FEATURE
WINNING AT TWINNING WHY DIGITAL TWINNING IS AN ATTRACTIVE PROPOSITION FOR BUSINESSES TRYING TO SQUEEZE MORE VALUE OUT OF THEIR PHYSICAL ASSETS AND PROCESSES.
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ut simply, a digital twin is a virtual replica of physical assets that allows users to leverage real-world data to create simulations to predict how a system or process will perform. The increasing use of IoT is fueling the adoption of digital twin technology, and Gartner estimates that over two-thirds of companies that have implemented IoT would have deployed at least one digital twin in production by 2022. Imagine being able to see how a jet engine would perform if you install a particular upgrade, which takes it out 22
CXO INSIGHT ME
NOVEMBER 2020
of service for one to two days. Is that upgrade worth the loss of the engine service for two days? A digital twin would help you to make an informed choice. GE estimates that 6000 plus industrial assets have saved more than $1.6 billion for customers, on hardware assets worth $9.5 billion using Digital Twin technology. “The most agile companies today are pursuing digital twins to rapidly assimilate digitalisation into their operations and capture value in the short term. The digital twin provides a practical approach which can unlock the potential of the massive data
mountain in each company. Digital twins are most commonly thought of in terms of engineering simulations of process operations and can be focused on a single asset, across a plant or system-wide to optimise operations and production more generally,” says Ron Beck, Marketing Strategy Director, AspenTech. “Digital twins provide the ability to create a virtual replica of potential and actual physical assets, processes, people, places, systems, and devices that can be used for various purposes,” says Dr. Tariq Aslam, Head of MEA, AVEVA. “Organisations use the
