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Why Digital Twin Is Trending Across Industries

Digital twin technology allows companies to create virtual versions of their physical assets. With emerging technologies like IoT, sensors, edge computing, and wireless facilities, the concept is receiving interests from business owners. In this article at ZDNet, Charlie Osborne talks about the technology that is trending across industries.

Benefits of Having a Digital Twin

The concept itself actuates the benefits companies would derive. Digital twin will not only allow companies to analyze and gather data, it will also help in cost-cutting. Following are the benefits that business leaders will enjoy by introducing the digital twin concept in their companies. As per a Deloitte report, the market for the technology is estimated to grow up to $16 billion by 2023.

  1. Great for Testing: Instead of cautiously handling the physical asset, companies can utilize its digital twin for testing. They can further investigate how the new features would affect the operational abilities of the physical object. They can save time and money in the process.
  2. Applicable in Various Industries: Apart from the supply chain, digital twin can enhance the operational and functional abilities for other industries. A sector like healthcare, retail, aerospace, etc. are already embracing this technology, as per the Deloitte report. As per Gartner, 48 percent of enterprises with IoT implementation are planning to go for digital twin as well.
  3. Cost-Saving Visibility: Digital twin allows manufacturing, oil and gas, aerospace, and automotive industries to save money in maintenance and incident management. They can increase performance and deploy maintenance as and when required instead of routine checks.

The Deloitte study has listed out useful use cases as well.

  • Maserati is using the emerging technology to speed up product lifecycle. Virtual modeling and simulation are saving it from building expensive models, resulting in 30 percent reduction in developmental cost.
  • Intermarch√©, a French supermarket, is creating a digital twin of its brick-and-mortar stores. It is using data collected from IoT sensors attached to shelves and sales instruments. Managers can have a real-time check on the stock status and optimize store layouts for better sales.
  • GE is making prototypes of its supply chains and factory functions for its Nevada branch. This effort will help the tech giant to manage inventory better.
  • Dassault Systems is using the technology to create a library of human hearts. Doctors can reach a conclusion with heart patients by testing these virtual models.

To view the original article in full, visit the following link: https://www.zdnet.com/article/the-rise-of-the-digital-twin-why-the-enterprise-needs-to-take-notice/

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