Thursday, August 26, 2021

g-f(2)450 THE BIG PICTURE OF THE DIGITAL AGE (8/26/2021), CIO, Digital twins: 4 success stories




ULTRA-condensed knowledge


"g-f" fishing of golden knowledge (GK) of the fabulous treasure of the digital age, Digital twins (8/26/2021)  g-f(2)426

Opportunity, Multiple benefits of digital twins, CIO
  • Today, companies are increasingly seeking to meld the digital world of data with the physical world through digital twins. Digital twins serve as a bridge between the two domains, providing a real-time virtual representation of physical objects and processes.
  • These virtual clones of physical operations can help organizations simulate scenarios that would be too time-consuming or expensive to test with physical assets. They can help organizations monitor operations, perform predictive maintenance, and provide insight for capital purchase decisions, creating long-range business plans, identifying new inventions, and improving processes.
        Opportunity, The global digital twin market size, CIO 
        • In a forecast released in September 2020, research firm MarketsandMarkets said the global digital twin market size was $3.1 billion in 2020 and would reach $48.2 billion by 2026, growing at a CAGR of 58% over the period.
        Lessons learned, Here are four examples of how organizations are using digital twins effectively today, CIO 
        1. Rolls-Royce improves jet engine efficiency. Multinational aerospace and defense company Rolls-Royce has deployed digital twin technology to monitor the engines it produces.
        2. Mars optimizes its supply chain with digital twin. Confectionary, pet care, and food company Mars has created a digital twin of its manufacturing supply chain to support its businesses. 
        3. TIAA reduces client service complexity. The Teachers Insurance and Annuity Association of America-College Retirement Equities Fund (TIAA) helps teachers manage their retirement funds. 
        4. Bayer Crop Science reshapes strategy with virtual factories. Bayer Crop Science has leveraged digital twins to create “virtual factories” for each of its nine corn seed manufacturing sites in North America. 


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        Condensed knowledge


        Opportunity, Multiple benefits of digital twins, CIO
        • Today, companies are increasingly seeking to meld the digital world of data with the physical world through digital twins. Digital twins serve as a bridge between the two domains, providing a real-time virtual representation of physical objects and processes.
        • These virtual clones of physical operations can help organizations simulate scenarios that would be too time-consuming or expensive to test with physical assets. They can help organizations monitor operations, perform predictive maintenance, and provide insight for capital purchase decisions, creating long-range business plans, identifying new inventions, and improving processes.
              Opportunity, The global digital twin market size, CIO 
              • In a forecast released in September 2020, research firm MarketsandMarkets said the global digital twin market size was $3.1 billion in 2020 and would reach $48.2 billion by 2026, growing at a CAGR of 58% over the period.
              Lessons learned, Here are four examples of how organizations are using digital twins effectively today, CIO 
              1. Rolls-Royce improves jet engine efficiency. Multinational aerospace and defense company Rolls-Royce has deployed digital twin technology to monitor the engines it produces.
              2. Mars optimizes its supply chain with digital twin. Confectionary, pet care, and food company Mars has created a digital twin of its manufacturing supply chain to support its businesses. 
              3. TIAA reduces client service complexity. The Teachers Insurance and Annuity Association of America-College Retirement Equities Fund (TIAA) helps teachers manage their retirement funds. 
              4. Bayer Crop Science reshapes strategy with virtual factories. Bayer Crop Science has leveraged digital twins to create “virtual factories” for each of its nine corn seed manufacturing sites in North America. 


                  Some relevant characteristics of this "genioux fact"

                  • Category 2: The Big Picture of the Digital Age
                  • [genioux fact deduced or extracted from CIO]
                  • This is a “genioux fact fast solution.”
                  • Tag Opportunities those travelling at high speed on GKPath
                  • Type of essential knowledge of this “genioux fact”: Essential Analyzed Knowledge (EAK).
                  • Type of validity of the "genioux fact". 

                    • Inherited from sources + Supported by the knowledge of one or more experts.


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                  ABOUT THE AUTHORS


                  Thor Olavsrud


                  Senior Writer
                  Twitter account: @ThorOlavsrud
                    
                  Thor Olavsrud covers data analytics, business intelligence, and data science for CIO.com. He resides in New York.


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