Digital Twins: Adding Intelligence to the Real World
Digital Twins are a catalyst to fulfilling organizations’ sustainability agenda. A third of organizations have implemented digital twins to understand and predict their energy consumption and emissions.
Digital twin implementations are set to increase
The new report reveals that digital twin implementations are set to increase by 36% on average over the next five years. This indicates a growing appetite for digital twin technology across all major industries, such as automotive, aerospace, life sciences, and energy and utilities among others, driven by organizations looking to advance their digital transformation journeys and adding intelligence to operations along the value chain. Organizations surveyed reported that cost-saving benefits (79%) and technological advancement (77%) are key drivers of their digital twin investments.
Digital twin technology is pivotal to improving sustainability efforts
The research also found that 57% of organizations agree that digital twin technology is pivotal to improving sustainability efforts, which reflects the growing trend of businesses keen to deliver on their Environmental Social Governance (ESG) promises. By establishing a closed-loop approach, powered by intangible assets like data and collaboration, digital twins provide a unique opportunity to increase profitability while optimizing the use of resources along the value chain.
Organizations surveyed reported having already implemented digital twins
Over one third (34%) of organizations surveyed reported having already implemented digital twins at scale to understand and predict their energy consumption and emissions. Consumer products and energy and utilities industries are leading the way in this use case, with 52% and 50% respectively utilizing the virtual replicas to benefit the sustainability of operations. Collectively, those that have already begun implementing digital twin technology are realizing an average improvement of 16% in sustainability efforts.