Digital Twin Techology: Use Cases Include Helping Navigate the Supply Chain Dilemna
Digital twin technology is becoming more widespread in 2024.
The digital twin market was valued at $2.94 billion in 2020 and is projected to reach $108.58 billion by 2028, growing at a CAGR of 57.02% from 2021 to 2028.
A?digital twin?is a virtual/ digital replica of physical entities such as devices, people, processes, or systems that help businesses make model-driven decisions.
Digital twins are changing the way work is done in different industries with varying business applications. Knowing those applications can help businesses implement digital twins into their processes.
Take the supply chain dilemma. Digital twins are helping to navigate supply chains.
Organizations act based on the anticipated effects of their interventions. The most rigorous approach to decision-making is to build a digital twin of the environment and simulate the impact of possible actions or events.
Digital twins allow real-time support for decision-making in dynamic environments. They are the basis for agile supply chain management, because they are digital replicas of global supply chain networks, providing a real-time visualization of operations including goods in transit and inventories.
With the help of modelling tools, companies can instantly visualize the likely impact of disruptions, predict probable developments and anticipate future risks.
This allows for the simulation of different scenarios and the anticipation of disruptive events such as natural disasters or regional conflict.
The insights from these simulations can be used to define alternative routes or fuel-sourcing options, considering all viable routing options and the resulting transit time and cost implications.
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Importantly, digital tools facilitate communication and collaboration across supply chain networks. Supply chain integration enables alignment, corrective action and collaborative, cohesive crisis responses.
Want to learn more? Tonex offers Fundamentals of Digital Twins, a 2-day course that covers the key principles of digital twins and how it relates to integration of digital engineering, modeling and simulations, AI/ML, 3D and integration for service and product-related data and systems.?
Tonex also offers more specialized courses in digital twins technology, such as:
For more information, questions, comments,?contact us.
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