Digital twins can revolutionize and rapidly speed up the product development process, reducing the time to market. They also allow for rapid iterations and optimizations of product designs far faster than physically testing every single prototype.
For digital twins to be truly useful, they must be able to drive actions – for example, issue alerts or power down equipment – the instant an issue emerges, perhaps even beforehand.
While $1.1 trillion annually is being invested in digital factory initiatives worldwide, most companies, 64%, are still at an early stage of their digital transformation.
With digital twin, it's wise to start small with achievable processes that can make a more immediate impact and then tackle more complex processes later on.