The Rise Of The Digital Twin

A recent infographic published by IDC highlights the importance of digital transformation and the need for companies to enable a network of digital twins to stay competitive.

A revolution is underway. Companies are rebelling against old ways of doing business. They’re embracing cutting-edge technologies to innovate and drive transformation. And digital twins are at the forefront.

By 2020, IDC forecasts that 60% of manufacturers will monitor product/asset performance and improve the quality of goods using digital twins. And 60% of global companies will leverage digital twins to deliver exceptional customer experiences.

As you can see, more and more businesses are embracing digital twins to drive business benefits and outcomes. But the question I hear all the time is, “where should I start”? And there is no single answer to the question! But here are a few of the possibilities.

Six challenges your company can solve with digital twins

Digital twins – virtual models of physical products or assets – can help companies in a wide range of industries solve their most complex challenges.

Manufacturers and other supply chain enterprises rely on digital twins to gain in-the-moment product visibility, collect greater asset intelligence, and facilitate collaboration.

And digital twins don’t only cater to the needs of supply chain businesses. Infrastructure organizations, for instance, employ digital twins to reduce power consumption and manage entire smart cities more efficiently.

Specifically, digital twins can help companies:

  1. Minimize product, asset, and supply chain complexity to maximize quality and performance
  1. Gain a holistic perspective to better manage risk and safety
  1. Broaden external networks to enhance partner collaboration
  1. Create new business models, offer differentiated services, and maintain consistency to compete both globally and locally
  1. Collect real-time data to accelerate and improve decision making
  1. Develop individualized products to deliver superior customer experiences

No matter your company’s focus, digital twins offer the opportunity to radically transform your business.

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Source: Digitalist Magazine, June 27 2018