As businesses continue to adapt to the new business model forced upon them by COVID-19, many are looking to technology to increase their chances of survival. One way companies are reducing costs is through the use of digital twins.
A digital twin is an exact replica of its physical counterpart. It creates a connection between the physical and digital worlds. It functions just as the physical version would, but in a virtual environment. Digital twins leverage IoT to enable organizations to monitor and test physical objects and systems, producing substantial cost savings. The technology is particularly useful when companies have systems or machines that are hard to monitor physically, either due to their location or a hazardous environment.
A recent article discusses real-world digital twin examples. The rail industry is using digital twins for predictive maintenance. Oil and gas companies are reducing downtime and increasing the lifespan of expensive assets. Digital twins are even being used in healthcare organizations for patient monitoring.
Organizations always want to reduce costs and increase efficiencies, but it has become even more critical to do so given the current market uncertainties. We encourage every company to take a closer look at digital twin solutions to determine how they may be able to help your business reduce costs and improve asset management.