Boost your company’s success by using business intelligence.
A digital twin is a digital representation of a physical object, process or service. A digital twin can be a digital replica of an object in the physical world, such as a jet engine or wind farms, or even larger items such as buildings or even whole cities.
As well as physical assets, the digital twin technology can be used to replicate processes—in order to collect data to predict how they will perform.
With the advancement of machine learning and factors such as big data, these virtual models have become a staple in all industries to drive innovation and improve performance.
Using digital twin technology with the right team and implementing it, could help your company:
- Gain a detailed view of potential change BEFORE committing millions in resources
- Prevent costly failures in business
- Monitor and use predictive capabilities to test processes and services
- Inform companies where resources are being wasted
- Create unlimited future versions of what their business could look like
Business intelligence isn’t just a great business practice, it is becoming a necessity.
According to Accenture, They have positioned digital twins as one of the top five strategic technology trends to watch in 2021. The reason is that businesses are finally figuring out how to scale these projects across a fleet of projects. Check out these eye-opening statistics:
- 65% of executives expect their organization’s investment in intelligent digital twins to increase over the next three years.
- 83% of executives agree that their organization’s business and technology strategies are becoming inseparable—even indistinguishable.
- 77% of executives state that their technology architecture is becoming critical to the overall success of their organization.
- 87% of executives agree digital twins are becoming essential to their organization’s ability to collaborate in strategic ecosystem partnerships.
When built on comprehensive, compatible, and trusted data, intelligent twins will help enterprises optimize operations, detect, and predict irregularities and dynamically adjust strategies with every new piece of data they collect or new tests that they run. While each of these capabilities can save money and increase efficiency—their true value lies in what they represent together: a new way of understanding the business, and a new way of running it. Now, as we begin shaping our post-pandemic reality, companies must become experts of change.
Here are five practical applications of Digital Twin Technology in different industries:
- In a recent article, released by Fierce Biotech, digital twins are assisting the health industry in reversing chronic diseases like diabetes.
- Digital twin technology helps NASA understand and manage the operation of machines that are moving through the vast reaches of our solar system.
- Energy is another sector benefiting from digital twins. GE’s wind farm has increased productivity by as much as 20%. The real-time information fed to their digital replicas from sensors on each of the turbines enables more efficient designs and even suggests changes for making each active turbine more effective.
- Digital Twins in Utilities; Water utility organizations use digital twins to ensure an uninterrupted water supply and be better prepared for emergency situations. With digital twins, they can get an accurate assessment of how the current water system behaves, identify failures before they happen, and simulate what-if scenarios. AdP uses digital twins to forecast flooding and water quality issues, improve city services and responsiveness, and ensure resilience of water infrastructure.
- Since digital twins can give a real-time view of what’s happening with equipment or other physical assets, they have been very helpful in manufacturing to reduce maintenance issues and ensure optimal production output. Chevron expects to save millions of dollars in maintenance costs from the digital twin technology they will have deployed on equipment by 2024 in oil fields and refineries.
For more examples, Forbes has a great article on additional applications of the digital twin.
As all companies, including us at Greencastle, strive to reach ever-increasing success—it’s important to recognize the critical role that technology and specifically the increasing use of digital twin technology play in that journey. We hope this article inspired you to become an ‘expert of change.’ For more information, connect with Greencastle Consulting to assist with any questions you may have on your Digital Transformation.
Author: Brittany Hendershott, Marketing
