Ignore Digital Twin Technology At Your Peril, Warns Altair

Companies risk falling behind unless they invest in digital twin technology, say developers of computational science and artificial intelligence software.

A digital twin is a virtual model designed to accurately reflect a physical object, process, or service.

tech companies Altair recently conducted a global survey to drive awareness of the adoption of digital twin technology.of 2022 Digital Twin Global Survey We gathered insights from 2,007 professionals from organizations of all sizes across Europe, Asia Pacific and the United States.

Sixty-nine percent of respondents say their organization is currently leveraging digital twin technology. Twenty-three percent said their organization did not, and 8% were unsure.

Half of respondents say their companies use such technology to create smart digital objects that self-diagnose and recommend corrective or preventive actions for physical assets. Respondents in the consumer electronics and industrial equipment sector also said their organizations have reduced maintenance and warranty costs through the use of technology.

better education

Altair believes that education accelerates adoption.

Srirangam SrirangarajanAltair Managing Director ASEAN and ANZ said: Coordination between leadership and user-level employees within the organization is critical. Without it, businesses may struggle to maximize their investment.

Despite the rapid adoption of digital twin technology among enterprises, there is a clear lack of clarity surrounding the technology and its justification. It’s not just seen among people of different sizes, but also across organizations of all sizes.”

merit

Digital twin technology is the process of using data streams to create a digital representation of a real-world asset. It aims to improve collaboration, information access and decision making. This technology can also monitor asset performance and identify potential problems. This enables organizations to make informed decisions about maintenance and product lifecycles.

According to Altair, the technology also allows companies to analyze and predict the future behavior and risks of their products. It also helps businesses determine whether resources are being used efficiently and effectively.

Organizations utilizing this technology have identified common benefits. These include real-time monitoring and control (38%) and efficiency and safety (37%). And 62% say technology has reduced their financial costs.

Nearly three-quarters also believe that digital twin technology has helped their organizations create more sustainable products and processes.

Altair’s 2022 Digital Twin Global Survey We explored industries such as banking, financial services, and insurance.