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Published in:
2023 | OriginalPaper | Chapter
Demystifying the Digital Twin: Turning Complexity into a Competitive Advantage
Authors : Tim Kinman, Dale Tutt
Published in: The Digital Twin
Publisher: Springer International Publishing
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Abstract
Companies in all industries are facing a future of tougher competition, exacting product requirements, and growing complexity. Arguably the most disruptive trend, this growing complexity manifests itself in several ways. Products are becoming smarter and more sophisticated, with components and subsystems being sourced from multiple domains. At the same time, manufacturing systems are also growing in complexity as they become more efficient, flexible, and connected to produce advanced products and keep pace with the rapid cycles of today’s industry. As companies attempt to adapt to the challenge of growing complexity, they must also balance the operation of a successful business today.
The key to managing this high-wire act is digital transformation. Digital transformation, or the widespread digitalization of processes, data flows and methodologies, provides a holistic data-centric view of the world instead of being limited to application or domain-centric silos of information. Digital transformation enables companies to manage complexity, integrating all parts of the business, to turn data into value at every stage of the product and production lifecycles: design, realize and optimize. At the heart of digital transformation is the Digital Twin, which accelerates digital transformation efforts and enables companies to design, build and optimize next-generation products faster and cheaper than ever. Furthermore, the Digital Twin can provide the structure to transform your company into a digital enterprise, unlocking new levels of process innovation and allowing companies to modernize their core business models.
Those organizations that embrace digital transformation and the Digital Twin can turn the growing complexity of modern products and processes into a competitive advantage to outperform industry benchmarks. As complexity continues to grow, these capabilities will go beyond a competitive advantage to become a competitive necessity.
