Leveraging Digital Twins: Benefits and Challenges in Decision-Making

Staying ahead in business requires leaders to make smart, quick decisions. That’s a trait digital twins excel at by delivering intelligent forecasts for complex outcomes. They’re like a crystal ball that can give companies a sneak peek into the future of their assets and operations.
 
What Are Digital Twins?

You know what a simulation is. Now imagine running one for every component of your business, with each constantly iterating based on new information. Digital twins can provide a virtual copy of everything: machines, buildings and even whole factories. This copy, which is where the name “digital twin” comes from, isn’t just a static snapshot. It’s a living model that updates and changes according to real-world conditions. The enhanced level of insight it can provide can be a game-changer for companies with a lot of physical assets or complex processes.
 
Simulating The Physical To Transform Decision-Making

Digital twins work by capturing data from sensors on a company’s real-world assets. They can deliver 3D models of physical infrastructure, real-time and historical data on performance and conditions, and software logic that simulates behaviors and interactions. Companies can essentially mirror and simulate parts of the physical world using data they already generate, allowing them to test decisions in the digital world before implementing them across their business.
 
This allows for a transformational depth of simulation that can forecast performance across a huge array of scenarios. Organizations can identify opportunities, quickly resolve issues and be proactive instead of reactive to situational changes. Rather than relying on assumptions and guesswork, executives can use digital twin forecasting to make data-driven decisions with less risk.


Source: Forbes