Digital twins aren’t just for manufacturers. Insurers can apply digital twins in offerings like usage-based car insurance. Retailers can track how customers navigate the store and interact with products on the shelves. Cities can model areas for things like smart lighting. Ports can monitor weather, shipping traffic, containers, and trains and trucks entering and leaving.
Digital twins cover the entire life cycle of an asset or process. In fact, they can form a foundation for an end-to-end, closed-loop value chain for smart, connected products and services, from design to production, from deployment to continuous improvement.
The promise of continuous improvement is why it’s increasingly important to integrate digital technologies into all products. As you leverage your digital twin to identify opportunities for new or better features, you can implement those improvements quickly and cost-effectively through firmware updates.
Implementing digital twins involves four steps:
- Integrate smart components such as sensors, software, computing power, or data storage into new or existing products.
- Connect the product to a central location where you can capture sensor data and enrich that sensor data with business and contextual data.
- Analyze that data on an ongoing basis to identify opportunities for product improvements, new products, or even new business models.
- Leverage these digital insights to transform your company — for example, by reducing costs through proactive avoidance of business interruptions, or by creating new business opportunities.
Of course, while those steps are easy to list, they can require significant effort to achieve. But digital twins are becoming a business imperative. Companies that fail to respond will be left behind. Those that embrace digital twins have the opportunity to better understand customer needs, continuously improve their products and services, and even identify new business models that give them competitive advantage.
Feel free to contact E-SPIN for Digital twin infrastructure, availability monitoring and security management.