Companies are at risk of lagging behind without investing in digital twin technology, says a developer of computational science and artificial intelligence software.
A digital twin is a virtual model designed to accurately reflect a physical object, process or service.
Tech company Altair recently conducted a global survey to promote awareness of digital twin technology adoption. The 2022 Digital Twin Global Survey gathered insights from 2,007 professionals in organisations of varying sizes across Europe, Asia Pacific and the US.
Sixty-nine per cent of respondents said their organisation currently leveraged digital twin technology. While 23 per cent said their organisation did not and eight per cent were not sure.
Half of the respondents said that their companies utilised such technology to create smart digital objects that self-diagnose and recommend corrective or preventive actions on a physical asset. Respondents from the consumer electronics and industrial equipment sectors also said their organisations had lowered maintenance and warranty costs by using technology.
Better education
Altair believes education can accelerate adoption.
Srirangam Srirangarajan, managing director ASEAN and ANZ at Altair, says: “Altair, as a global tech leader, is committed to ensuring that businesses are properly educated on twin technology, to help them make better and more informed purchasing decisions. Alignment between leadership and user level employees, in an organisation, is crucial. Without it, companies may struggle to maximise their investments.
“Despite the rapid rate of adoption of digital twin technology among enterprises, it is obvious that there is a lack of clarity surrounding the technology and its justification. This is seen between an organisation’s senior management and working level personnel, as well as between different sizes of organisations.”
The benefits
Digital twin technology is the process of using data streams to create a digital representation of a real-world asset. This aims to improve collaboration, information access, and decision-making. The technology can also monitor an asset’s performance and identify potential problems. This helps organisations make informed decisions for maintenance and product lifecycle.
According to Altair, the technology also enables businesses to analyse and predict the future behaviours and risks of a product. It also helps companies determine if resources are used efficiently and effectively.
Organisations utilising the technology revealed the common benefits. These included real-time monitoring and control (38 per cent) and efficiency and safety (37 per cent). Sixty-two per cent also said the technology had reduced financial costs.
Almost three-quarters also believed digital twin technology helped their organisation create more sustainable products or processes.
Altair’s 2022 Digital Twin Global Survey surveyed industries including banking, financial services and insurance.
