Digital Twin in Manufacturing: Helping Businesses in Growing Their Revenue

Bhagyashri Kambale | April 01, 2022 | 240 views
DIGITAL TWIN IN MANUFACTURING
Digital twin technology in the manufacturing industry is playing a vital role in evaluating current and future production line conditions to increase OEE, productivity, and business profitability. It has become the most critical component of industry 4.0 because it collects precise data about your manufacturing process and uses that data to help you make wiser decisions.

In other words, manufacturers can utilize digital twins to check and assess physical assets, processes, and systems in a virtual environment.

In this article, we will discuss some of the major applications of digital twin technology in the manufacturing industry. Additionally, we also have a look at how this technology helps businesses increase their ROI. 


Digital Twin Technology Applications


Product Development

Product development is a long and intricate process. For example, it might take up to six years to develop and launch a new automobile model. The shift from the previous model to the new model must be seamless. A minor error during this process might have a detrimental effect on the brand's value and revenue. A digital twin software enables the integration of data between previous-generation models and the new concept's digital representations. Additionally, twinning facilitates communication between product designers, end users, and other stakeholders. When it comes to product testing, having digital twin platforms eliminates the need to wait for performance data from car trials to determine the product's performance and quality.


Design Customization

As consumers become more intelligent, and demand personalized items in a timely manner, the manufacturing industry will become increasingly competitive. According to an Industry Week Special Research Report on the future of manufacturing, industrial enterprises of all sizes place a premium on process improvement and customer relationship strengthening, while small businesses focus on addressing customer demand for product customization. To assist in the customization process, manufacturers use Twin Design Customization, which enables the virtual design and re-design of goods prior to generating a physical product that fully meets consumer specifications.


Shop Floor Performance Improvement

The shop-floor digital twin concept helps businesses to be proactive as the system is capable of identifying anomalous situations. This demands attention and process improvements prior to them escalating into a real problem or standstill.


Predictive Maintenance

Individual digital twin examples for equipment or manufacturing processes can detect deviations that indicate the need for preventative repairs or maintenance prior to the occurrence of a serious problem. Additionally, they can aid in the optimization of load levels, tool calibration, and cycle times.


Can Digital Twin Boost Business Revenue?

According to a recent study by Juniper Research, revenue from digital twins (a virtual representation of a connected physical product, process, or service throughout its lifecycle) will reach $13 billion by 2023. This is an increase from an estimated $9.8 billion in 2019, representing an average annual growth rate of 35%. The study also discovered that increased deployments of advanced sensors for data collection and technological advancements such as machine learning, artificial intelligence, and high-performance computing are enhancing the benefits of digital twins. 

So, how does a digital twin help your company's ROI?
The digital twin improves transformation efficiency by providing platforms and technologies that simulate the impact of process changes in your supply chain – in a safe, secure, and digitally isolated environment – using real-time scenario modeling generated parallel with live supply chain operations. More than a visualization, a digital twin can help accelerate innovation, foster consensus, and save time and money by iteratively modeling changes, testing how components or systems operate, and inexpensively troubleshooting malfunctions in a virtual world.


Final Words

The digital twin platforms benefit manufacturing organizations across all verticals, including supply chain management, manufacturing operations, and logistics. Thus, technology is accelerating and enhancing the manufacturing industry to obtain more positive results and, in turn, increase its efficiency and, as a result, its return on investment. The digital twin will gain popularity as businesses learn to use it to their advantage. According to a 2020 analysis conducted by Research and Markets, up to 89% of all IoT platforms will incorporate digital twins by 2025. Thus, the future of digital twins is bright, and we may witness increased use of digital twins in the next few years.       


FAQ


How digital twin help businesses?

Digital twins can help businesses make better data-driven decisions. Businesses utilize digital twins to understand the state of physical assets, respond to changes, optimize operations, and add value to systems.


How does digital twin save money?

A digital twin can save time and money by iteratively modeling modifications, testing component or system functionality, and resolving faults in virtual reality.


What are the essential components of digital twin technology?

The concept of the digital twin is composed of three unique components: the physical product, the digital or virtual product, and the linkages between the two.

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