This is the place where the physical and digital worlds meet. A digital twin, according to Gartner, is a digital representation of a physical object. It includes the model of the physical object, data from the object, a unique one-to-one correspondence to the object, and the ability to monitor the object. Digital twins have been around since 2002, but only gained momentum in 2017 when they became cost-effective thanks to an increase in the adoption of the internet of things (IoT) and cloud technologies, which enable low cost, high storage and compute, high-throughput messaging, security, and more. As we enter industry 4.0, digital twin is at the core of introducing interoperability where machines and people can communicate with each other and foster transparency by creating a virtual copy of the physical world through sensor data.
Asset lifecycle management
Digital twin is a very interesting solution for asset lifecycle management. It literally creates a digital twin of your physical assets. As your digital version is an exact copy of your physical version, it is possible to design, improve, maintain, and replace your physical asset before it actually breaks down. It also prevents you from replacing parts too early, which would drive your costs up. For enterprises with investments in complex industrial assets, digital industrial asset lifecycle management (DiALM) standardizes asset information on one digital platform, empowering you to make the right decisions.
As you have an exact copy of your physical asset, you can also innovate more, faster, and cheaper. Once your innovation works well for your digital twin (after several iterations of course), you can start the investments to implement this innovation in your physical asset. This gives you much more insurance on your investment than if you were to try to iterate on a physical asset immediately. Because the innovation speed and frequency pick up, you can also react and adapt more quickly to the rapidly changing world, keeping you in front of the wave, and pushing you forward.
Feel free to reach out to us for more information or to arrange a workshop on how to start digital twinning and innovate through digital twin technology.
This blog is part of the “Innovation in Retail” series.
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