What is Digital Twin?
Originally prepared by NASA for its astronauts, digital twin technology is a connecting force between digital and physical works. In fact, it’s a digital form of the existing physical things that can be leveraged for various purposes. Digital twin technology helps scientists and innovators to build simulations before the actual machine is built. The technology, even though made aware over a decade, has gained momentum ever since Internet of Things grabbed center stage.
Relevance of Digital Twin:
Given that many companies are showing interest in deploying digital twin technology for their IoT projects, companies such as Microsoft and Oracle have started offering “Digital Twin.” Leading analytics and research firm, Gartner placed digital twin technology amongst top 20 technologies of 2017. Also, it predicted that almost half of the MNCs would be leveraging digital twin by the end of 2021, which would likely increase the productivity by 10%.
In another research carried out by IDC, at least 30% of companies would depend on a digital twin for acquiring the data and increase ROI by 21%. Research reports aside, how exactly digital twin prove beneficial for the companies in fetching higher profits?
Benefits:
Increased Productivity: Originally prepared for this industry itself, digital twin technology continues to prove beneficial in manufacturing the items. To ascertain the same, Deloitte has deployed this technology as an experiment and found out that the workers were able to better detect the underlying problems in assembling the items. The company revealed that at least 20% productivity was increased due to digital twin technology.
Data-Driven Decisions: Workers can make decisions based on the data as sensors equipped in the physical device provide the accurate information. You can now bid adieu to the decisions based on intuitions.
Employee Engagement: Digital twin technology network will provide collaboration between employees—who typically work in silos— of different departments, which will help them to efficiently design the product and finalize its price. Just in case an error is reported, it can be easily resolved as employees have a 360-degree view of the product.
Increased ROI: Several studies said that companies yielded higher profits post-deployment of digital twin technology. Given its potential to identify and close pitfalls, the products rolled out would be world class, which in turn boosts the sales.
With machine learning, Internet of Things, cloud and technology trends that are disrupting innovation and creating new digital transformation roads, the potential for implementation of digital twin technology is more than relevant. With the right implementation, digital twin technology will drive innovation through better understanding of customer needs. Feel free to contact us at info@techwave.net for more information.