Digital Twin Technology And Its Benefits to Businesses
Digital twin concept has been used in Research and Development (R & D) and academic world for over a decennary. It has gathered significant interest in the recent years as the growth in Internet of Things (IoT) technology has made it possible for the businesses to value digital representations of their physical environments. Gartner’s report titled “Top 10 Strategic Trends for 2017” published in October 2016 highlighted Digital Twins as the fifth strategic trend for 2017. Gartner also foresees half of the large industrial companies to adopt digital twin technology by 2021.
What is a Digital Twin?
Digital twin technology is a computer-generated representation of the physical, real-world systems that accumulates real-time data to analyze, predict, and optimize the performance of each system. This self-optimizing technology uses analytics, machine learning and physics to allow visibility in the operations of the machines, predict the future state of the machines, forestall any failures or downtime, and create better opportunities with the use of simulations.
What does a Digital Twin do?
Sensor tech is the center of many latest innovations. Internet of Things (IoT) enables the businesses to integrate sensors into all kinds of hardware across the physical world which produces floods of data. Many industries including logistics, retail, and agriculture may benefit from this data gathered from real-world resources, creating actionable insights on the data and thus resulting into more accurate digital twins.
This regular flow of accurate, well-run, updated information helps in data-driven decision making, increases production speed and optimizes productivity. Basically, IoT is the necessary part that makes accurate digital twins a reality.
How can Digital Twin technology benefit businesses?
The main purpose of the Digital Twin is to digitize processes that allow modern businesses to work with utmost efficiency. We’ve previously analyzed how blockchain might benefit small businesses. Let’s explore few ways how employing this cutting-edge digital twin technology can benefit businesses in certain ways.
- Improvement in R&D processes:
Monitoring and analyzing the digital twins out in the field can enhance a company’s R&D processes, help obtain insights on customers, spot defects and design errors etc.
- Downtime prevention and maintenance costs:
Businesses can identify and predict maintenance issues to prevent any failures and unnecessary downtime by capturing and monitoring performance and usage data.
- Sustained Profitability
Businesses can drive continuous improvement and sustained profitability by identifying gaps in performance using Digital Twins
Productivity in production:
Joining connected resources with quality and process information in real-time develops end-to-end perspectives that can help businesses enhance production lines and cells.
- Better retail experience:
A digital twin of a retail store can track the energy consumption, usage, and performance of refrigerators, HVAC, vending machines, and more to identify and solve both immediate issues as well as long-term equipment strategies.
- Superior utility services:
By combining live information from grid operations, such as water flow and electricity usage, with connected asset information, including pump and power stations, businesses can create a digital representation to manage and maintain the infrastructure to deliver superior utility services.
- Visibility across travel and transportation:
By tracking fleets of connected vehicles, public transportation, and private vehicles, businesses can gain visibility over all vehicles in operation.
Enterprises these days need to employ this latest technology, power-driven by Internet of Things (IoT), to gain the insight, hindsight, and foresight in the operations of machines to reduce failure-causing schemas.
Engineers and Data Scientists at SSI have worked on various projects for some of the leading brands and transformed their businesses. We measure our success by the success of our clients. Explore the success stories here. If you are seeking help in understanding how digital twins can benefit your organization, SSI can help.
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