‘Digital Twin’ is a new buzzword on the internet, and is fast becoming a new method for success in business too. The Digital Twin of an Organisation (DTO) is a term Gartner added to their list of top ten strategic technology trends for 2019. Gartner defines a Digital Twin as “the digital representation of a real-world entity or system” and estimates that they will explode in popularity and use over coming years.
What is a Digital Twin?
Beyond the definition Gartner gives, a digital twin is simply a virtual replica of a product, process, or system. They act as a bridge between physical and digital worlds and utilise sensors to collect real-time data about processes and items. This data can then be used to understand, analyse, manipulate, and optimise processes to help companies realise a product or process. For companies, this allows them to visualise and analyse data that relates to business objectives – allowing them to predict how certain solutions will unfold, products will perform, or processes might work before implementing them.
The Digital Twin of an Organisation goes beyond this. DTO’s are dynamic software models that help companies understand their business models. By connecting with the current state of a business, it can deploy resources and respond to changes to optimise customer value, efficiency, and productivity. The companies using DTO’s start simply, working on straightforward models and easy to interpret solutions. Over time, this becomes more complex, with businesses exploring outcomes and opportunities that could help them pursue success.
Digital Twins have been around for some time now but became popular with the rise of the Internet of Things (IoT). Gartner describes them as the ‘tool of the future’ for how they allow integration with artificial intelligence and machine learning to bring data and context together. This enables the testing of new ideas, the discovery of issues, remote monitoring, and the resolution to questions in a faster and more efficient manner than ever before.
DTO’s are being used to improve asset performance and help solve complex problems. For example, they are being used in to interpret workflows to deliver real-time performance and insight so that companies can optimise their workplace. They also allow for improved connectivity and collaboration and can help reduce operating costs. In fact, digital twins have been noted to decrease operating costs across many organisations simply by assisting them in understanding what they are using, and how to use it better. This includes energy, security, accounting, and more.
The Digital Future
Buzzwords are common in a digital environment, and it can be difficult to understand if Digital Twins are just another trend or, like the Internet of Things and The Cloud, are here to stay. Gartner has found that almost half of companies who use IoT are planning to use Digital Twins in 2019 and that more than 50% of manufacturers will have a digital twin initiative launched by 2020, with this number tripling for 2022. Companies can be fairly confident that DTOs are here to stay – and here to build better business.
If you want to learn more about how Digital Twins can help you and your workplace, contact MOQdigital today.