Comparing digital twin technologies in 2023
Interest in digital twin solutions is growing. Today’s companies, particularly across the industrial landscape, need to innovate, ideate, and evolve faster than ever before. Digital twins can give companies the technology and insights they need to transform quickly.
As a result, the current market for digital twin solutions is growing at a phenomenal CAGR of 42.6% and is expected to reach a value of $137.67 billion by 2030.
With the right solutions, companies can get their products to market faster, find new ways to optimize operations and reduce costs, and even improve the supply chain. However, finding the right solution is the key to success with digital twin technologies.
So, how do companies compare and choose the right solutions?
Step 1: Involve the Right Stakeholders
Investing in digital twin solutions will be part of a comprehensive transformation strategy for many companies. When investing in innovative new technology, involving the right stakeholders is essential. Typically, the most important stakeholders will be those who already deal with the data fed to digital twin technologies.
This could mean you collect insights from members of your supply chain, who are responsible for optimizing logistics strategies’ sustainability and efficiency. Some companies may need to implement insights from factory management teams and digital transformation experts.
Bringing the right stakeholders together will help business leaders to determine which problems they want to solve with their digital twin solutions and where potential issues might arise.
Step 2: Define Goals for Your Digital Twins
Next, companies must define precisely what they want to accomplish with digital twin solutions. Digital twin technologies can serve a variety of use cases, particularly in the age of Industry 4.0. You may want to use a digital twin to run simulation scenarios that pinpoint issues with your operations.
Alternatively, you may be looking at digital twins as an opportunity to gain a comprehensive view of business and operational systems. The data you reveal could mean you can reduce costs or unlock new revenue opportunities.
Setting goals will ensure you can find digital twin solutions with specific capabilities. Some of the most important functionalities for digital twins include:
- Workflow and business process orchestration
- The ability to ingest data from any source
- 3D and 360 photogrammetry visualization
- Integrations with existing and relevant technologies
- Analytical and reporting dashboards
- Simulation capabilities enhanced by XR
Ensure your team is aligned on the goals you want to achieve with your digital twins. It’s also worth creating a strategy for how you’re going to monitor the results and ROI of your solutions.
Step 3: Explore Different Types of Digital Twins
One of the biggest issues companies face when implementing digital twin solutions is understanding what type of twin technology they need. There are various options available intended for specific use cases. The right solution for you will depend on your goals and operations.
Some of the most common types of digital twins available include:
- Component twins: These are digital models of individual parts or components in a product or solution. They might include sensors, motors, switches, or valves. Component twins provide detailed information about the behavior and performance of a component.
- Asset twins: Most asset twins are models of physical assets, such as vehicles, machines, and buildings. They offer insight into an asset’s performance data, operational status, and environmental conditions. This can help organizations reduce downtime.
- System twins: Models of entire systems or processes; system twins allow companies to monitor and evaluate system performance. These twins are ideal for identifying areas where improvements can be made to processes.
- Process twins: With process twins, companies collect detailed information about how customers or employees interact with products and services in real time. This can help organizations identify areas for improving customer experience.
Speak to potential vendors about the types of digital twins they can offer and the benefits they can bring to businesses in your industry.
Step 4: Plan Your Digital Twin Architecture
After defining goals and potential digital twin solutions suitable for the business, the next step is determining the architecture of the ecosystem. When comparing solutions, business leaders will need to ensure their provider or partner can offer all of the components they need.
This includes hardware components, such as the Internet of Things sensors responsible for collecting and sharing information. Hardware components can also include actuators, network devices like edge servers, IoT gateways, and routers.
A digital twin architecture will usually also include both middleware and software. Middleware platforms will handle tasks like data integration and processing, visualization, and modeling. Software components use analytical tools to transform raw observations into actionable insights for business leaders.
Step 5: Determine ROI from Each Provider
Finally, when comparing digital twin solutions, companies should consider the possible return on investment they can access from each vendor or provider. Prioritizing ROI doesn’t necessarily mean companies should always choose the cheapest solution.
Instead, companies need to think about the value they’re going to access from each vendor. Estimating the time and resources required to solve a specific problem can be helpful. This can offer an insight into how much money and time companies can save with digital twin technology.
It’s also worth looking at the value that digital twin solutions can provide. For instance, some technologies will empower companies to unlock new sources of revenue or income. It may be possible to offer customers access to advanced data or proactive maintenance strategies. This could increase the earning potential of your company.
Choosing the Right Digital Twin Solutions
As the digital world continues to evolve, digital twin solutions are becoming increasingly valuable. Used correctly, they have the potential to improve everything from productivity to business efficiency and sustainability. The right tools can even help to enhance customer experiences.
However, not every digital twin solution provider will be the same. Knowing how to assess vendors and choose the right company will be essential to the success of your digital twin campaign.
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