Successful Digital Twin Business Essentials

Abstract

To ensure digital twin projects are adequately supported to help reduce costs, improve efficiency, and increase customer satisfaction, project proposals should provide clear and concise explanations of the technology and its potential benefits. This requires a holistic focus on the business value digital twins can bring.

Digital twin implementations can only deliver these positive impacts on an organization if they can be approved and funded by management. However, management will not fund projects that they do not understand, are not financially and strategically justified, or are highly uncertain or risky. Highly technical projects, a category that includes Digital Twins, can be especially problematic if presented in terms management does not fully comprehend.

In this four-hour class, Dr. Grieves, the originator of the digital twin concept, will lay out digital twin concepts in management and board-level terms, describe the drivers that management looks for in projects, identify the assessment categories needed for digital twin projects, and propose the elements describing value and risk required for a successful digital twin project proposal.

Key Takeaways

Participants in this course will:

• Gain knowledge of the basic principles, concepts, and enabling components of digital twins.
• Determine how classical SWOT (Strength, Weakness, Opportunity, and Threat), risk, and financial analyses apply to digital twin projects.
• Obtain the ability to understand, assess, and evaluate digital twin projects and their value
• Develop use cases that consider technology, people, process and practice.

Class outline

• Describe the digital twin model, its related technologies, and its potential evolution.
• Define digital twin value, how it is realized, and its strategic and financial evaluation implications.
• Identify digital twin use cases and value to the organization.
• Assess and evaluate digital twin project proposals and your organization’s readiness and needs..