It is no secret that new technology is constantly being created and disrupting industries. For example, consider Netflix. By creating a new way to watch programming – on demand – they completely disrupted the television industry.
Much like Netflix accelerated the trend toward cord-cutting, advances in the IoT is accelerating the trend toward digitalization. And to stay ahead of the innovation curve, manufacturers are turning to capabilities like the digital twin to optimize products and processes.
The concept of the digital twin was introduced over two decades ago as the bridge between the physical and the virtual (at its simplest). In the manufacturing industry and in the hands of Siemens, it has fully emerged into technology that makes it possible to feed live asset performance data directly into its corresponding virtual model. This is the closed-loop digital twin.
But how does this effect the industry as a whole?
The closed-loop digital twin has created the opportunity to continuously optimize both product design and production activities in a closed-loop decision-making process.
So not only is there a connection between the physical assets and its virtual counterpart, with solutions like MindSphere, manufacturers can now use actual IoT data to adjust the virtual model. These updates create better simulation accuracy; you can run tests and simulations before ever having to make any changes to the physical counterpoint.
Once deployed, the closed-loop digital twin-based solution delivers enhanced benefits to the production process, like reduced downtime and maintenance costs, improved equipment performance and reliability, and much more.
The implications are powerful. Those who are putting the closed-loop digital twin to use will not only improve profitability, but they will also establish a competitive advantage over those who are not. will also establish a competitive advantage over those who are not.