4 Advantages Of Having A Digital Twin
Digital Twin
The current macroeconomic scenario has led many companies to limit their investment in new technologies to remain competitive. According to data from the Business Barometer prepared by Deloitte, only 4 out of 10 companies plan to increase their assets, and 16% say they will cut them.
Despite this, it is in this context that investment in technology can help companies to be more efficient, reducing costs in the long term, mainly if they invest in technologies such as digital twins.
Despite this, it is in this context that investment in technology can help companies to be more efficient, reducing costs in the long term, mainly if they invest in technologies such as digital twins.
This model already plays a significant role in industry 4.0. Still, its application is not limited since it can be implemented in health, design, construction, the automotive industry, and even training. Its evolution is constantly growing, and according to a recent study by Markets and Markets, the market related to the generation of digital twins will grow to 35,800 million euros in 2025. In this context, Sistemas highlights the four main advantages of this technology.
- Production optimization. According to a recent study by the Bank of Spain, 80% of Spanish companies expect that their production costs will continue to grow in 2022, so optimizing the production process is essential for companies to remain competitive. In this sense, digital twins, essentially a digital replica of an object, system, or method, allow companies that use this technology to simulate the behavior of their natural counterparts, optimizing the production process and reducing operational costs.
- Lower maintenance costs. The optimization of the production process, in turn, leads to a reduction in maintenance costs. By implementing digital twins, companies can recognize which areas will need the most maintenance, anticipate them, and reduce significant expenses in the long term. In addition, with digital twins, companies can also explore different maintenance alternatives to be more efficient and profitable for a long time.
- Real-time monitoring. Currently, companies must be able to listen, know and act quickly in the face of possible changes in the market. But to join the trends and benefit from them, it is even more critical to predict the changes that adapting to them will mean for the company. With the implementation of a digital twin, companies are nourished by real-time data extracted from physical assets. Thanks to their digitization, they can see how these changes will affect them in real-time and, therefore, how they would affect their company.
- Greater knowledge and improvement in decision making. More and more companies are using data analytics to make business decisions. So much so that according to data from Statista, it is estimated that the value of the global business intelligence and data analysis software market will reach 17,300 million euros in 2024. The application of digital twins would additionally help companies to have more excellent knowledge of the effects of their business decisions, so they can explore all the options and opportunities in digital alternatives and then make the decision that best suits their business.
“We find ourselves in an uncertain global context, in which companies must bet on optimizing their investments and in all business areas. That is why companies that decide to bet on a digital twin will be able to make corrections and updates to the product design even remotely, reducing time and increasing revenue, thus increasing their competitiveness,” says Gustavo Eduardo Sandoval Thiele, Head of IoT, Data & Smart Industry of at Sistemas.
