Advantages of the digital twin in the business model
Every company should focus on how to differentiate itself in the market and maintain a healthy growth curve by gaining more customers. The detail is that, besides not always being a cheap process, innovation involves some risks. With this in mind, different methodologies and technologies have been created and tested to speed up and reduce costs in product development. One such technology is the digital twin.
If you are not aware of the digital twin concept, why it's considered a trend in business IT, and how its implementation can benefit your business. Then, check out this article as we are going to discuss digital twin technology in detail.
What is Digital twin?
The digital twin is nothing more than a virtualized copy of real processes. This means that while a new product is developed on the physical plane, its creation is digitally emulated in all its aspects.
For this, sensors are used that capture environmental information and apply this data in the digital twin simulation. It is precisely from this data that analyzes and tests are performed on the virtualized version before being transferred to the actual product. And this process leads to a number of competitive advantages, as we will discuss below.
Advantages of digital twin in businesses
Developing a new product always brings with it a number of challenges. In addition to the investment costs, it is necessary to have agility in the development phase, but without losing effectiveness, facing as few setbacks as possible. The problem is that in an increasingly dynamic world where technology and the market are rapidly changing, these challenges only multiply. The good news is that the digital twin has come just to improve some aspects of this moment.
- Decision Making – A manager of a company has to make decisions constantly. The more information you have at your fingertips and in the simplest way, the more possibilities you will have to make the right decisions at the right time. In the same way, customer relations will be improved, as you can anticipate the needs by offering the best options with predictive tools. Thus, from a strategic point of view, having a Digital Twin allows simulations and scenarios of your business model to be made, to anticipate decision making, knowing immediately and exactly how many scenarios have been simulated.
- Extends Adaptability – One of the great advantages of the digital twin is that, despite being a virtualized version, it does not disregard the actual context of product development. This means that the tests are not performed in a detached way from the realities of the company and the market, but rather strongly backed by them. This is, of course, because the relevant data is captured in the company's area of activity, taking into account information from customers, potential customers, suppliers and the market itself.
- Improves earning predictability – One of the main fears of those who want to innovate involves uncertainty about profitability. What if the product developed does not give the expected return? What if development costs do not make up for the change in the manufacturing process? This kind of questioning can be answered beforehand by digitizing product development. Thus, it is possible to know very accurately whether or not the investments made will be profitable and under what conditions.
- Improves risk prediction and error correction – To the extent that it helps to detect errors that may happen and consequently bring real losses, risk management is a fundamental process in any company. With a digital twin, you can accomplish this task quickly and reliably. An auto company, for example, can capture information from the fleet already in circulation to predict equipment wear, fix it, and even use that information to improve the development of upcoming vehicles.
Finally, it is noteworthy that the most recommended is to have a specialized company to make the information generated by the digital twin bring really positive results. For this, in addition to being able to properly analyze the information, these professionals must also be able to propose solutions and fixes that work in both the virtualized version and the actual version of any product.