and the four key dimensions: Smart Manufacturing (SM), Smart Working (SW), Smart Products and Services (SPS), and Smart Supply Chain (SSC) to guide the analysis. The literature indicates that GAI has been applied in various domains, but there is a gap in comprehensive research to the industrial context. GAI’s potential contributions to SM and SW include generating insights, optimizing operations through Digital Twins (DT), predictive maintenance, and enhancing human-machine collaboration, aligning with the I5.0 concept on personalization and human-centric technology solutions. In SPS and SSC, GAI aids in product development, mass customization, production simulation, and inventory control, providing real-time support and improving supply chain efficiency. The paper concludes that GAI holds significant promise for enhancing I4.0 and I5.0. But further research is needed to learn its impact at each organizational level, develop best practices, and address data quality and integration challenges. Future work will involve a systematic literature review to deepen insights into the integration of GAI with I4.0 and I5.0, with a particular focus on the role of DT and their potential to create more connected and cognitive industrial solutions.