Representing a physical asset in a virtual model helps users to better understand a system, monitor the performance in real time and even predict the problems before they can occur, thereby prevent downtime. Many industries find digital twin as a new revenue stream and by changing the way their business operates they can plan for future using simulations.
With the advent of Internet of Things (IoT) and data analytics, digital twins have become cost effective to implement and is even more efficient, making it as one of the top technologies sorted out. Companies find various innovative use cases to utilize the technology as there will be billions of connected devices in next few years, thereby billions of digital twins can be represented.
To get a competitive advantage, companies need to look at digital twin as the opportunity to understand the customer needs, improve the existing products or services and to develop new products, thereby enhancing the customer experience. The possibility to design, develop and repair products with the data-driven simulations will be a game changer for companies who provide analytics, simulations, IoT solutions, operational technology providers and sensing device manufacturers.