How the digital twins have helped the manufacturing industry increase profits (Part 3)

Where do businesses want to access digital twin technology?

To be able to achieve maximum cost effectiveness through the adoption of digital twins, managers need to prepare a lot of details: From budgeted expenses, well-trained human resources for to a modern digital platform. However, the important job they need to do is answer the question: What do you want to achieve from your digital twins?

A clear strategy and goal will be what drives your entire business to success when it comes to new technology. Managers need to proactively equip themselves with knowledge and contact consulting agencies to better understand both the advantages and disadvantages of the digital twins. Thereby, not only have the leaders’ visions widened, their contribution to the process has also improved significantly. The good news is that in 2016, only 1 out of 5 companies supported the implementation of digital transformation (in the large denominator, this is below 18%). That figure has increased to 29% in 2018.

Improving efficiency of investment costs means improving profit margins

A small number of businesses are still facing organizational structure issues, and this is preventing final decisions from being made. Part of the reason also comes from the lack of staff motivation and the lack of understanding among managers. Besides, the lack of budget and the inconsistency between the current management system and the digitalization process are also extremely difficult problems.

Besides, the development of digital twins includes other important factors such as: information design and necessary procedures; technology development that integrates information of real assets and information in digital form. For the information and procedural steps, it is important to consider mapping the processes and when the digital pair will be modeled. Along with that is considering the efficiency, cost and time can be saved. With the above information, you will create a solid foundation from which other improvements and upgrades can be made.

Through the integration of artificial intelligence, you can treat the digital twin as a living entity. It learns and evolves to be able to accurately anticipate its physical state. And the only way to mimic the state of logic is that it is this digital platform that undergoes all the changes that occur in the real world. Therefore, the digital twins must balance the parameters of practice and external influences for the best results.

The above preparation stages are the key factors that help you complete the process of applying digital twin technology with optimal cost efficiency. However, its real profit potential is only shown after manufacturers move on to implementing the technology.

(To be continued)

Productivity and Quality Office